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Bitcoin falls as Elon Musk hints Tesla might have sold their bitcoin holding

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Shivangi Mujumdar Follow

INDIA

May, 19 2021

May, 19 2021

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Elon Musk has given the hint earlier on the selling of the value of Bitcoin. Generally,  keeping it to the lowest price as in February after suggesting in a Twitter exchange. On 17-May-21 that Tesla Inc. may sell or has sold its cryptocurrency holdings was a big clue for the investors.


Know- how of this hint given by Musk-

For the 1st time in the last 3 months, Bitcoin fall below $45,000 after the billionaire owner of the electric-car maker appeared to agree with a Twitter post.  The tweet says that Tesla should divest what at one point was a $1.5 billion stick in the biggest cryptocurrency. It functioned at $45,270 as of 5:51 p.m. in New York, down about $4,000 from where it finished Friday.

The online observation was the newest from the unpredictable billionaire in a week of public statements that have mixed digital tokens. He hacked nearly $10,000 off the value of Bitcoin in hours last Wednesday after saying Tesla will not take it for cars.

Musk’s discovery in first February that Tesla used $1.5 billion of it’s approximately $20 billion in corporate cash to buy Bitcoin. That will send the token’s value to record and lent legitimacy to electronic currencies. It has developed more of a mainstream asset in recent years regardless of some skepticism.

His latest dustup with Bitcoin ongoing with a tweet from  a person spending the handle @CryptoWhale, which stated, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him...”

The Tesla chief executive officer responded, “Indeed.”

The Twitter account @CryptoWhale, which termed itself a “crypto analyst” in its bio, also distributes a Medium blog on crypto trends and market.

Musk has spent hours beating back at several different users on Twitter who scrutinized his change of stance on Bitcoin last week. He said a move was sparked by environmental concerns over the power demands to process Bitcoin transactions. He said at the time that the business wouldn’t be selling any Bitcoin it holds.


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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