June 25, 2021

Elon Musk suggests that Tesla may drop its Bitcoin holdings

Prices of leading cryptocurrencies continued to fall on Sunday, with Bitcoin falling following the recommendation of Elon Musk Tesla Inc. to sell or sell its remaining bitcoin assets.

On Sunday, Twitter user ry Cryptohall tweeted: “Bitcoins are going to slap themselves in the next quarter. The extent of Elon Musk’s hatred, I do not blame him “

Musk secretly replied: “Really.”

This was enough to push Bitcoin BTCUSD,
+ 3.85%
Even less. Leading cryptocurrency trading day by market cap fell about 8% to $ 44,400, according to Coindesk data. While Bitcoin and other cryptocurrencies are traded 24 hours a day, the daily session ends at 5pm East. Bitcoin has fallen about 18% in the last five days and 27% in the last month, although it is still up 53% year-on-year.

Ethereum ETHUSD,
+ 4.94%
Sunday sank about 11%, and ripple XRPUSD,
+ 3.77%
Fell about 8%.

Crypto prices – especially bitcoin and doc coin prices – have risen sharply over the past week following Muskin’s comments. His “Saturday Night Live” look.

Muskin’s comment came on Sunday, just days after he announced it Tesla will no longer accept bitcoin Charging for cars, citing the negative environmental effects caused by the high energy consumption of bitcoin mining. Then he tweeted That dogecoin is a “promising” alternative and its prices will rise.

Dogecoin DOGEUSD,
+ 1.01%,
Meanwhile, it fell to about 48 cents on Sunday, up another 3% in the last five trading sessions.

Tesla DSLA,
+ 3.16%
Bought about B 1.5 billion bitcoin Earlier this year. In its first quarter earnings report last month, Tesla said it had sold about $ 101 million – 10% of its bitcoin holdings – This helped to increase its base.