Twitter user @CryptoWhale hints at Musk, eventually liquidating his Bitcoin reserve, and he replies with an “Indeed.”
Over the past seven days, Elon musk has caused major crypto dips and even one massive bloodbath. It consisted of Bitcoin declining to as low as $50,000 and even further downward. Months prior, the billionaire had made the bold step towards crypto adoptions by adding Bitcoin to Tesla’s balance sheet. Although recently, Musk has accumulated a lot of hate for his latest Tweets that have heavily damaged the year’s prevailing price rally.
Major Updates
- Musk’s tweets continue to affect the Bitcoin market negatively.
- Twitter users hate on Musk over negative market influence.
- Bitcoin trades around $44,000 after Musk’s tweets.
- Coinbase to list Dogecoin in 6 to 8 weeks.
On Sunday afternoon, Musk uploaded a tweet that resulted in bearish market movements for Bitcoin. This time, it was a reply to another pro-Bitcoin user @CryptoWhale.
Musk implied that he could potentially liquidate his entire crypto holdings. This goes against previous his previous choice on what he had intended for his reserve.
After the news, Bitcoin went along to trade at around US$44,000. It is essential to note that Bitcoin was already in the process of recovering from a major bloodbath caused by Musk himself days earlier.
Another important fact to note is that after the announcement of Tesla removing Bitcoin from its balance sheet, Musk announced that his crypto reserve would go untouched as Bitcoin still utilized less sustainable energy.
The reserve was first announced in an SEC filing in February 2021. Musk had invested a part of Tesla’s cash reserve, a total of $1.5 billion in Bitcoin. The investment had yielded an impressive turnout of up to $101 million. It was a groundbreaking record high for the car company in their quarter of 2021.
Conclusion
Amidst the crypto bloodbath, Musk has continued to support Dogecoin.
Notably, the US largest crypto exchange Coinbase has even announced to list Dogecoin in a matter of about 6 to 8 weeks.
Nevertheless, Elon Musk has gained a bad reputation recently. So much, so that crypto experts and supporters have shared negative comments about him on social media.
Question of the Day
Do you support Musk as he heavily influences the market?
