Crypto News - Bitcoin Price [BTC] Going Downhill After Musk Tweet? - Bitcoin News

Several cryptocurrency rates dropped after Elon Musk recommended Tesla may have sold some of its bitcoin holdings

The electrical car maker's CEO suggested Sunday afternoon that Tesla might offer the rest of its bitcoin holdings, sending its price lower.

Instantly after the remarks, bitcoin's price was trading at $42,241.44 at 12:07 a.m. ET on Monday, according to Binanco.com.

The Twitter-account CryptoWhale mentioned, "Bitcoiners will get blindsided next quarter when they see Tesla discarded the rest of its holdings. If Elon Musk is getting the kind of hate he is, then I wouldn't blame him ...".

" Certainly," Musk reacted.

Tesla quit working to react to an ask for comment following Musk's declaration that it planned to keep bitcoin instead of offer it.

Throughout the past year, Musk has really been a strong advocate of cryptocurrencies, assisting to enhance the price of digital coins, including bitcoin.

Business exposed in a filing with the Securities and Exchange Commission (SEC) that it had really acquired $1.5 billion in bitcoin. The business later on revealed it had made $101 million in earn money from sales of bitcoin in the really first quarter.

Musk simply recently appeared to change his mind in favor of dogecoin, the cryptocurrency based on a meme.

Just recently, Tesla also "suspended vehicle purchases making use of bitcoin" given that it was stressed over it "quickly using nonrenewable fuel sources to mine bitcoins." Bitcoin rates decreased by about 5% right after Musk's statement.

Since, Musk has really been responding critics of his position on cryptocurrency on Twitter.

Developer of Union Square Ventures Frederick Wilson tweeted Friday: "He's playing games. It's hard to take somebody who does this seriously. I've lost a lot of regard for him because of it.".

Contributing to Wilson's declaration, he mentioned, "Great regard for what he finishes with his talents. Less regard for what he does with his tweets.".

SpaceX broke the news last week that it would accept dogecoin as payment to release DOGE-1, a mission to the Moon.

Traders have acquired acceptance for the coin thanks to his suggestion, helping to rise its price.

A number of exchange platforms, including Binance and Robinhood, presently support dogecoin trading. Coinbase has strategies to supply the digital coin next month.