Elon Musk Took to Twitter, which Led to a Sharp Increase for Bitcoin amid Falling below $40k

Given the recent falling out that Elon Musk did have with the flagship cryptocurrency, a lot has changed among the crypto market given the attitude of the investors regarding Bitcoin, and it has also led to a decrease in Bitcoin’s price. The cryptocurrency did fall all the way from $55k to $42k, and given the last night, it is now trading below $39k and declining. This has made Bitcoin proponents very angry at Elon Musk for controlling the crypto market like he is doing despite the fact that it is taking place indirectly, but his tweets do have that kind of influence. 

If you don’t know, the fallout is the result of Elon Musk engaging on Twitter a week ago, letting the world know that Tesla will be backing out on Bitcoin, featuring the cryptocurrency uses fossil fuels such as coal for mining which is putting a strain on the environment. Tesla did acquire $1.5 billion worth of BTC starting this very year, and now it is getting closer to dump all of it given the environmental issues. 

Bitcoin’s Price has Taken a Positive Trend

This places Bitcoin’s price in a downward spiral. It doesn’t seem to be stopping anytime soon, traders are enraged, and the market capitalization of the leading digital currency is getting severely affected. Musk thought it is about time to do some damage control, so he tweeted something like ‘Tesla has diamond hands.’ Both the word diamond and hands were presented in the form of emoji. 

This means as expert analytics and traders interpret it that Tesla might not dump its BTC stash, it is not like the pressure is too much to refrain from doing so, but Elon once again wants to be on the good side of Bitcoin proponents. This tweet did have a positive effect that forced bitcoin to rise around 6%, which is pretty great as the cryptocurrency is once again trading above the $40k approach. Another confirmation has come across by Tesla that it has canceled the dumping of Bitcoin stash of theirs and is not going to go through with it.

Leave a Reply

Your email address will not be published.


Asia-Pacific Stocks Gain with Investors Weighing Economic Concerns

On Tuesday, shares in the Asia-Pacific region climbed higher, as investors were weighing the economic concerns. Most indexes record gains The Hang Seng index in Hong Kong had been trading at a loss but rose 0.7% in the last hour of trading. There was also a 0.73% gain in the Hang Seng Tech index. On […]

European Shares Reach Two-Week Highs Thanks to Miners and Prosus

On Monday, European shares rose to a high of two weeks, thanks to mining stocks as China lifted COVID-19 curbs, which gave global commodities a lift and also eased fears of inflation. Meanwhile, Prosus’ plans of trimming its stake in Tencent saw the Dutch company’s stock rally. Index records gains There was a 1.1% gain […]

Stocks Climb Up after Recent Big Gains, as Yields and Oil Rise

On Monday, volatile trading pushed global indexes higher, for the most part, allowing them to extend the sharp gains recorded in the previous week. Meanwhile, there was also a rise in Treasury yields and oil prices. Oil records gains After the rout seen in the previous week, oil finally managed to climb up, as investors […]

When Multiple Tokens Experience Demises, a Stablecoin Demonstrates a Strong Performance

When Multiple Tokens Experience Demises, a Stablecoin Demonstrates a Strong Performance

In recent weeks, the borrowing and lending spaces within the cryptocurrency industry have come under the microscope of regulators. These spaces have undergone scrutiny in recent months and the reason behind the growing pressure is the sell-off observed in the crypto-verse. Now, the investors and users within the cryptocurrency industry want to know exactly how […]

European Shares End Nervous Week on a Strong Note

On Friday, there was a 2.6% rise in European stocks, which helped them enter positive territory. The week saw investors moving into riskier assets, as they began to scale back on bets of central bank tightening. Best Session for Indexes The STOXX 600 index of European countries recorded its best session in over three months. […]