Musk’s tweets tumble Bitcoin to 3-month low in wild trading

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Musk’s tweets tumble Bitcoin to 3-month low in wild trading

In a seesaw trading session on Monday, the original cryptocurrency, Bitcoin, faltered to a three-month low following a swathe of side-way movements, as the latest in a series of tormenting comments on the digital asset from Tesla Inc Chief Elon Musk, gyrated a slandering sell-off wave for the digital asset.

In point of fact, later last week, Musk tweeted that the EV maker, Tesla Inc., would no longer accept payments in Bitcoin citing the extent of electricity bitcoin miners usually consume, leading to a decline of 17 per cent in Bitcoin’s valuation on Wednesday, while over the weekend, Musk was quoted saying in a tweet that the e-vehicle industry trailblazer might shed a $1.5 billion worth of bitcoin which Tesla had purchased a month earlier and sent Bitcoin to an all-time high close to $65,000.

However, in his latest tweet on Monday, Tesla Inc. boss Elon Musk said, “Tesla has not sold any bitcoin,” helping keep a lid on the losses.

Bitcoin tumbles further on Musk's tweets

Citing statistics, bitcoin was last trading 6.2 per cent lower to $43,564 on late-afternoon US trading hour after tottering to as low as $42.185, the lowest since February 8, while other smaller crypto assets were also chartering on negative territories with Ethereum and dogecoin tumbled 8.3 per cent and 6 per cent respectively to $3,291 and 48 cents.

Meanwhile, adding that the world’s most popular crypto asset, Bitcoin, might witness a resistance level at $40,000, a co-founder and Chief Commercial Officer of global payment network, Mercuryo, Alexander Vasiliev said, “At this rate of fall, bitcoin is likely to see support at $40,000 if the selling continues, and surviving this fundamental onslaught can set a new run that will create a new all-time high of $70,000 in the mid-to long term.

The market has proven it can react to Elon's tweets and should his comments continue to stream in unbridled, (bitcoin's)price may be kept below $50,000 for much longer.