Elon Musk’s tweets send Bitcoin on a new roller coaster

Hong Kong (CNN Business) – Elon Musk is rocking the markets again cryptocurrencies.

Tesla’s CEO (DSLA) now says he has not sold any Bitcoin (XPD) since his company appeared to suggest otherwise. His early Twitter messages led to Bitcoin Spread your losses.

The latest cryptocurrency drama began Sunday when a user named CryptoWale tweeted: “Bitcoins will slap each other in the next quarter if Tesla finds that they have left over to hold their #Bitcoin.”

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“I do not blame Elon Musk for his hatred,” the user said.

An hour later Musk simply replied: “Really.”

According to the cryptocurrency tracker Coinbase, in a few days, Bitcoin, 000 lost less than 43,000, and lost more than 8% in the last day. He had already lost some land earlier on Sunday, but accelerated the losses after Muskin took office.

Musk released a follow-up tweet: “To solve the speculation, Tesla did not sell any bitcoins.”

The value of the digital currency rose immediately by about 3.7%, from $ 42,566 to almost 44,138, five minutes after Muskin’s tweet, according to Coinbase.

Tesla did not immediately respond to a request for comment on the possession of the digital currency.

Muskin’s records came just days after another uproar last week, with Tesla announcing plans to adopt bitcoins. How do I pay for their cars. Musk noted that the high environmental cost of bitcoin is one reason for the change.

“We are concerned about the increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said in a note posted on Twitter last Wednesday. “Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but it will not come at a huge cost to the environment.”

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The environmental cost of mining or the creation of digital coins has been well documented for many years.

The news reduced Bitcoin by about 12% at the time. It came months after Musk personally advertised other popular cryptocurrencies such as Bitcoin and DocCoin.

Shortly before that, the CEO asked his followers in a Twitter poll “Do you want to accept Tesla Doz?”

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Tesla and Musk have been very positive about Bitcoin for at least a few months, revealing that the company invested $ 1.5 billion in Bitcoin in February, while also evaluating the ability to buy their cars using cryptocurrency. At the end of March, Musk tweeted that people could “buy Tesla with Bitcoin now.”

However, the company, in a regulatory filing last month, estimates each quarter that “changes in events or circumstances … indicate whether our digital assets are more likely or not to weaken.” He revealed at the time that he had sold 10% of his Bitcoin shares and made a profit of $ 101 million.

Last week, Musk said Tesla plans to use bitcoin even after the coin discovered pure energy sources.

“Tesla will not sell bitcoin, and we intend to use it for transactions as soon as the mine moves to more sustainable energy,” he wrote. We also look for other cryptocurrencies that we use [menos del] 1% of bitcoin energy / transaction.

Musk’s other companies have also jumped into action. Last week, his space agency, SpaceX, said it would take dogecoin As a fee for an upcoming task.

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– Rishi Iyengar contributed to this report.

Eden Hayes

"Wannabe gamer. Subtly charming beer buff. General pop culture trailblazer. Incurable thinker. Certified analyst."

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