Bitcoin fell to about $40,000 (roughly Rs. 29 lakh) on Wednesday, extending its losses that started with Elon Musk’s back-and-forth remarks on the world’s biggest digital currency more than the previous week. The Tesla CEO very first raised issues more than the swiftly rising use of fossil fuels for mining and transaction of Bitcoin, saying his electric car-generating organization will no longer accept payments in the digital currency. Then his tweet brought on confusion whether or not Tesla was dumping its Bitcoin holdings.
Bitcoin was trading at $39,976 at the time of writing this report, the lowest it has been given that Musk’s major embrace in February, when Tesla revealed it had purchased $1.5 billion (roughly Rs. 10,974 crore) worth of Bitcoins. Even as investors are heartbroken, Twitter customers are obtaining a field day, sharing memes about the cryptocurrency, these who have invested in it and Musk, alleging he single-handedly triggered the huge crash.
Every Bitcoin Owner To Dogecoin Owners And @elonmusk Right now #dogearmypic.twitter.com/KHgZn8Gx4F
— Sensitive Phil (@PhilSensitive) May 18, 2021
Bitcoin owners appropriate now pic.twitter.com/726Zcn3PgW
— Sagar (@sagarcasm) May 19, 2021
#Bitcoin owners every single morning just after checking Elon musk’s tweet. pic.twitter.com/844tzLayMw
— El Professor ???? (@SalvaMartin09) May 19, 2021
Bitcoin owners be like pic.twitter.com/urHGKEdp93
— gee ???? (@xgee) May 19, 2021
My Binance portfolio last week vs this week #Bitcoinpic.twitter.com/iFT1ZR9sfO
— Eyolee Ita (@IamEyolee) May 19, 2021
Cryptocurrency traders appropriate now #MATIC#Bitcoin#cryptotrading#cryptocurrency#Cryptopic.twitter.com/Eb3CFAMzYU
— tushar (@tushar_kholia) May 19, 2021
RT @JesseCohenInv: Elon broke #Bitcoinpic.twitter.com/gOGoTSI7Uo
— Doc Holliday (@dox_trader) May 19, 2021
Hilarious but precise. #Bitcoin#cryptocurrency@ActorVijayRaazpic.twitter.com/5CHxmOArci
— Manohar Singh (@mano_si_) May 19, 2021
#cryptotrading
Me to #bitcoin appropriate now:- #cryptotradingpic.twitter.com/KZ8kC1ecZs— AMAN MAHESHWARI ???????? (@AmanBahetiaman7) May 19, 2021
Current Crypto Market scenario! #bitcoin#ElonMuskpic.twitter.com/9Pe5QBb66S
— Aⁿkit Gandharva (@ankit_gandharva) May 17, 2021
#Bitcoin traders and @elonmusk relationship in the previous couple of days is difficult pic.twitter.com/AM7hwS6Z5c
— Tomasz Wiśniewski (@wisniewskifx) May 17, 2021
Anyone that has revenue in crypto appropriate now 😩#cryptotwitter#cryptocurrencies#ShibaCoin#ShibaCoin#Bitcoin#ETH#HODLpic.twitter.com/APA5rHgaow
— Botney 🔪 (@botchete) May 12, 2021
At one point of time, not so lengthy ago, Bitcoin was trading at an all-time higher of $65,000, just after Tesla embraced the cryptocurrency in February. Months down the line, the organization reversed its position on accepting payments in the cryptocurrency.
On Sunday, a Twitter user recommended that these who’ve invested in Bitcoins would be incredibly disappointed next quarter just after acquiring out that Tesla had currently dumped the rest of its Bitcoin holdings. To this tweet, Elon Musk replied, “Indeed”. This produced widespread confusion that the billionaire tycoon was implying that Tesla has sold or may well sell the rest of its Bitcoin holdings.
Indeed
— Elon Musk (@elonmusk) May 16, 2021
Mr Musk then did clarify that the speculation was unfounded, but the downward spiral of Bitcoin had currently accelerated. He has previously mentioned that he supported cryptocurrencies and of late has endorsed Dogecoin, a meme currency, more than Bitcoin.
Elon Musk has 55.2 million followers on the micro-blogging web site, and even a cryptic tweet from him can move millions of them to alter their perception as this incident has shown.