Elon Musk Clarified Tesla Still Hasn’t Sold Any BTC: Update

Elon Musk clarified that Tesla still hasn’t sold any of its BTC holdings after his latest engagement on Twitter that caused mayhem between the users after he said that the company could offload some of the holdings. However, now, BTC’s price jumped by over $2000 in one minute as we can see more in our latest Bitcoin news today.

After a few controversial Twitter comments on BTC and Tesla, Elon Musk clarified that the company still holds all of the coins and as a result, the price of the asset saw a sudden rise of $2000. Elon Musk continued with his usual Twitter chatter regarding his perception of BTC and in the latest one, he confirmed that the company hadn’t sold any of its BTC holdings. The cryptocurrency’s price was susceptive to Musk’s comments before and this positive engagement caused a huge price pump. In a matter of minutes, BTC jumped from its 3-month low of $42,000 to $45,000.

His clarification came amid several controversial comments that he made in regards to the relationship between his company and BTC. Tesla disabled BTC payments for the product and cited environmental issues. Consequently, BTC dropped by $12000 in one day. Musk hinted that the company could sell its BTC holdings so the price naturally dropped but the latest engagement recovered most of the losses. BTC is still $13,000 down since before the company stopped receiving BTC payments.

The volatility caused a huge pain for the crypto traders and according to ByBt, the liquidations over the past 24 hours were nearly $2.4 billion. The largest single liquidation happened on Huobi as one trader lost $90 million.

As previously reported, Elon Musk seems to have been a catalyst for BTC again as the coin dropped by 10% over the weekend after Musk hints that he could dump some Bitcoin from its balance sheet. He replied to a tweet that predicted that Tesla could dump its BTC holdings this quarter and replied “Indeed.” With his popularity dwindling in the crypto community after he criticized the energy efficiency of BTC amidst his suspension of support for the BTC payments, his comments elicited further condemnation from the crypto community. Peter McCormack who is the host of the Bitcoin Did podcast, stated that Musk’s latest criticism of the coin is poorly informed and added that his support for DOGE could make him the “perfect troll.”

Source: https://www.dcforecasts.com/bitcoin-news/elon-musk-clarified-tesla-still-hasnt-sold-any-btc-update/