Has Tesla dumped Bitcoin holdings? Elon Musk drops a hint

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Has Tesla dumped Bitcoin holdings? Elon Musk drops a hint

 Has Tesla dumped Bitcoin holdings? Elon Musk drops a hint
Image source: © Aoutphoto | Megapixl.com

Summary

  • Elon Musk hints at having dumped Tesla’s holding in Bitcoin.
  • Bitcoin prices tumble after Mr Musk drops hints.
  • Most cryptocurrencies are trading in red on Monday.

Billionaire Elon Musk on Sunday night hinted that Tesla Inc (NASDAQ:TSLA) might have dumped its holdings in the world’s largest cryptocurrencyBitcoin. This triggered a 12% crash in Bitcoin prices from the 24-hour high.

Musk’s one word reply – “Indeed” –  to a tweet from someone with Twitter handle @CryptoWhale was enough to have dented Bitcoin’s price.  “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him…,” the Twitter user said.

After the tweet by Mr Musk, the prices of Bitcoin tumbled to US$43,837.43, 11.99% down from 24-hour high of US$49,814.01. However, it erased part of its losses later on, and is currently trading down by 1.89%.

Musk’s latest tweet comes as another blow for Bitcoin after last week, when he had said that Tesla would not be accepting Bitcoin payments for vehicle purchases anymore, over the concerns of “rapidly increasing use of fossil fuels for bitcoin mining.”

In a regulatory filing in February, Tesla has said that it has bought about US$1.5 billion worth of bitcoin. The company, in its quarterly results later, said that it registered a net gain of U$101 million from sales of bitcoin – a move which has aided the companies record profits in the March quarter.

Mr Musk has been a strong votary of the digital assets and had earlier been regularly tweeting praises about digital assets. His tweets were partially responsible for the surge in cryptocurrency prices.

However, in the past few weeks, he has been making confusing comments. A couple of weeks ago, he called Dogecoin rally a “hustle”, which sent headwinds into the meme-turned-cryptocurrency market.

Meanwhile, most of the cryptocurrencies, at the time of filing this copy were trading in red.

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