• December 10, 2023

Elon Musk implies Tesla could dump its bitcoin holdings

The prices of the leading cryptocurrencies continued to decline on Sunday, and Bitcoin fell after Elon Musk suggested that Tesla Inc. sold or could sell its remaining Bitcoin assets.

On Sunday, Twitter user @cryptowhale tweeted: “Bitcoiners will beat themselves in the next quarter if they find out that Tesla has dumped the rest of their #bitcoin holdings. With the amount of hatred @elonmusk gets, I wouldn’t blame him … “

Musk replied cryptically, “Indeed.”

That was enough to push Bitcoin
BTCUSD, + 3.14%
even lower. According to Coindesk, the leading cryptocurrency in terms of market capitalization ended the trading day with a loss of around 8% (around USD 44,400). While bitcoin and other cryptos are traded 24 hours a day, the daily session will reset at 5:00 p.m. east. Bitcoin prices rose in the new session on Sunday evening. Bitcoin is down 18% in the past five days and 27% in the last month, though it’s still up 53% since the start of the year.

ETHUSD, + 5.19%
down 11% on Sunday and Ripple
XRPUSD, + 3.36%
fell 8%.

Crypto prices – especially Bitcoin and Dogecoin prices – have risen sharply in the past week, starting with comments from Musk his “Saturday Night Live” performance.

Musk’s comment Sunday came days after his announcement Tesla would no longer accept Bitcoin The negative environmental impact caused by the high energy consumption of Bitcoin mining is cited as payment for cars. He later tweeted This Dogecoin is a “potentially promising” alternative with prices skyrocketing.

DOGEUSD, + 0.75%,
Meanwhile, Sunday fell to around 48 cents, up around 3% over the last five trading sessions.

TSLA, + 3.16%
bought over Bitcoin worth $ 1.5 billion earlier this year. In its earnings report for the first quarter last month, Tesla said it sold around $ 101 million – 10% of its Bitcoin holdings – which helped increase the bottom line.

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