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Bitcoin is going down after Elon Musk latest insinuations

Elon Musk

The latest price drop of Bitcoin sent the largest cryptocurrency below $42,000 before rebounding to just over $45,000, down 8.9% in the last 24 hours.

It was the third consecutive daily drop, and it coincided with a series of tweets by Tesla CEO Elon Musk, in which he initially refused to deny that his electric-car business has sold or will soon sell all of its more than $1 billion holdings in bitcoin, in response to the criticism he has received after Tesla suspended bitcoin as a form of payment. Tesla had not sold any bitcoin, he later explained.

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“Indeed,” Musk responded at 2:48 p.m. ET on Sunday to a tweet from @CryptoWhale, who said that “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the majority of their #Bitcoin holdings.”

Bitcoin’s price plummeted to nearly $45,100 shortly after the tweet, ultimately falling to as low as $42,185.

After Musk reported that Tesla had not sold its bitcoin holdings 10 hours after this story was released, BTC climbed back above $45,000. “To clarify speculation, Tesla has not sold any Bitcoin.,” he tweeted.

Musk also tweeted at Peter McCormack earlier in the day, stating that “obnoxious threads like this make me want to go all-in on Doge,” referring to a Twitter thread regarding Musk’s criticism of bitcoin and support for dogecoin.

DOGE was trading at $0.505 at press time, down 5.1 percent in the previous 24 hours.

Musk revealed last Wednesday that Tesla would no longer accept bitcoin payments due to concerns about its environmental effects. Bitcoin fell by $2,000 as a result of this news.

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