Elon musk is very actively participating in talking about cryptocurrency. But the thing is that what Elon musk gave to bitcoin, he took all of it away. Yes, you have heard me right because bitcoin has cleared up all the profits, which is derived from the big announcement of Elon Musk on the 8th of February this year. Earlier, he announced that the tesla car company is going to accept the payment made for the cars in the form of bitcoin, and basically, they are going to add the bitcoin in their mode of payments.
- Recently the major world cryptocurrency and the most trustworthy cryptocurrency, bitcoin, have felt up to 40% from its record high, which was almost $65000 at that time, and now it is trading on the value of $39360. You can also start your bitcoin trading journey on Official Site without facing any issues.
- He was the one who fueled the volatility of the bitcoin has now surprised all the bitcoin users, analyst and traders, by making an announcement last week that the company will now not accept any payments made from the bitcoins. This announcement led to a drop in the price of bitcoin by about 15%. Elon Musk said that he is stopping bitcoin as a mode of payment n tesla company because bitcoin mining gives a significant load on the environment.
- After this one shocking thing and the price drop in bitcoin on Tuesday, one other news also resulted in the decline of the bitcoin value. The people bank in china has made an announcement that the digital coins from now on will not be used for making the payments. China stated that no person or individual could buy, sell or hold bitcoin because they are banned in the country. This thing really helped bitcoin to get back to its before the level of 8th February.
- The enormous swings which we are noticing in the bitcoin definitely signify the abstract nature of the bitcoin, according to the senior financial market’s analyst in the city index, Fiona Cincotta. She added that the Elon musk is not driving the trades in the cryptocurrency world and giving dilemmas to it for the very first time, and it will not also the last time.
- Elon musk has now become the Svengali kind of character in the cryptocurrency world because he can move the prices of bitcoin just by making some tweets. Earlier, he made some good tweets, and the costs of bitcoin started to rise, and now these kinds of tweets are making the decline in the value of bitcoin. You will be glad to know that Elon musk tweets have also led to the increase in the price and craze of dogecoin, which is the rival cryptocurrency of bitcoin.
- At the time Tesla made the announcement, the value of bitcoin started to rise to a great extent, but now this U-turn in this decision has left the people in shock, and they are confused about what to do next. There are so many bitcoin investors who are selling off their bitcoin after this downfall in value. But if we see the whole scenario, then some of the analysts are claiming that this is the best opportunity for people to hold the bitcoin because its prices are going to rise again by the end of this year.
- According to David Bianco, who is the chief investment officer in the DWS group of Americas, he doesn’t believe that the comments of Elon musk are contributing to making the bitcoin a severe type of asset class. People are watching this and thinking that this is not a promising cryptocurrency to invest their money in because the prices of tis currency get influenced by the attention of the popular culture, which is not at all a good thing.
- It is also believed that bitcoin is on a roller-coaster at this time, and its prices are rising and falling. But the most shocking thing is that this massive level of fall in the bitcoin price has not been seen in the last six years, so it is a big thing now. There are a lot of people who are withdrawing their bitcoin by selling them off. But you should not lose hope and not sell bitcoin at this time because the prices are going to rise very soon.