Bitcoin lost 16% after Elon Musk’s comment on Twitter, suggesting that Tesla might have sold off its Bitcoin holdings. On May 16th, a crypto analyst named CryptoWhale insinuated in a tweet that Tesla had sold its Bitcoin holdings. According to CryptoWhale, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their Bitcoin holdings.”
In response, Musk tweeted “Indeed,” leaving a lot of his followers wondering if the EV company had liquidated its Bitcoin holdings and eventually led to the BTC loss.
However, Musk tried to clarify his comment in a more recent tweet. He wrote:
“To clarify speculation, Tesla has not sold any Bitcoin.”
The tweet has since generated further reactions. According to Peter Schiff, the comment is “even more bearish.”
Elon Musk is a crypto supporter who has influenced increases in several digital assets, including Bitcoin and Dogecoin. Earlier this year, Musk added the Bitcoin hashtag to his Twitter bio, adding 20% to the king coin. Days later, he declared his support for Bitcoin on Clubhouse.
At press time, Bitcoin has lost 10.45% in the last 24 hours and is currently trading at $42,983. The king coin has corrected about 35% since its all-time high of over $63,000 on April 14th.
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