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Elon Musk has done it again! The price of bitcoin topped $ 39,000 after Tesla’s chief executive indicated that the electric car maker would resume trading with the cryptocurrency. In a response to an article criticizing the celebrity CEO for “manipulating the price of Bitcoin,” Musk mentioned that Tesla would resume trading with the cryptocurrency when mining is done with cleaner energy.
“When there is confirmation of reasonable (around 50%) clean energy use by miners with a positive future trend, Tesla will resume allowing Bitcoin transactions,” the celebrity CEO tweeted after the director General de Sygnia criticized Musk for “manipulating the price of bitcoin,” said Elon Musk. in a tweet.
The Tesla chief also said Tesla sold around 10% of the holdings to confirm bitcoin can be liquidated easily without moving the market.
Following Tesla’s future plan, Bitcoin rose nearly 10% on a day-to-day basis to $ 39,021.54 at 0800 hours IST Monday on coinmarketcap.com Index. This is the largest single-day percentage gain since June 9.
On May 13, Musk announced that Tesla would no longer allow purchases of vehicles using bitcoin due to environmental concerns. The CEO said cryptocurrency is a good idea on many levels and we believe it has a bright future, but it can’t come at the cost of the environment. Tesla will not sell any Bitcoin and we intend to use it for transactions as soon as mining shifts to more sustainable energy. Bitcoin plunged about 10% soon after the tweet.
By May 19, Bitcoin had fallen more than 50% from its record high of $ 64,895 in April. The entire cryptocurrency industry has lost nearly $ 1 trillion at one point. A tweet from Musk with barely a word and two emojis “literally” saved the cryptocurrency world that day. not part with its $ 1.5 billion stake in bitcoin.Bitcoin, Etherhad recovered.
With over 55 million subscribers, the famous CEO shakes up the market every time he posts anything about cryptocurrencies on Twitter. Millions of retail investors were really relying on their crypto earnings to improve their lives. Sure, they took the risk on themselves when they invested, and everyone knows you have to be prepared for crypto volatility, but your tweets this week show a clear disregard for the average worker. Hacker group Anonymous said, warning Elon Musk. last week. Musk responded to the threat with a meme. “Not even a good anonymous fake. The article is behind a paid wall, and it seems like anonymous hacking skills aren’t enough to back it up,” he wrote on Twitter with a meme.
Musks’ dogecoin tweets recently sparked a digital currency rally, which began as a social media parody. Dogecoin has become the sixth largest cryptocurrency by market cap, according to CoinMarketCap.com.
But Twitter doesn’t take Musk’s “manipulation” of the cryptocurrency world very well. A new $ STOPELON cryptocurrency meme emerged last month to counter the manipulation of the crypto market by Tesla CEO Elon Musks. across all borders when he tweeted that Tesla would stop accepting Bitcoin as a form of payment. Anyone who has even a minimum of critical thinking sees through his lies. He’s been trying to pump crypto for ages, tweeting about it endlessly, and even going to Saturday Night Live as a last resort to get Dogecoin! That’s ridiculous! ”Reads the official $ STOPELON page.
Crypto traders and investors have also expressed their displeasure with Musk’s tweets which often impact cryptocurrency prices.
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