Elon Musk is following his criticism of the BTC life cycle assessment into action and indicates on Twitter the exit from the crypto currency. The crypto market continues to search for the ground after the tweet.
The crypto market is kicking the iron with full force at the start of the week. Almost 250 billion US dollars have flowed out of the market in the last 24 hours alone, and the total market capitalization has slipped by almost 10 percent on a daily basis to 2.1 trillion US dollars. A good third of the sale goes to Bitcoin, which, according to the latest reports from Tesla, is turning further south.
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After the auto company has already stopped payments with Bitcoin, the signs seem to be farewell. On May 16, Tesla boss Musk hinted at the final Bitcoin exit on Twitter. To the comment that “Bitcoiners will slap each other in the next quarter if they find out that Tesla has thrown the rest of their Bitcoin holdings”, Musk simply replied: “Indeed”.
The tweet triggered another price fall. As a result, Bitcoin fell by $ 5,000, slipping almost 23 percent into the red in a weekly comparison. At $ 830 billion, BTC market capitalization is back at the level from where Tesla went on a shopping spree in early February.
Musk’s confused game with Bitcoin
The change of heart came to Musk again overnight. Just a few days earlier protested the Tesla boss that the company will not part with its Bitcoin holdings despite environmental concerns. But the two don’t quite seem to go together. Although Musk has now clarifiedthat Tesla is still holding on to its reserves. But for how long is another matter.
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Tesla currently holds 43,200 Bitcoin, the second largest amount of Bitcoin a company has after MicroStrategy. In the last quarter, however, the automaker parted with 10 percent of its reserves, thereby significantly increasing its balance sheet. It is questionable whether the company will open the wallet in the middle of the price crash. But a clean line would not only be desirable for the Group’s external image. An end to Musk’s tweet escapades would also be welcomed from an investor’s point of view.
Altcoins can be dragged along
Not only Bitcoin has come under the Tesla wheels. The altcoin market is also struggling with widespread sales. Of the ten largest cryptocurrencies, Cardano (ADA) is the only coin that does not drop in the double-digit percentage range on a daily basis. Just yesterday, the No. 4 hit a new record high of $ 2.45, but has again slumped 8.8 percent to $ 2.16 under pressure from profit-taking.
Both Binance Coin (BNB) and XRP, Dogecoin (DOGE) and Litecoin (LTC) fall behind by around 10 percent in a 24-hour comparison. With Ethereum (ETH), Bitcoin Cash (BCH) and Polkadot (DOT) the losses are even between 12 and 15 percent.
While the crypto market is still on the hunt for the ground at the beginning of the week, the altcoins are still tying up. The Bitcoin dominance, i.e. the BTC share of total market capitalization, has reached its lowest level since February 2018 at 40 percent.
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