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Bitcoin recovers after plummeting after new tweets by Elon Musk

2021-05-19T03:29:19.859Z


The most widely used cryptocurrency in the world stands at $ 45,000 after the sharp decline recorded on Sunday.


05/17/2021 7:29 AM

  • Clarín.com

  • Technology

Updated 05/17/2021 7:35 AM

The bitcoin, the most used cryptocurrency in the world, recovers this Monday and is around 45,000 dollars (37,000 euros) after the sharp decline recorded on Sunday, which plunged its price to the lowest level since February.

The cryptocurrency plunged more than 8% on Sunday and fell below the $ 44,000 (€ 36,195) border after a tweet from Tesla founder Elon Musk, which some interpreted as an indication that the car company had sold its bitcoins. .

The cryptocurrency maintained its downward trend in the early hours of Monday and even approached $ 42,000 (34,550 euros), according to Bloomberg data.

However, a new tweet from Musk denying that Tesla had sold his bitcoins caused the cryptocurrency to rebound

, which is now around $ 45,000

.

To be clear, I strongly believe in crypto, but it can't drive a massive increase in fossil fuel use, especially coal

- Elon Musk (@elonmusk) May 13, 2021

Last week, Musk had already caused a bitcoin crash by announcing, also on Twitter, that Tesla would stop accepting that cryptocurrency as a means of payment. 

According to Musk himself, the electric vehicle maker was concerned about the increasing use of fossil fuels, especially coal, to generate the energy required for mining (creating) bitcoins.

Musk added that Tesla would return to using bitcoin as a currency when the mining process is done with more sustainable energy.

Musk's statements and Tesla's decisions had a notable influence on the price of bitcoin in recent months.

Tesla CEO Elon Musk.

AFP photo

In February, the most used cryptocurrency soared following Tesla's decision to invest $ 1.5 billion (€ 1.23 billion) in bitcoins.

Days later, bitcoin suffered a sharp decline after a tweet from Musk in which he suggested that this cryptocurrency could be overvalued.

However, bitcoin recovered its bullish streak and

reached an all-time high of $

64,869 (53,370 euros) on April 14. 

With information from EFE.

JPE


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Source: clarin

All tech articles on 2021-05-19

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