June 15, 2021 | AtoZ Markets – Elon Musk has proven to be a key figure in the crypto space over the last couple of months. The simplest of tweets have caused significant amounts of volatility in BTC price and other cryptos such as Dogecoin. On Sunday, the Tesla and SpaceX CEO said that Tesla will resume Bitcoin transactions once he has confirmation that there is reasonable clean energy usage by miners. His tweet read:
“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,”.
This comes after the electric car maker halted Bitcoin purchases in May and since the crypto space has witnessed lackluster trading. His tweet on Sunday was Musk’s reaction to comments from Magda Wierzycka. CEO of South African asset manager Sygnia, said that the Canadian billionaire’s tweets on Bitcoin prices were “market manipulation”, and should have gone under investigation by the US Securities & Exchange Commission (SEC).
Musk’s reply, saying Wierzycka’s claims were “inaccurate” caused a 12% rise (roughly $5k) in the price of Bitcoin over the weekend. He went on to further say “Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.” The duel on Twitter shows Elon Musk’s effect on the crypto market remains strong.
After climbing 5%, from $25k to $37 in the hours after the tweet, Bitcoin price continued to climb on Monday. Opening Tuesday’s session just above the $40k level, a 10-day high for the crypto asset.
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