A crypto crash continues for the fifth straight day on Monday due to back to back statements of Tesla CEO Elon Musk.
As of 1145 hours GMT, bitcoin, the world’s biggest cryptocurrency, shed 7.70 percent to reach $45,465. With this decrease in price, the market capitalisation of the BTC has reached $846 billion. The price of bitcoin sank to as low as $42,441 a coin earlier in the day in its biggest slump in more than three months, and one of its biggest drops in value since the price first began to soar in January.
Likewise, ethereum (ETH) shed 8.60 percent to reach $3,495. With this decrease in price, the market capitalisation of ETH has fallen to $405 billion.
Similarly, Binance Coin (BNB) shed 8.72 percent to reach $536. The market capitalisation of BNB stands at $82 billion after this decrease. Likewise, dogecoin (Doge) shed 4.88 percent to reach $0.5039. With this decrease in price, the market capitalisation of Doge reached $65 billion.
Similarly, Tether (USDT) reached $1 with 0.01 percent decrease in its price. Its market capitalisation has reached $58 billion with this decrease. It is pertinent to mention here that Elon Musk fuelled speculation on Sunday in a Twitter exchange that his company, Tesla, may consider selling or has sold its holdings in the cryptocurrency.
“Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings,” a user named CryptoWhale said in a tweet on Sunday. “With the amount of hate @elonmusk is getting, I wouldn’t blame him,” he added. Musk simply responded with a single word: “Indeed.” Later on Monday, the cryptocurrency rallied more than 5% to above $45,000 per token after Musk tweeted, “Tesla has not sold any bitcoin”.
Earlier last week, Musk announced on Twitter that Tesla is no longer accepting bitcoin for payments. He said this decision was made in connection to the effect mining and transactions of the crypto have on the environment.
According to Musk, Tesla will continue to hold the Bitcoin it already has and won’t sell it. He said that BTC has a promising future but that it can come at the cost of the environment.
Vitalik Buterin, the co-founder of Ethereum, is also behind some of the fall cryptocurrencies are seeing. Buterin recently moved more than $2 billion worth of crypto and it spooked investors. That includes $1 billion worth of crypto tokens inspired by Dogecoin being donated to the India Covid Relief Fund. In addition to that, Buterin also moved $1.3 billion worth of Ethereum from his public address to a separate wallet. That caused worry among ETH investors that the co-founder was about to trade to crypto for cash.
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