Elon Musk Sends Bitcoin to a 3-Month Low with Latest Comment

Elon Musk Sends Bitcoin to a 3-Month Low with Latest Comment

Bitcoin plunged to the lowest since February after Tesla CEO Elon Musk said the company may sell its crypto holdings. The world’s largest crypto currency traded at $45,270 as of 5:51 PM in New York, the lowest in almost 3 months and $4,000 down from Friday.

bitcoin has tumbled since Musk appeared on SNL

Musk’s comments come after he made another statement on Wednesday that Tesla would not be taking Bitcoin as payment for its cars.

Musk also dented the price of Dogecoin, a crypto he has vehemently supported, saying taking the digital token to the moon was a “hustle.” 

Tesla had invested $1.5 billion in Bitcoin in February which sent the crypto surging and increasing the legitimacy of digital tokens.

Musk cited environmental concerns of Bitcoin mining in the latest snub of the cryptocurrency. 

Simon Peters, e-Toro analyst says the long-term fortunes of crypto assets such as Bitcoin has not changed despite the recent slump.

Bitcoin is currently declining. BTCUSD is down 2.98%.

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