In a tweet shared on Wednesday, Elon Musk said that Tesla had diamond hands that implied that the electric vehicle manufacturer would not sell their $1.5 billion stakes in Bitcoin. The Tesla CEO is not shying away from the leading cryptocurrency despite the broad sell-off of the cryptocurrency, eventually cutting the value of Bitcoin in half at one point. Elon Musk Tweets “Diamond Hands”, Implying Tesla not Selling Stake in Bitcoin On Wednesday, Musk shared a tweet using a combination of text and emojis, that implied that the maker of electric vehicles is not going to shed its stake in the cryptocurrency. This came amid the free fall in the crypto market following the plunge in Bitcoin by over 30% to just above the mark of $30K. Following the announcement of Tesla of the electric vehicle company investing $1.5 billion in Bitcoin, a huge uptrend was witnessed in the price of the cryptocurrency, however, all those gains are now gone and Bitcoin has managed to touch its lowest levels since January. Well, there are considerations in the market that the fall in the price of Bitcoin was due to the declaration of Musk that Bitcoin consumes massive energy, is not environment-friendly, and is a centralized digital asset. He suspended transactions in Bitcoin which led to the immediate fall of around 6% in the price of Bitcoin. XRP, DOGE, ADA Down by 50%, BTC Market Dominance Surges It won’t be wrong to say that the crypto market is in the middle of a huge meltdown that can compete with the crash in the market driven by the pandemic last year. Altcoins such as Ripple (XRP), Cardano (ADA), and Dogecoin (DOGE), lost almost half of their valuation in less than 24 hours. Cardano and XRP were being traded below the mark of $1, whereas Dogecoin was being traded at $0.21.
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