The largest cryptocurrency-Bitcoin's prices continue to be heavily influenced by Elon Musk- Tesla's CEO comments. On Sunday (May 16, 2021), in a twitter post he implied that Tesla Inc. has sold or may sell its crypto holdings. On the news, bitcoin crashed below $45000 for the first time since February 2021.
As per the Coindesk website, bitcoin last quoted at $43,553 with a percentage drop of over 9 percent in the last 24 hours. The losses in the leading crypto came after Elon Musk showed his consent to a Twitter post stating that Tesla should offload its positions in the largest crypto (once valued at $1.5 billion).
In the past week, the crypto market saw turbulence again on Musk's comments after his announcement that Tesla's electric vehicles cannot be purchased for bitcoins. Then in the previous week, while hosting "Saturday Night Live", Elon Musk mocked at Dogecoin and referred it to be a 'hustle', resulting in a crash in its price.
Following the slump in bitcoin prices to below $45K, other leading and renowned cryptos including Ethereum, XRP, Stellar and Cardano also traded with losses of up to 14 percent.