Musk’s words, bitcoin collapsed again: a wild fall of $ 6,000, 160,000 people exploded 9.5 billion

22 publicly traded companies worldwide hold bitcoin, with a total market cap of $63.3 billion.

Another big shakeup in bitcoin price on Musk’s word ……

Musk Hints Tesla May Have Sold Bitcoin?
Bitcoin slumped nearly $6,000
A user claiming to be a cryptocurrency analyst tweeted on 16 local time that bitcoin holders may slap themselves when they find out next quarter that Tesla has sold its remaining bitcoin positions.

To which Musk replied, “Indeed.”

Musk's words, bitcoin collapsed again: a wild fall of $ 6,000, 160,000 people exploded 9.5 billion

Some market participants interpreted the comment as a hint that Musk may have sold off or partially sold off his bitcoin position in its entirety.

Bitcoin then plunged, falling to $43,825 per coin at one point this morning, a heavy drop of $6,000 from last night’s price of $49,808 per coin and a retracement of nearly 12% from the $49,808 per coin price. As of this writing, the bitcoin price has recovered, breaking through $45,000.

Last Wednesday after the U.S. stock market, Musk announced that Tesla was suspending bitcoin payments, but he tweeted that the company would not sell any bitcoin and would resume bitcoin use for transactions after confirming the transition to more sustainable energy sources for bitcoin mining. He revealed that Tesla is also looking at other cryptocurrencies, which use less than 1% of the energy of Bitcoin.

After Musk announced Tesla’s suspension of bitcoin payments, the price of bitcoin quickly dived $2,800 and then fell below the $50,000 mark.

160,000 people blew $9.5 billion in positions
The largest single blowout amounted to $580 million
Musk’s Twitter comments brought down bitcoin, and other cryptocurrencies followed suit. (Red represents the drop)

Musk's words, bitcoin collapsed again: a wild fall of $ 6,000, 160,000 people exploded 9.5 billion

Many investors have exploded their positions as the cryptocurrency market is in general decline. As of 6:30 p.m. BST, 160,000 people have exploded their positions in the past 24 hours, with the amount exploding exceeding $9.5 billion.

Among them, the largest single blowout in the past 24 hours amounted to $90 million, or about 580 million yuan.

22 listed companies worldwide hold bitcoin
The total market capitalization reached 633 billion
On May 16, the CCTV financial channel broadcasted the “Economic Information Broadcast” to introduce “the current situation of bitcoin investment in listed companies around the world”. According to the report, there are 22 listed companies in the world that hold bitcoin, with a total of more than 180,000 bitcoins and a total market value of more than $9.84 billion, which is about 63.3 billion RMB.

On April 30, MicroStrategy announced its financial report for the first quarter of 2021, according to the Huaxia Times. The report shows that the company purchased a total of about 20,000 bitcoins for a total purchase price of $1.086 billion in the first quarter of 2021, with an average purchase price of $52,087 per coin.

MicroStrategy CEO Michael J. Saylor said, ” MicroStrategy’s first quarter results clearly demonstrate that our two-pronged corporate strategy of growing our enterprise analytics software business and buying and holding bitcoin is creating substantial value for shareholders. “

On March 7, MicroStrategy announced that it purchased 15,000 Ether coins as well as 379 Bitcoins in open market transactions for a total consideration of approximately $22.1 million and $17.9 million, respectively, for a total of $40 million, and on March 17, its wholly-owned subsidiary Miracle Vision, under its cryptocurrency investment program, further purchased in open market transactions 16,000 Ether coins as well as approximately 386 Bitcoins for a total consideration of $28.4 million and $21.6 million, respectively, for a total of $50 million.

On April 8, another announcement from Meitu stated that its wholly-owned subsidiary Meitu Hong Kong further purchased approximately 175.7 bitcoins in open market transactions under the cryptocurrency investment program for a total consideration of approximately US$10 million. With these three investments, Meitu now holds over 940 bitcoins with an average bid price of approximately $52,610, as well as 31,000 ethereum coins with an average bid price of approximately $1,629. Currently, Meitu has invested a total of $100 million in the cryptocurrency market.

Musk may turn to dogcoin?
Shortly after announcing Tesla’s suspension of bitcoin payments, Musk said he was working with dogcoin developers to “improve the efficiency of the system’s transactions,” and was hopeful.

Musk's words, bitcoin collapsed again: a wild fall of $ 6,000, 160,000 people exploded 9.5 billion

The foreign press broke the news that Musk and Dogcoin developers have been working together since 2019. Dogcoin developer Ross Nicoll said that since Musk started talking to developers in 2019, he has ” encouraged them to increase their transaction throughput,” provided ” a lot of advice and input” and shared a large number of his contacts. Musk has been in touch with some members of Dogcoin’s development team since he was chosen as its honorary CEO in 2019.

He also said that the team of four part-time Dogcoin developers is optimistic that Musk’s presence could further reduce the cryptocurrency’s energy consumption. Dogcoin’s energy consumption is reportedly or only 7% of Bitcoin’s.

Musk's words, bitcoin collapsed again: a wild fall of $ 6,000, 160,000 people exploded 9.5 billion

But previously, Musk also called dogcoin a “scam” during his guest appearance on Saturday Night Live.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/musks-words-bitcoin-collapsed-again-a-wild-fall-of-6000-160000-people-exploded-9-5-billion/
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