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Bitcoin crashes after Musk implies Tesla could sell cryptocurrency

(Bloomberg) – Elon Musk continued to whip the price of Bitcoin, briefly sending it to the lowest since February after hinting in a Twitter exchange on Sunday that Tesla Inc. might sell or has sold its cryptocurrency holdings. nearly three months after the billionaire owner of the electric car maker appeared to agree with a Twitter post that Tesla should divest what at one point was a $ 1.5 billion stake in the largest cryptocurrency. It traded at $ 45,270 as of 5:51 p.m. in New York City, down about $ 4,000 from where it ended on Friday. The online comment was the latest from the mercurial billionaire in a week of statements. that rocked digital tokens. He slashed the price of Bitcoin by nearly $ 10,000 in a matter of hours last Wednesday after saying Tesla wouldn’t mistake it for cars. Days earlier, he hosted “Saturday Night Live” and joked that Dogecoin, a token he had previously promoted, was a “stampede”, driving down its price. Days later, he tweeted that he was working with Doge’s developers to improve the efficiency of his transactions. Musk’s disclosure in early February that Tesla had used $ 1.5 billion of his nearly $ 20 billion. corporate cash to buy Bitcoin sent the token price to save and gave legitimacy to electronic currencies, which has become a more common asset in recent years despite some skepticism. Its latest dust with Bitcoin started with a tweet of a person using the @CryptoWhale handle, who said: “Bitcoiners are going to slap themselves next quarter when they find out Tesla has thrown away the rest of their #Bitcoin holdings. With the amount of hate @elonmusk receives, I wouldn’t blame him… ”The CEO of Tesla replied,“ Indeed. Twitter account @CryptoWhale, who calls himself a “crypto analyst” in his bio, also posts a Medium blog on market and crypto trends. Musk spent hours on Sunday firing back at several different users. on Twitter who criticized his change of stance on Bitcoin last week, a move he said was sparked by environmental concerns over demands for power to process Bitcoin transactions. He said at the time that the company would not sell any Bitcoin it owns. A staunch supporter of cryptocurrencies with cult followers on social media, Musk wields tremendous influence over his market-moving tweets. He touted Dogecoin and drastically raised the profile of the coin, which started out as a joke and now ranks 5th in terms of market value. Dogecoin has fallen 9.6% in the past 24 hours, s’ trading at 47 cents on Sunday afternoon, according to data from did not immediately respond to an email requesting comment on Musk’s tweet on Sunday.Read more: Elon Musk just reopened an old injury in Bitcoin’s Social Media Sunday Getaways WorldMusk was the final chapter of one of the zaniest weeks in a crypto world famous for its savagery. For the diehards, the further declines in Bitcoin and other tokens have done nothing to deter crypto enthusiasts who say digital coins could many times their current value if they transform the financial system. , they don’t bother us, ”Emilie Choi, president and chief operating officer of crypto exchange Coinbase Global Inc., told Bloomberg TV last week of the wild swings in the market. “You look for the long term opportunity and you buckle up and go for it.” Seat belts were necessary for anyone observing the crypto world for the past eight days. Aside from Musk’s antics that sent Doge and Bitcoin on crazy rides, a host of other developments pushed prices down.Tether, the world’s largest stable currency, revealed a reserve breakdown that showed much in unspecified commercial paper. Steve Cohen’s Point72 Asset Management has announced that it will start trading cryptocurrencies. And a long-standing criticism of the space has once again surfaced: illicit use. It has been reported that the owners of the colonial pipeline have paid a ransom of $ 5 million in digital currencies not found to hackers who have attacked its infrastructure, while Bloomberg also reported that Binance Holdings Ltd. , the world’s largest cryptocurrency exchange, was under investigation by the Department of Justice and the Internal Revenue Service for possible money laundering and tax offenses. But, ” for many crypto assets such as Bitcoin and Ethereum, the long-term story has not changed, ”said Simon Peters, analyst at multi-asset investment platform eToro.“ This emerging asset class continues to grow. revolutionizing many aspects of financial services, and while nothing is rising in a straight line, the long-term fundamentals of crypto assets remain as strong as ever. “Bitcoin was already swaying wildly the weekend before Musk’s tweet. Both days tend to be particularly volatile for cryptocurrencies, which – unlike most traditional assets – trade 24 hours a day, every day of the week. Bitcoin’s average swing on Saturdays and Sundays through ‘now this year stands at 4.95% .This type of volatility is due to a few factors: Bitcoin is held by relatively few people, which means that price fluctuations can be magnified during times of low volume. . And the market remains extremely fragmented with dozens of platforms operating to different standards. This means that cryptocurrencies do not have a centralized market structure similar to traditional assets. For more articles like this please visit us at Subscribe now to stay ahead with the most reliable source of business information. © 2021 Bloomberg LP

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