Bitcoin price dip erased Tesla's profit on its Bitcoin

[TomPluz]

Bitcoin (BTC) fell below $40,000 on Wednesday as bearish sentiment continued to dictate price direction resulting in the cryptocurrency market losing $350 billion in value.

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it put in lows of $38,500 before bouncing higher.

Coming after a week of successive drops, Wednesday’s dip put Bitcoin at its lowest level since early February and 40% below its all-time highs.

“Bitcoin putting in new lows, probably buy more soon,” popular trader Scott Melker told Twitter followers in a post that characterized the conversely calm mood among market veterans.

Source: https://cointelegraph.com/news/bitcoin-price-dip-below-40k-costs-tesla-nearly-100-of-its-btc-profits


Well, Elon Musk is a billionaire and we know that Tesla is a huge corporation so they can be awash with money. In fact, these people are just throwing their money onto anything. This dip and the resulting deletion of the profits made on their Bitcoin investment maybe a big lesson on Elon Musk not to use his influence a lot these days. Or he can just shrug if off and just smile knowing that he feels that he counts a lot in cryptocurrency industry. Personally, he lost my admiration - though for sure I am just a grain of sand in the sea meaning I am not that important.

[Richard_1]

It is difficult to understand the behavior of Elon Musk in this situation, the judgment about the cryptocurrency is contradictory and questionable every time. If he feels that he is of great importance in the cryptocurrency industry and the community still believes his statements, then he is mistaken.

[Freemind]

It is difficult to understand the behavior of Elon Musk in this situation, the judgment about the cryptocurrency is contradictory and questionable every time. If he feels that he is of great importance in the cryptocurrency industry and the community still believes his statements, then he is mistaken.

Elon Musk can say and do whatever he wants, he is only part of the problem, the biggest problem is the army of single neuron people who believe all the words he writes in his tweets. New investors (newbies), weak hands... There are many, and when they read Elon they smell of fear and sell their coins/tokens even at a loss.

[Paglamon]

I think Elon Musk is a big player. Because most users and experts think that when the value of a coin goes down a lot, rich people work behind it. So I think Elon Musk is spreading such news to influence the cryptocurrency market. Elon Musk will buy a lot of bitcoin after the price of more bitcoins goes down. This is its main purpose. So there are so many great players in the world.

[neocrypto90]

Ithink Elon Musk is manipulating the market I do not think that Tesla sold their BTC that they bought recently, maybe they sold some but not all their coins, otherwise Elon will not be interested anymore in crypto

[Duckenth]

Everything Elon Musk does is to profit from his business.  And because Elon Musk is a rich man, everything he says has a big impact.