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Tesla CEO Elon Musk took bitcoin for another wild ride overnight. 

The rollercoaster began when Musk clashed with Twitter users Sunday afternoon who were questioning his recent criticisms of bitcoin.

At 1:21 p.m., Musk responded to one such thread, saying, “Obnoxious threads like this make me want to go all in on Doge.”

At that point, bitcoin was trading at about $46,341 per coin, according to data from coinmarketcap.com. Then, at 2:48 p.m, Musk appeared to imply in a tweet that Tesla, which announced it bought $1.5 billion worth of bitcoin in February, either had sold all of its holdings or planned to. 

By midnight, the price of bitcoin had fallen to $43,145, or by about 7 percent. 

And it didn’t end there. 

At about 1:56 a.m., Musk clarified that Tesla has not sold any bitcoin, sending the price up to about $44,900, but not recovering all of the day’s losses. 


  Elon Musk seen using his phone inside a Tesla car. ODD ANDERSEN/AFP via Getty Images Elon Musk seen using his phone inside a Tesla car. ODD ANDERSEN/AFP via Getty Images

The various exchanges came just days after Musk said the company would no longer accept bitcoin as payment for its cars, citing concerns about the use of fossil fuel for bitcoin mining. That put Musk into contention with other bitcoin-boosters, including Mark Cuban.


  Bitcoin’s trading value fluctuated multiple times amid Elon Musk’s tweetstorm. EPA/SASCHA STEINBACH Bitcoin’s trading value fluctuated multiple times amid Elon Musk’s tweetstorm. EPA/SASCHA STEINBACH

“Musk is a visionary, who’s had some big successes,” Anthony Denier, CEO of trading platform Webull, told The Post. “But it appears today’s market is moving on just the comments and whims of one individual. One comment implying Tesla has sold its Bitcoin holdings and one saying it hasn’t. When fundamentals cease to matter, and when one mercurial person holds such sway over the market, we are entering dangerous territory. Especially a person who is not careful with his public comments.”

Musk has long been viewed as a champion of cryptocurrencies. Tesla’s embrace of bitcoin in February was viewed as a major step toward institutional acceptance of the digital currencies.

Since then, other major US companies and banks have leaned into the space, helping to drive the value of the market higher, though some investors have criticized the crypto market as a bubble. 

Denier noted that after the past week, many in the crypto community “are upset” with Musk over his “lack of discipline in his tweets.”

“I think he continues to play a similar role to what he’s been playing, that of a supporter of cryptos. People are looking for direction in such a new market and he’s been one of the few that many people listen to. However, after the past week, that may soon change,” he said. “You can’t just say anything when the market follows your every word and some may construe this as market manipulation.”

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