empty
18.05.2021 08:19 AM
Bitcoin volatile after Elon Musk's tweet: he says Tesla does not sell bitcoins, so crypto bulls rush back to market

This image is no longer relevant

After a controversial tweet from Tesla CEO about bitcoin, the digital asset began to sharply decline, continuing its downward correction. No matter what experts say, Musk seems to have a great influence over speculators when it comes to digital assets. This morning, BTC dropped by 16%, trading at $42,000 - $43,000. After that, Elon Musk faced a flurry of angry tweets from various holders, investors, and crypto enthusiasts of the number one cryptocurrency. They complain that Musk should stop writing his ridiculous tweets that push the cryptocurrency down every time. In order to calm own furious traders, Musk replied that Tesla did not sell bitcoin. After this remark, Bitcoin went up a little. Now it is trading at $44,000. Analysts are curious about how long it will last. They also try to figure out whether the downward correction continues without serious players in the market and large investments in BTC.

Various crypto bulls have started to support the number one cryptocurrency. In particular, crypto bulls and billionaire Mark Cuban tweeted today that he and his team will continue to accept Bitcoin, Ethereum, and Doge. He is sure that one day, cryptocurrencies will replace gold as the main safe-haven asset, as well as to protect the environment.

Jack Dorsey, the founder of Twitter and a very well-known holder of bitcoin, also made bullish calls on BTC. Its subsidiary Square has already invested more than $150 million in BTC within a few months. Dorsey said that the company does not intend to change its attitude to digital assets and it will continue to support bitcoin. It will certainly add more digital assets in its portfolio. After all, bitcoin changes everything in this world for the better. Therefore, Dorsey will do everything possible to make bitcoin and its ecosystem work like clockwork and develop by leaps and bounds.

Currently, Microstrategy stores more than 91,000 bitcoins. This month, they also purchased $15 million worth of bitcoins. According to Michael Saylor, the Chairman & CEO of MicroStrategy, the company do not intend to stop. He argues that BTC is the dominant store of value in the 21st century, and ideally, this monetary asset takes the form of the Bitcoin Standard. "The truth of the matter is everything on Earth uses more power than a small country. Bill Maher uses 10 times our electricity, that costs 10 times as much as the electricity used in the Bitcoin network, to enrich himself. And he's not really thinking about it. If you take all the energy used in the Bitcoin network, it amounts to 25 basis points of all the wasted energy. So, one quarter of 1% of the wasted energy in the world offers the hope of a decent life to 8 billion people and solves an economic problem," Saylor said.

During this month, bitcoin experienced strong selling pressure and remained in the shadow of other altcoins, which gained momentum and attracted various investors. What to expect from BTC in the long term? It all depends on the activity in the market and demand for bitcoin from large investors and well-known holders. The correction may continue, dragging Bitcoin to the level of $38,000. Perhaps billionaires such as Dorsey, Saylor, Zuckerberg, and Cuban will make large purchases, thereby increasing its value and triggering the upward trend.

Vitaly Kolesnikov,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Recommendations for the Cryptocurrency Market on April 11

Bitcoin and Ethereum dropped in value toward the end of Thursday's U.S. session but recovered during today's Asian trading hours. It has become common practice that the crypto market declined

Miroslaw Bawulski 09:28 2025-04-11 UTC+2

Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 11, 2025

With the appearance of divergence between the price movement of the Polkadot cryptocurrency and the Stochastic Oscillator indicator on its 4-hour chart, as long as there is no weakening correction

Arief Makmur 08:52 2025-04-11 UTC+2

Technical Analysis of Intraday Price Movement of Uniswap Cryptocurrency, Friday April 11, 2025.

From what is seen on the 4-hour chart of the Uniswap cryptocurrency, there appears to be a divergence between the Uniswap price movement and the Stochastic Oscillator indicator, so based

Arief Makmur 08:52 2025-04-11 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 10

Bitcoin and Ethereum both surged, gaining between 6% and 10% on news that Trump had suddenly changed his mind. A strong wave of FOMO is evident in BTC following news

Miroslaw Bawulski 08:05 2025-04-10 UTC+2

Bitcoin under selling pressure. Why even spike could hardly save bulls

Bitcoin is taking a nosedive, funds are reporting losses, and analysts see no reasons for growth. What is happening with the leader of the crypto market? What

Ekaterina Kiseleva 12:07 2025-04-09 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 9

Bitcoin and Ethereum collapsed by the end of Tuesday, continuing the heavy sell-off during today's Asian session. Another sharp decline in the U.S. stock market dragged other risk assets down

Miroslaw Bawulski 09:22 2025-04-09 UTC+2

Another Cryptocurrency Market Crash

Another collapse in the stock markets has also hit the cryptocurrency market. Investors, fearing further declines, began to massively offload digital assets, which triggered a sharp drop in the prices

Jakub Novak 09:22 2025-04-09 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 8

Bitcoin and Ethereum are gradually recovering after the sharp sell-off earlier this week. The situation in the U.S. stock market and its sharp decline are closely tied to the fall

Miroslaw Bawulski 09:25 2025-04-08 UTC+2

Bitcoin – Technical Analysis Overview

Currently, the market is testing monthly support levels at 79,773 – 75,446. A consolidation below this area would give bears control over these levels and invalidate the Ichimoku weekly golden

Evangelos Poulakis 07:36 2025-04-08 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 4

Bitcoin and Ethereum were able to withstand significant pressure again, which was exerted on them yesterday in the latter part of the day following a substantial sell-off in the U.S

Miroslaw Bawulski 09:09 2025-04-04 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.