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Elon Musk implies Tesla could dump its bitcoin holdings

Dow Jones2021-05-17

Prices of the leading cryptocurrencies continued to slide Sunday, with bitcoin falling after Elon Musk suggested Tesla Inc. has sold or may sell its remaining bitcoin assets.

On Sunday, Twitter user @cryptowhale tweeted: "Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn't blame him..."

Musk replied cryptically: "Indeed."

That was enough to push bitcoin even lower. The leading cryptocurrency by market cap finished the trading day down about 8%, around $44,400, according to Coindesk data. While bitcoin and other cryptos are traded 24 hours a day, the daily session resets at 5 p.m. Eastern; bitcoin prices gained in the new session Sunday evening. Bitcoin is down about 18% over the past five days, and 27% over the past month, though is still up 53% year to date.

Ethereum sank about 11% on Sunday, and Ripple fell around 8%.

Crypto prices -- especially the prices of bitcoin and dogecoin -- have swung wildly over the past week following comments by Musk, starting with his "Saturday Night Live" appearance .

Musk's comment Sunday came days after he announced Tesla would no longer accept bitcoin that dogecoin is a "potentially promising" alternative, sending its prices soaring.

Dogecoin , meanwhile, slipped Sunday to about 48 cents, still up about 3% over the past five trading sessions.

Tesla $(TSLA)$ bought about $1.5 billion in bitcoin .

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment69

  • ethanhuat89
    ·2021-05-17
    Lol. He’s king of the world 
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  • Brrrrrrrrrrr
    ·2021-05-17
    Damn~~
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  • RonnieSG
    ·2021-05-17
    Another bumper profit in 2Q
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  • CL777
    ·2021-05-17
    What a rollercoaster ride!
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    • Maxcrusader
      Looks like a hit and run $ tactic
      2021-05-17
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    • potatochip
      Hmm… [Doubt]
      2021-05-17
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  • SilverSoul
    ·2021-05-17
    Wrong move sir.
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    • Brrrrrrrrrrr
      Is he becoming a Jack Ma with a loose tongue?
      2021-05-17
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  • SP1980
    ·2021-05-17
    Haiz
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  • TKe
    ·2021-05-17
    :O
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  • peilinnggg
    ·2021-05-17
    wow
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  • Meerebusman
    ·2021-05-17
    Comment and like pls
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  • winnerking
    ·2021-05-17
    ok
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  • NKT9493
    ·2021-05-17
    Wow!
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  • NicNg
    ·2021-05-17
    Sell in news~
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  • Kelvinyoon26
    ·2021-05-17
    Like and comment 
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  • Stylerz
    ·2021-05-17
    Effect on Bitcoin is disproportionate
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    • rae90
      inevitable
      2021-05-17
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    • Stylerz
      true
      2021-05-17
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    • Kelvinyoon26
      ?
      2021-05-17
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    View more 1 comments
  • Lanying
    ·2021-05-17
    O
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    • Lanying
      O
      2021-05-17
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  • Alex_2019
    ·2021-05-17
    Like n comment pls
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    • Alex_2019
      Thanks
      2021-05-17
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    • Zwei2
      done
      2021-05-17
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    • Kelvinyoon26
      Comment back pls
      2021-05-17
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  • SR050321
    ·2021-05-17
    I need a like, pls help tks ?
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    • Huiz84
      Pls Response to my comment thanks
      2021-05-17
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  • WZY999
    ·2021-05-17
    Comment 
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    • WZY999
      Ok
      2021-05-24
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    • WZY999
      Tq
      2021-05-24
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    • Huiz84
      Pls comment back thnqks
      2021-05-17
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    View more 1 comments
  • JeffreyNeo
    ·2021-05-17
    1
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  • BC1970
    ·2021-05-17
    Very Good
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