After a lot of speculation and FUD about Tesla selling Bitcoin anytime soon, Elon Musk has momentarily cleared the air stating “Tesla has not sold any Bitcoin”.
To clarify speculation, Tesla has not sold any Bitcoin
— Elon Musk, the 2nd (@elonmusk) May 17, 2021
Elon Musk’s late Sunday tweet rattled Bitcoin (BTC) along with the overall crypto market losing over 10% in a flash crash. Musk’s latest tweet has once again helped limit the Bitcoin losses. After Musk’s confirmation, the BTC price surged by $2000 from under $43,000 to now coming closer at $45,000.
In one minute, the price of Bitcoin rose by 4.5%. 11 hours ago, Musk's six-letter "indeed" caused Bitcoin to fall by 10%. https://t.co/Pdm1krlhMZ
— Wu Blockchain (@WuBlockchain) May 17, 2021
Clearly, Elon Musk’s influence over Bitcoin and the overall crypto space seems to be very high. Bitcoin critic Peter Schiff questioned Bitcoin’s status as a “safe-haven asset” or a “store of value” if just one tweet can rattle investors. Note that Elon Musk has confirmed that Tesla hasn’t sold its Bitcoin yet. It doesn’t mean it won’t be selling anytime in the near future.
Buying the Dips Amid Higher Market Fear
Coming in Support of Bitcoin some of the crypto market veterans and investors like Anthony Pompliano said that they are buying these dips amid all the FUD.
I bought the dip.
Love the FUD.
— Pomp 🌪 (@APompliano) May 16, 2021
Binance CEO Changpeng Zhao also wrote:
“Bitcoin/crypto have not changed. They don’t care. There are always fluctuations in the market, for all kind of reasons. You can blame others for what they tweet (their freedom). Or you can take advantage of the opportunities. Not financial advice”.
Besides, the current Bitcoin fear and greed index has dropped to 27 suggest a major fear in the market. Market analysts Wu Blockchain notes that this is, however, much better than the fear over the last few weeks. He writes:
“The current BTC Fear/Greed Index is 27, which is in a state of fear, but it is a increase from yesterday’s index of 20. The BTC Fear/Greed Index on March 13 last year was only 10, and it remained below 20 for nearly two weeks.”
At press time, Bitcoin (BTC) is trading at $44,986 with a market cap of $841 billion.