Bitcoin Bounces Back From Three Month Low As Elon Musk Denies Tesla Has Sold Its Crypto Assets

Bitcoin Bounces Back From Three Month Low As Elon Musk Denies Tesla Has Sold Its Crypto Assets

Share to Linkedin Bitcoin started to bounce back from a three month low Monday morning after Tesla CEO Elon Musk denied the company had sold its sizable bitcoin assets, marking the latest swing in volatile crypto markets since the billionaire precipitated a $300 billion crash by announcing Tesla would no longer accept bitcoin as payment due to its weighty environmental footprint. Elon Musk said Tesla has not sold off its bitcoin The crypto's value surged by about 7% in the 20 minutes following Musk's tweet to around $45, 700 a token. A hint from Musk that Tesla may sell its $1. 5 billion bitcoin holding Sunday sent prices plummeting to around $42, 000 a coin, the lowest since February. Bitcoin remains the most valuable cryptocurrency by a long margin—its market cap, around $850 billion, is still over double that of its closest rival Ethereum and more than ten times its third closest, Binance Coin. But the crypto market is still reeling from a $300 billion crash precipitated when Musk said Tesla said it would no longer accept bitcoin as payment. Cryptocurrencies are a notoriously volatile asset class and, increasingly, subject to the whims and fancies of Musk, whose social media