A recent tweet by the world’s richest person and Tesla’s CEO Elon Musk has derived a brief spike in prices of Bitcoin, Ethereum, and Dogecoin as he revealed that he still owns these cryptocurrencies, and he has no plan to sell them.
Bitcoin, which had fallen 2.9% before Musk’s tweet has erased losses before retreating again. Earlier this year, he hinted that Tesla will soon start accepting cryptocurrencies in the form of Dogecoin, a meme-derived currency.
Elon Musk won’t sell his crypto holdings:
On Monday, the crypto market saw a spike as a result of a Tweet by Elon Musk as he put out a question on seeking responses to the inflation rate over the next few years. He revealed that he still holds Bitcoin, Ethereum, and Dogecoin and has no plan of selling them out.
As a result, Bitcoin which had fallen by 2.9%, temporarily regained the ground before retreating again. Ethereum and Dogecoin also rose by 2.3% and 3.8%, respectively.
Elon Musk is known for influencing cryptocurrency prices through his social media remarks which are not necessarily intended for his personal gains but they affect the market a lot.
Last year in May, he tweeted a meme about breaking up with Bitcoin which caused a 5% decline in star cryptocurrecy’s price.
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