The good. The bad. The ugly.
This is how you could describe this past weekend’s performance in the cryptocurrency market.
Tesla Motors CEO and Dogefather Elon Musk hinted over the weekend that the tech company might have sold some of its bitcoin holdings, responding in a tweet to somebody who suggested Tesla will reveal this in its upcoming quarterly report.
This resulted in a steep drop in bitcoin and the broader crypto market.
Musk did some damage control and confirmed that Tesla did not sell any of its bitcoin prices. That said, he has been talking down the premier cryptocurrency on Twitter, warning about how centralized it has become.
The news comes after Musk announced that Tesla would no longer be accepting bitcoin payments for auto purchases.
At the time of this writing, here is where the cryptos are trading:
- Bitcoin: -9.76% to $44,125.
- Dogecoin: -6.97% to $0.4859
- Ethereum: -9.73% to $3,376.20
- XRP: -4.39% to $1.46
- Stellar: -12.5% to $0.66622
Also, Coinbase shares plunged 5.5 percent to $244.15 in early trading, below its $250 reference point.
Is the bubble in the cryptocurrency market beginning to deflate?
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