Bitcoin hit the $37,000 level down from its record $64,000
As Bitcoin tumbled to a fresh low, Tesla CEO Elon Musk got battered by his Twitter followers — and he fired right back with an emoji message.
“Tesla has diamond hands,” signaling someone or something that remains a holder of a risky financial position, according to several sources on financial slang.
Bitcoin and other cryptos tanked Wednesday with the largest market value of the group falling to the $37,000 level, retreating from its record $64,000 reached earlier this year. China’s Banking Association warned against digital currencies and volatility associated with investing, which added to the downside pressure the sector had been experiencing.
Coinbase, the largest publicly traded crypto exchange, was briefly knocked offline due to the surge. Other crypto-related exchange-traded funds were also under pressure.
Tesla became one of the first major companies to hold Bitcoin on its balance sheet, just as a company holds cash or other liquid assets. The electric automaker also briefly accepted Bitcoin for car payments before backtracking due to the environmental impact of its mining.
Earlier this week Musk clarified that the company had not sold any Bitcoin.
MUSK SAYS TESLA REMAINS BITCOIN HOLDERS
Musk was an early proponent of cryptos and continues to support the currencies despite some confusing messaging during his SNL hosting gig earlier this month and the days following, which created waves of volatility in the sector.
ELON MUSK CLARIFIES STANCE ON CRYPTOS
He ultimately clarified his support in a tweet, stating “To be clear, I strongly believe in crypto…” while reiterating his views on the negative impact they have on the environment.
To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal
— Elon Musk (@elonmusk) May 13, 2021