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Thursday, June 17, 2021

Bitcoin’s Recovery Jarred By Elon Musk Tweet

Tesla owner Elon Musk once again causes a reckless scenario in the Bitcoin market. The cryptocurrency has been targeted even before by the Tesla Boss. It is no different this time around as well. Musk once again tweets about the cryptocurrency with a broken heart emoji on Friday. BTC prices skidded about 4% after the tweet from Elon Musk came in. Tesla has an equally bigger position in the cryptocurrency market. As a result of which the crypto markets are often set over the edge due to such tweets. It is still unclear if Musk wanted to hint at something in particular with his series of tweets regarding the currency. 

Musk’s criticism came after the cryptocurrency suspended the plans of Testa to use it in the payment for their cars. The company canceled the plans due to apprehension regarding the energy use of the same. Bitcoin along with many other cryptocurrency companies suffered a major collision last month. They are still in the process of recovery. The stocks of Tesla have seen a fall by one-third of its valuation since the company declared the purchase of bitcoins worth $1.5 billion in the month of February. However, bitcoin has seen a 40% rise since then.

What is Bitcoin?

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It is a decentralized digital currency. It can be bought, sold, or exchanged directly without a mediator in between. The creator of bitcoin is Satoshi Nakamoto. The ledger start of bitcoin happened on the 3rd of January, 2009. The initial release of the currency took place on the 8th of January. According to the creator, there was a need for an electronic payment system based on cryptographic proof instead of trust. It can be used for various purposes including purchases and investments.

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