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Saturday, April 17, 2021

Bitcoin Slump Strips Elon Musk Off The World’s Richest Man Title

The crypto market has taken a dramatic turn of events since last week. Bitcoin prices, which reached a record high last Sunday, February 21st, currently crashed to $44,000 this Friday, February 26th. Analysts are currently looking into the source of this massive crash.

Several investors believe that March will be bearish for Bitcoin after the massive bull run since the beginning of 2021. The crypto market crash, mention many analysts, was not completely unforeseen. They say that along with the price rally, the volatility of the digital coin was also going up. The market didn’t have time to find stability as the coins were pushed up, sometimes deliberately, to record highs. The involvement of institutional investors and influential billionaires like Tesla CEO, Elon Musk was also responsible for the bull run among other reasons. This raises the question: is Bitcoin over?

Potential Probe On Musk’s Involvement In Bitcoin Bull

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Musk, during the plunge, tweeted that despite the sharp correction, leading coins like ETH and BTC seemed high. Analysts are waiting for the coin to reach the stability milestone of $50,000 before they think of beginning another bull run.

On the other hand, Musk, who has been a major proponent of Bitcoin, suffered a heavy loss following the BTC plunge recently. Analysts’ reports suggested that Tesla made a profit of approximately $1 billion following its hefty BTC investment. For the electric vehicle manufacturing company, this is more than its profit from selling EVs. 

Musk lost a massive amount of $15 billion during this trying week. Along with that, he also lost the title of the ‘World’s Richest man,’ overtaken by Amazon’s Jeff Bezos. To add to this, Tesla shares have dropped by 20% following the Bitcoin plunge. The U.S. Securities and Exchange Commission is likely to conduct a probe to look into the multifarious impact of the influential billionaire on the crypto bull market.

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