After a lot of speculation and FUD about Tesla selling Bitcoin anytime soon, Elon Musk has momentarily cleared the air stating “Tesla has not sold any Bitcoin”.
Elon Musk‘s late Sunday tweet rattled Bitcoin (BTC) along with the overall crypto market losing over 10% in a flash crash. Musk’s latest tweet has once again helped limit the Bitcoin losses. After Musks confirmation, the BTC price surged by $2000 from under $43,000 to now coming closer at $45,000.
Clearly, Elon Musk‘s influence over Bitcoin and the overall crypto space seems to be very high. Bitcoin critic Peter Schiff questioned Bitcoin’s status as a “safe-haven asset” or a “store of value” if just one tweet can rattle investors. Note that Elon Musk has confirmed that Tesla hasn‘t sold its Bitcoin yet. It doesn’t mean it wont be selling anytime in the near future.
Buying the Dips Amid Higher Market Fear
Coming in Support of Bitcoin some of the crypto market veterans and investors like Anthony Pompliano said that they are buying these dips amid all the FUD.
Binance CEO Changpeng Zhao also wrote:
“Bitcoin/crypto have not changed. They dont care. There are always fluctuations in the market, for all kind of reasons. You can blame others for what they tweet (their freedom). Or you can take advantage of the opportunities. Not financial advice”.
Besides, the current Bitcoin fear and greed index has dropped to 27 suggest a major fear in the market. Market analysts Wu Blockchain notes that this is, however, much better than the fear over the last few weeks. He writes:
“The current BTC Fear/Greed Index is 27, which is in a state of fear, but it is a increase from yesterdays index of 20. The BTC Fear/Greed Index on March 13 last year was only 10, and it remained below 20 for nearly two weeks.”
At press time, Bitcoin (BTC) is trading at $44,986 with a market cap of $841 billion.