Tesla’s suspension of Bitcoin payments plunged the crypto market into chaos. Market commentators targeted the relaxed attitude of the company’s CEO, Elon Musk, which had a great impact on the industry.
Tesla and Musk halted BTC payments on vehicle purchases on May 13, due to concerns over “the increasing use of fossil fuels such as coal in Bitcoin mining and operations.”
After the news was announced, Bitcoin fell 15 percent in less than three hours, falling from $ 54,500 to $ 46,600. Bitcoin’s Fear & Ambition Index also saw a huge decline, and the index fell from 68 points in the ambition zone to 31 points in the fear zone.
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Tesla’s start accepting BTC payments in late March was seen as one of the most important factors behind the rally that brought Bitcoin closer to $ 65,000 in mid-April. Now, disappointed Bitcoin supporters accuse Tesla and Musk of inflating the price of the cryptocurrency first, then selling it.
That is effectively pure market manipulation.. let’s see how the SEC respond to this
— George (@George23344937) May 13, 2021
Barstool Sports Founder Dave Portnoy de Musk’s Bitcoin’s price He claimed that he deliberately tried to lower:
“Musk plays with the crypto market like The Wizard of Oz and everyone is watching him. Raising Dogecoin, dropping Bitcoin, that’s bullshit […] Elon, when you say ‘Get this’ one day and say ‘Don’t take it’ the next day, you’re responsible. You are playing with people’s future and money. “
Independent Reserve CEO Adrian Przelozny also described this step as “disappointing”:
“Bitcoin has struggled with a lot of bad news over the years, including a government ban. He showed improvement in all of them. In the long run, I’m still very positive about Bitcoin and I don’t think this announcement will have a significant impact on price or prevalence. “
They collected from the bottom price
Some other figures of the industry saw this as a great buying opportunity.
William Clemente III with 58,700 followers In his post he shared He said this decline is one of the best buying opportunities in the BTC bull markets.
Blockstream Co-Founder Adam Back said, “I bought it at the bottom price caused by the Doge supporter. Thanks for the Satoshi”, while Morgan Creek Digital Founder Anthony Pomplino said, “I bought at the bottom price, thank you Elon.” he stated.