Heights of almost 50% up to more than $58,000 for a moment.
But his latest comments have whipsawed the digital asset, where the original cryptocurrency sank as much as 17% in what is its biggest slide since March. It gave up more than $8,000 in a matter of hours, sinking down to $50,000.
And it was this tweet from the biggest name in the crypto space that did it:
That said, BTC & ETH do seem high lol
— Elon Musk (@elonmusk) February 20, 2021
Musk was replying to Peter Schiff, a crypto skeptic and gold bug who opined that the precious metal is better than Bitcoin and fiat money. Musk replied that money is just data that allows us to avoid the inconvenience of barter. And like all data, this one is subject to latency and error.
The world’s largest cryptocurrency has been on a tear this month, propelled by purchases from Tesla, and institutional investors who are now seeing it as an attractive alternative to gold and the dollar.
While it is widely believed that the volatile weekend swings are a result of individuals trading the cryptocurrency at home, this latest development is a suggestion that the prices are driven by institutional crypto traders who responded to this Saturday tweet from Musk.
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Crypteligence.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.