Bitcoin takes a tumble after Musk says price is high

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Talk about a cold shoulder! The world’s richest man giveth, and the world’s richest make taketh. Earlier this month, Elon Musk embraced Bitcoin that skyrocketed the cryptocurrency to new heights.

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:

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.

This was enough for Bitcoin and Ethereum to slide down.

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.

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