June 20, 2021

Markets ponder Elon Musk role in crypto turbulence

WASHINGTON: First he loved them, then he doubted them, but is he manipulating them? Tesla boss Elon Musk‘s tweets about cryptocurrencies like bitcoin are annoying their devotees and raising eyebrows among market watchers.

The saga started in February when Musk’s company Tesla announced it would buy $1.5 billion worth of bitcoin and later said it would accept the virtual currency as payment for its electric cars.

But in mid-May, he broke hearts with tweets questioning the digital asset, particularly its vast consumption of electricity produced from polluting substances like coal.

That sent bitcoin on a downward spiral causing it to plunge to $30,000 from nearly double that 10 days earlier. It later regained some strength, climbing to about $37,000 as of Friday.

“The fact that more people aren’t outraged at #ElonMusk for purposefully crashing the cryptos is astonishing. Stop…

Read full article here: economictimes.indiatimes.com