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How has Elon Musk affected the cryptocurrency market now?

Answer: By tweeting, as usual.

Digital image of gold bitcoins.
Remember when a single tweet from Elon Musk in February caused the price of dogecoin to jump 25 percent? Well he’s at it again, but this time it’s about bitcoin.

In the past few months, the Musk and Tesla revealed that the company would start accepting payments in bitcoin and that it had bought $1.5 billion in the digital currency. News later came that some of those bitcoins had been sold, and that Tesla had temporarily stopped accepting bitcoin payments due to environmental concerns. The price of bitcoin suspiciously fluctuated in time with all of these occurrences, and everyone has been understandably confused as to exactly what happened.

On Sunday, Musk as usual took to Twitter in order to clear things up. First, he stated that Tesla sold less than 10 percent of its bitcoin holdings in order to confirm that it “could be liquidated easily without moving market” and was not attempting to manipulate the market as some suggested. Second, he clarified that Tesla would only resume accepting payments in bitcoin “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.”

These actions seem to have potentially affected the bitcoin market once again — the price of bitcoin rose about 12 percent after Musk’s tweet.
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