Musk Drives Bitcoin To Three-Month Low

Bitcoin has dropped to a three-month low.

Bitcoin hit a three-month low on Monday as the crypto market saw investors sell off cryptocurrencies.

The sell off was triggered by Tesla boss Elon Musk’s hinting over the weekend that the carmarker is considering or may have already sold some of its bitcoin holdings.

Musk has raised crypto markets with his enthusiasm for the asset class, but has appeared to cool on bitcoin in favour of dogecoin.

Bitcoin fell more than 9% on Monday to $42,185, its lowest since Feb. 8, while ether, linked to the ethereum blockhain, fell about 8% to $3,227.22.

Dogecoin fell nearly 7% to $0.48, and all three are well under recent records.

Last week Musk said Tesla would stop taking bitcoin as payment, owing to environmental concerns about energy use to process transactions.

Defending that decision on Sunday, he suggested Tesla may have sold its own holdings.

Last week Musk said Tesla would not sell its bitcoin, but the cyrptocurrency has dropped by almost a quarter since Musk’s reversal on Tesla taking it as payment.

Dogecoin is also yet to fully recover from Musk describing it as a “hustle,” although he did boost the price last week by saying he was working to improve its efficiency.

Share: