• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Technology Cryptocurrency

Cryptocurrency market shuns Elon Musk’s supporting tweet

4 years ago
in Cryptocurrency, highlights, Home, home-news, latest News, Technology
2 min read
0 0
0
75
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Tesla Inc Chief Executive Officer, Elon Musk, tweeted on Saturday that in a battle between fiat and cryptocurrencies, his support is with crypto. Despite this, cryptocurrencies continue to witness selling pressure as the market plunges.

“The true battle is between fiat & crypto. On balance, I support the latter,” Musk said on Twitter in reply to a user who asked him what his thoughts were about people who were angry at him because of crypto.

Tesla’s relationship with cryptocurrency has been a rollercoaster of ups and downs. The electric vehicle maker said in February that it had purchased Bitcoin for US$1.5 billion (£1.1 billion) and expected to accept the cryptocurrency as a form of payment from its customers in the future. On the path to an all-time high of over US$65,000 in April – and a paper profit of well over US$1 billion for Tesla – the price of the largest cryptocurrency soared that day from just over US$39,000 to US$46,000.

After only a few weeks, the situation has completely transformed. The first came in late April, when it was revealed that Tesla had sold 10% of its bitcoin holdings, ostensibly to illustrate the digital currency’s liquidity. More importantly, Musk has now revealed on Twitter that Tesla has halted Bitcoin purchases due to concerns over the cryptocurrency’s “rapidly expanding use of fossil fuels” in mining. This has sparked a massive sell-off in the cryptocurrency markets, with bitcoin plummeting from around $55,000 to below US$40,000.

Earlier this month, he referred to cryptocurrency as a “hustle” while appearing as a guest host on “Saturday Night Live,” causing prices to plummet. Musk stated some days ago that he has not sold and would not sell any of his Dogecoin holdings.

However, Musk’s recent support for cryptocurrencies in his tweet has not been enough to turn the cryptocurrency market bullish, as bitcoin is currently trading at US$38,188 and dogecoin is currently trading at $0.35. Despite Elon Musk’s encouragement in a tweet, the cryptocurrency market has dropped 10.41% in the last 24 hours according to Coinbase at the time of writing this article, indicating growing selling pressure.

In the words of Abraham Lincoln “You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.” As Investors are becoming more cautious and sceptical about the crypto space, the key question is, would Elon have the ability to maintain dominance as a market mover if he continues to increase volatility in the market?

RelatedPosts

EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds

Dams for Development? Unpacking Tensions in the World Bank’s Hydropower Policies

Chart of the Week: Dollar’s Share of Reserves Held Steady in Second Quarter When Adjusted for FX Moves

Source: nairametrics
Via: norvanreports
Tags: Bitcoincryptocurrency marketsElon MuskTesla Inc Chief Executive Officer
No Result
View All Result

Highlights

Sinner Dominates Tien to Secure China Open Title

President Mahama Vows Tougher Action on Cybercrime, Promises Collaboration with Global Partners

Government to Establish Cyber Security Fund to Bolster Digital Defences

Headline Inflation Hits Single-Digit With 9.4% Rate in September 2025

Bank of Ghana Prices 1oz Gold Coin at GHS 49,131.99

Ghana Hosts IGAD Delegation on Land Governance Exchange

Trending

Business

EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds

October 1, 2025

EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds Crude oil inventories in the United...

Dams for Development? Unpacking Tensions in the World Bank’s Hydropower Policies

October 1, 2025

Chart of the Week: Dollar’s Share of Reserves Held Steady in Second Quarter When Adjusted for FX Moves

October 1, 2025

Sinner Dominates Tien to Secure China Open Title

October 1, 2025

President Mahama Vows Tougher Action on Cybercrime, Promises Collaboration with Global Partners

October 1, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.