Bitcoin Rebounds After Sharp Drop... Cryptocurrency Market Shaken by Musk's Words
CEO Musk hinted at full sale but denied selling, then rebounded
Overall decline in the cryptocurrency market
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[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin briefly dropped to the low 50 million won range, causing the entire cryptocurrency market to decline. The market is being shaken by the erratic remarks of Elon Musk, CEO of Tesla.
According to the domestic cryptocurrency exchange Upbit, as of 4:29 PM on the 17th, Bitcoin recorded 55.5 million won, down 3.70% from the previous day. Although it fell to 51.38 million won during the day, it rebounded around 2:53 PM.
Musk's comments on Bitcoin are shaking the cryptocurrency market. On the 16th (local time), a Twitter user said, "Cryptocurrency market participants will deeply regret if they find out that Tesla sold all its Bitcoin in the second quarter," adding, "Even if people criticize CEO Musk, I will not." In response, Musk replied to the Twitter post, "Really." It was unclear whether Musk was responding to the complete sell-off or the public criticism, but the market plunged. This is because Musk had recently taken negative actions toward Bitcoin, such as suspending Bitcoin payment systems on the 12th.
However, the market rebounded as Musk expressed a positive stance on Bitcoin again. When Twitter users criticized Musk's actions, he explained on Twitter, "Tesla has not sold any Bitcoin."
Meanwhile, altcoins are also on the decline. At the same time, Ethereum recorded 4.32 million won, down 2.87% from the previous day. It also fell to 3.8 million won that day but rebounded after Musk's Twitter post.
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Dogecoin, which shows the highest trading volume, recorded 611 won at the same time, down 4.23% from the previous day. Despite positive news such as the U.S. cryptocurrency exchange Coinbase announcing on the 13th that it would offer Dogecoin trading, it did not reach the all-time high of 889 won recorded earlier this month.
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