'Even Tesla Dropped Out' Cryptocurrency-Related Companies' Stock Prices Fluctuate

Cryptocurrency and Related Company Stocks Plummet After Musk's Remarks
Wall Street Begins to Worry About Musk's Statements

Tesla CEO Elon Musk visited the Tesla Gigafactory site under construction in Germany on the 17th.
[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Elon Musk, CEO of Tesla, made critical remarks about Bitcoin, which significantly dragged down the stock prices of not only Tesla but also companies invested in Bitcoin. The price of cryptocurrencies also failed to avoid a downturn.

On the 17th (local time), Tesla's stock closed at $573, down 2.19%. Musk's continuous criticism of Bitcoin's energy efficiency and his mention of the possibility of Tesla selling its Bitcoin holdings appeared to backfire.

MicroStrategy, which is accumulating a large amount of Bitcoin, also plunged 6.9%.

Square, operated by Jack Dorsey, Twitter's founder, who countered Musk's Bitcoin attacks, also fell 2.3%. In addition, Bitcoin mining companies Robot Blockchain and Marathon Digital Holdings saw their stock prices drop significantly.

Cryptocurrency exchange Coinbase fell 3.9%.

Galaxy Digital Holdings, listed on the Canadian market, also dropped by 10%. The Bitwise Crypto Industry Innovators ETF, which invests in Bitcoin-related stocks, also fell by 4%.

MarketWatch cited CoinMarketCap, reporting that $500 billion, one-third of the cryptocurrency market capitalization, disappeared since last weekend.

Cryptocurrency specialized media Decrypt reported that Musk's reversal of his stance on Bitcoin worsened the overall sentiment in the cryptocurrency market.

Bloomberg News reported that the volatility of cryptocurrency prices following Musk's remarks is stirring anxiety among Wall Street investors.

Felix Dean, founder of MVPQ Capital, which mainly invests in cryptocurrencies, said, "With weakened investment momentum and increased focus on environmental issues, demand for (cryptocurrency) investment is expected to decrease."

There are still forecasts that Bitcoin investment remains promising.

Wayne Wicker, Chief Investment Officer of VantagePoint Asset Management, predicted, "There will be turmoil, but institutional investors will continue to buy Bitcoin."

Greg King, CEO of Osprey Funds, also emphasized, "The answer to whether cryptocurrencies will rise further is 'yes.'"

This content was produced with the assistance of AI translation services.