Bitcoin Charts Recovery As Elon Musk Clarifies Tesla Has Not Sold Any Part Of Its Crypto Holding

Bitcoin Charts Recovery As Elon Musk Clarifies Tesla Has Not Sold Any Part Of Its Crypto Holding

Tesla Inc TSLA CEO Elon Musk made it clear on Twitter early Monday that the automaker has not sold any Bitcoin (BTC).

What Happened: Post Musk’s tweet at press time, BTC was trading at $44,911.04  at press time. While down 8.66% over 24 hours, the apex cryptocurrency is trading 6.21% higher than its intraday low of $42,284.57 that was hit minutes ahead of Musk's tweet.

Musk aimed to rest speculation in his tweet as to the state of Tesla’s BTC holdings. 

Earlier on Sunday, a reply to a tweet from the Tesla CEO had given rise to the speculation that the electric vehicle maker might dump its BTC holdings.

Why It Matters: Tesla reported selling $272 million worth of Bitcoin in the first quarter this year. In the same quarter, the automaker had purchased BTC worth $1.5 billion — emerging as a major institutional investor.

Last week, the automaker said it would no longer accept Bitcoin for vehicle purchases citing the cryptocurrency’s environmental impact.

At the time, Musk had said Tesla is exploring the use of other digital currencies that use less than 1% of BTC’s energy. 

The announcement had led to another major drop in the price of Bitcoin. All-in-all, BTC is down 23.92% in a seven-day trailing period.

Price Action: TSLA shares closed 3.16% higher at $589.74 in Friday's regular session.

Read Next: Portnoy On Dogecoin Surge Says Elon Musk Is The 'Best Market Manipulator In History Of Earth'

Posted In: BitcoindogecoinElon MuskCryptocurrencyNewsMarketsMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.