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‘Diamond hands’: Elon Musk holding steady as Bitcoin plunges

Published: (Updated: ) in Australian News by .

Bitcoin and other cryptocurrencies plunged on Wednesday after China took steps to further crack down on digital currency.

Bitcoin and other cryptocurrencies plunged on Wednesday after China took steps to further crack down on digital currency.

Anxiety is spreading through the market but Tesla CEO and crypto fanatic Elon Musk appears to be holding steadying, for now.

Tesla bought $1.5 billion in bitcoin earlier this year to hold on its balance sheet. In a tweet on Wednesday, Mr Musk posted a diamond and praise hands emoji — a reference to the term "diamond hands" used by WallStreetBets traders — to indicate that Tesla is holding on to its bitcoin position.

READ MORE: Elon Musk's one-word reply to Tesla sale theory nosedives Bitcoin

https://twitter.com/elonmusk/status/1395027147161489412

YouTube star Mr Beast responded to Mr Musk's tweet, saying, "This is an emotional roller coaster."

But this is nothing new for the Tesla founder, whose often cryptic tweets are known for wreaking havoc on the market.

In March, he announced customers could buy Teslas with bitcoin.

But he walked that back in May when he tweeted that the company was suspending plans to accept payments in bitcoin, citing concerns over the crytocurrency's massive carbon footprint. Bitcoin plummeted 12 per cent after his announcement.

Earlier this week, Mr Musk sent bitcoin investors into an anxiety spiral. On Sunday, a user named CryptoWhale tweeted: "Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #bitcoin holdings."

"With the amount of hate @elonmusk is getting, I wouldn't blame him," the user added.

Mr Musk responded about an hour later, tweeting simply "Indeed," and within hours, bitcoin fell below US$43,000 ($55,440), losing more than 8 per cent from the previous day.

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Bitcoin sank more than 14 per cent on Wednesday, dipping to about US$37,400 ($47,700) per coin, according to Coinbase. It's a far cry from its record high of more than US$60,000 ($77,360).

Source: 9News https://www.9news.com.au/world/bitcoin-elon-musk-holding-steady-despite-crypto-market-plunge/c9677286-203a-4af8-8214-92da70ed3971

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