Elon Musk Tweet Prompts Bitcoin Selloff

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Bitcoin’s continued its recent slide after a tweet from Tesla Inc. Chief Executive Elon Musk prompted speculation that the electric-car maker had sold, or would sell, its holdings of the cryptocurrency.

While Mr. Musk later tweeted that Tesla hadn’t sold any bitcoin, the selloff demonstrated his power to shift cryptocurrency markets. Last week, he said Tesla had suspended accepting bitcoin as payment for its vehicles, citing concerns over its carbon footprint. Since then, the market value of bitcoin has fallen to about $815 billion from more than $1 trillion.

Bitcoin traded as low as $42,102.35 overnight—its lowest level since February—and was recently hovering around $42,950. It is down about 35% from its record approaching $65,000 a month ago.

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Mr. Musk’s recent posts on Twitter have shown that his sentiments are having a significant impact on the market, said Chris Bendiksen, head of research at London-based asset management firm CoinShares.

“It’s a little too much for my liking,” he said.

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