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.
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.
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.
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).
This content first appear on 9news