[Blockchain Today Reporter Jihye Han] The recent surge in Bitcoin was largely due to Elon Musk. However, it was also Elon Musk that Tesla removed all the gains it gained after publicly accepting cryptocurrency.
According to TechSpot reports, on the 19th (local time), BTC price fell below $40,000 for the first time since an EV manufacturer announced an investment three months ago. Tesla, who appeared as the biggest supporter of Bitcoin earlier this year, raised the price of Bitcoin to $44,000 by investing $1.5 billion and announcing the acceptance of cryptocurrency, and in April, BTC reached a record high of $65,000.
However, the relationship between Bitcoin and Tesla has recently deteriorated. Prices fell 17% last week as Musk overturned the decision to allow customers to pay for Tesla vehicles due to environmental concerns related to mining. He also hinted at the weekend that the company had sold its stake, and Musk later revealed that it wasn’t true, but the damage had already occurred.
Bitcoin price fell to $37,000 at 6:30 am on the 20th (Korean time), the lowest price since Tesla’s investment, and about 40% or more from last month’s high.
Musk’s actions had a significant impact on BTC’s price, but there were other factors behind it. On the 19th, the People’s Bank of China re-emphasized that digital tokens cannot be used as a form of payment, emphasizing the regulatory risk for the entire cryptocurrency.
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