Here’s why Bitcoin price dropped to near $45,000: Elon Musk is ruining markets with just tweets

Bitcoin price and cryptocurrency markets have struggled this week since a sell-off caused by Tesla. In it, billionaire Elon Musk and Ethereum co-founder Vitalik Buterin helped wipe $300 billion off the market. And the cause of today’s strong dump also comes from Tesla’s threat to dump all Bitcoin Holdings.

Here’s why Bitcoin price hits multi-month low: Elon Musk hints at dumping all the BTC holdings of Tesla

The Bitcoin price has lost more than 20% over the last seven days, dragging down the wider crypto market. Dogecoin, the joke meme-based cryptocurrency that’s recently rocketed into the crypto top five by value, has also lost ground (even with a surprise Coinbase bombshell).

Now, Musk, the self-appointed technoking of Tesla who was once voted dogecoin’s CEO, has indicated Tesla might have sold more of its Bitcoin holdings and proposed a radical dogecoin upgrade that he claims is needed for Dogecoin to become the currency of Earth—and will mean it beats Bitcoin hands down.

And with that threat, Musk is now threatening to remove Bitcoin from Tesla’s balance sheet after days of wrangling with the disgruntled community. In a reply to a shady Twitter account warning Bitcoiners about Tesla potentially dumping their BTC holdings due to all the hate the billionaire is receiving, Musk replied that it really can happen.

In a separate tweet, Musk stated that Bitcoin is highly centralized because it is controlled by a handful of miners:

Musk’s latest dogecoin Twitter posts have invoked the ire of many bitcoin and cryptocurrency supporters who fear the Tesla and SpaceX CEO’s irreverent approach risks damaging the burgeoning technology.

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