After suspending the option to pay for Tesla vehicles with Bitcoin, Elon Musk recently hinted that the company might sell all its BTC holdings. This suspicion caused the flagship cryptocurrency to take a nosedive and go below $46,000.
The speculation that Tesla might let go if its Bitcoin investment took the BTC enthusiasts and Musk’s followers by surprise and led them to wonder how it can impact Bitcoin and its investors and traders.
Bitcoin is the top cryptocurrency in the world, despite its ups and downs, and currently stands at $44,894 (at the time of writing). While many expect the price of the digital asset to be temporarily low, it can be seen as a suitable time for novice parties to buy BTC with the help of a secure exchange.
If you are a potential investor then one way for you to purchase the digital currency is to use SwissBorg or Kraken. You can ultimately consider crypto trading as well by signing up on ByBit exchange.
Should Bitcoin Investors and Traders Be Worried?
The price of Bitcoin dropped around 10% during the weekend after Elon Musk hinted at the selling of Tesla’s BTC holdings. However, earlier today it was confirmed by the Tesla CEO that the aforementioned speculation was wrong and the company has not sold the digital asset. This announcement alone caused a 6% rise in BTC price within minutes.
While the price of the digital currency is still lower as compared to the last few weeks, the investors and traders of BTC have nothing to worry about. The price of the flagship cryptocurrency is likely to increase, meanwhile, people who have been planning on investing in the digital asset can make use of the price and purchase Bitcoin through a secure exchange.
Could Dogecoin be BTC’s Rival?
The news of Tesla suspending Bitcoin payments and Elon Musk questioning the impact of BTC mining on the environment caused quite some commotion in the digital currency market. The increasing support of the billionaire towards the meme-inspired Dogecoin has led many to speculate that it might replace BTC in the near future. There can be no absolute certainty, considering the cryptocurrencies are known to be volatile.
However, it can be expected that Bitcoin will make a comeback soon enough, keeping in view the market trends and fluctuating price of the flagship cryptocurrency. Therefore, this can be a good opportunity for people interested in stepping into the crypto world to use top exchanges and buy BTC.
Novice parties can also consider crypto trading and can opt for popular trading exchanges like ByBit.
Potential and existing traders who have a busy schedule can also participate in trading by choosing copy-trading with PrimeXBT Covesting.