BTC Plunges to $43K After Elon Musk Called it “Highly Centralized”

This weekend has not been good for the world’s most famous cryptocurrency token; Bitcoin has plunged to the $43,000 mark for the first time in almost three months. Its rush to red came after Tesla’s CEO Elon Musk took to social media and criticized the digital asset.

Musk accused the major miner of manipulating the market and called it a “highly centralized” token. Interestingly, the criticism by the famous businessman comes a week after the auto car manufacturer suspended BTC payments for its products.

The latest comment from Elon Musk comes amidst the BTC faces extreme selling pressure. Besides that, for the first time since February this year, the cryptocurrency’s market cap fell below $800 billion. Not only that, the recent performance of the the leading crypto asset has also triggered liquidation across the digital assets market.

Source: Bybt

According to the major crypto analysis platform, over $2 billion worth of positions got liquidated in just one day. These numbers placed Bitcoin as the top contributor to liquidation one day, while Ethereum took the second spot, with nearly $500 million of long position liquidations.

Although Elon Musk’s recent series of tweets didn’t hint that Tesla plans to dump its BTC holdings, he later clarified that the electric car manufacturer is yet to sell any Bitcoin apart from those it sold earlier. 

Musk Continues Support for Dogecoin

Previously on May 14, Elon Musk described Dogecoin as the winner, primarily because of its low mining costs, lower fees, and affordability, given the high supply.

His support for Dogecoin attracted criticism from some of the prominent Bitcoiners, including Peter McCormack who accused Musk of disrupting the BTC ecosystem and pushing the ill-informed investors to invest in meme coins.

McCormack further claimed that they are likely to suffer major losses. His response made the electric car maker giving an example of Xinjiang coal mine flooding and how it affected the hash rate of BTC as why the digital asset is “highly centralized.”

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