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Bitcoin was showing signs of recovery but the rebound was short-lived. After touching $39,000, Bitcoin slid to $36,000 in a few hours. The reason for this decline is the same as the latest price crash taking Bitcoin from $55,000 to $30,000 – Elon Musk.

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On the morning of Jun 4, Musk wrote a cryptic tweet hinting at a breakup with Bitcoin. Following his tweet, Bitcoin’s gain for the past 5 days was erased. 

Musk’s role in the cryptocurrency community is a controversial one. On one hand, he had supported various crypto and blockchain upgrades, promoted Tesla to accept Bitcoin payment and pumped Dogecoin with his tweets. On the other hand, his reversed attitude towards Bitcoin contributed to a 50% crash in Bitcoin’s price and crashes of altcoins to various degrees. Many people accused him of manipulating the market and his reputation among crypto enthusiasts hit a low after his repeated criticisms of Bitcoin. 

Is Musk Going To Sell Bitcoin?

Although Musk’s tweet of a diamond hand suggests he will not sell Bitcoin, there may be a few reasons why he would. 

With the price of Tesla stock dropping below 600, Musk is no longer the richest man in the world. At the same time, Bitcoin has shed over 30% from its ATH, approaching the estimated price of $34,700 at which Tesla bought Bitcoin. If Bitcoin continues to drop, it can’t help Tesla hedge the loss of its stock price and could become a burden on the balance sheet.

In addition, Tesla faces a steep May sales decline in China. China is the second-biggest market for Tesla after the United States. But in the past two months, Tesla faced public relations backlash following high-profile vehicle crashes and quality complaints. According to internal data, Tesla’s orders in China nearly halved in May, totaling 11,671, when the company sold about 35,478 cars in China. 

Musk selling Bitcoin will certainly send a huge blow to Bitcoin’s narrative to become a mainstream currency. With the prospect of Bitcoin getting a rebound soon becomes precarious, Musk’s action could push the price of Bitcoin even further. On the bright side, Musk selling Bitcoin could be the other shoe that investors are waiting to drop and Bitcoin could be less affected by Elon Musk as it continues to grow. 

Hedging Volatility With Futures Trading

In the short term, the market is expected to be highly volatile. With futures trading, traders can take advantage of price swings to earn more Bitcoin. 

Bexplus is a leading crypto derivatives platform offering 100x leverage in BTC, ETH, EOS, LTC, and XRP futures contracts. No KYC, no deposit fee, traders can receive the most attentive services, including 24/7 customer support.

No KYC: Traders can easily register an account with email without the risks of leaking out personal information.

Trading simulator: Bexplus offers a demo account with 10 free BTC for you to practice trading futures contracts without losing money.

BTC wallet with up to 21% annualized interest: Even if you take a break from trading, you could still earn passive income with the Bexplus wallet. The interest is calculated daily and the revenue of the deposit will be settled monthly.

High liquidity: By utilizing an end-to-end optimized stack running on customer dedicated nodes, orders can be executed with low latency even during the huge market volatility.

Mobile support: Bexplus App is available on Google Play and App Store. The 24/7 notification helps you keep updated with the market. 

100% deposit bonus: All users in Bexplus are eligible to apply for up to 10 BTC deposit bonuses at a one-time deposit. For example, if you deposit 1 BTC in your account, you will get 2 BTC credited to your account.

Sign up on Bexplus and make money right away.

Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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