Mumbai: World’s most popular virtual currency Bitcoin is currently undergoing a huge decline. On May 19, the price of Bitcoin fell by more than 30 per cent in just 24 hours. Amid the negative news coming from all over the world, there is a huge sell-off in this cryptocurrency. Bitcoin, which reached $60,000, has now come down to $40,000.
Meanwhile, Elon Musk, CEO of Tesla and one of the big shareholders of Bitcoin, has tweeted once again about this. Musk tweeted on the night of May 19 that Tesla had diamond hands in the form of bitcoin. In his tweet Musk made a diamond sign and a hand emoji which clearly means that Musk is not in the mood to sell his stake in Bitcoin. Musk holds a $150 billion stake in Bitcoin.
Musk’s stance on Bitcoin varies
Elon Musk’s stance on Bitcoin, however, varies from time to time. On May 12, Musk had said that due to environmental reasons, now bitcoin will be taken in the purchase of Tesla cars. A few days ago Musk had talked about selling his entire stake in Bitcoin but then turned around. Following his statement, Tesla had refused to accept payment in Bitcoin, this currency is continuously falling.
Tesla has 💎 🙌
— Elon Musk (@elonmusk) May 19, 2021
No need to worry: Experts
However, experts say that there is no need to panic about this decline. Siddharth Menon, co-founder and COO of WazirX, said that the decline in Bitcoin was expected over a period of time because nothing just goes in one direction. We have seen prices rise by more than 50 per cent in a single day, so there is no need to panic.”
This is a healthy correction
“This is a healthy correction because $28,000 is a very good support level. Previously there was a support level of $38,000. The price is still within range. The danger will be when it crosses the $19,000 zone that just seems impossible. We are now in the bull run and I believe it will not go below $24,000.”