Hello Fellow Cryptonians.
Yes Elon tweeted that bitcoin is not gonna be used anymore to buy his cars - but he explicitly said tesla is not selling bitcoin. So this drop is not necessarily due to his post although some can be attributed to it.
The more obvious reason would be that hedge funds have been heavily involved into crypto since they do not have to submit it on any SEC filings. In addition, today throughout the day the DTCC will be stress testing all the hedge funds for liquidity, hence the sell off.
So stay relaxed, buy the dip and do your research.
Edit. Just because you can't buy a tesla anymore with btc DOES NOT CRASH the entire market. The drop is most likely due to HF selling to have cash on hand for the Liquidity test today, may 13th.
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