Cryptocurrencies Recover after Elon Musk’s Cryptic Tweet

Muhammad UsmanMultimedia Journalist

20th May, 2021. 09:47 pm
Elon Musk Tesla Bitcoin

The crypto society briefly lost faith in Elon Musk’s “whispering” abilities after his undesirable remarks about Bitcoin, the fan-following looks like it’s going back towards him after most cryptocurrencies boasted immense recoveries from Wednesday’s introspective losses.

Similar to the buildup trends which led to the market’s big collapse in as few as 3 hours yesterday, Elon Musk single-handedly navigated the cryptoland back to recovery with just one tweet.

The Tesla chief took to Twitter for stating his assurance for the crypto world in an emoji form,  simply saying that Tesla has “diamond hands” in just as many as two words.

If case you are still speculating about the meaning of the tweet, Decrypt was quick and simple to point out that Musk was referring to a popular meme that encouraged “holding onto an investment even as the price drops”.

For starters, the tweet may have suggested that Tesla will not sell its BTC any time soon, and it also looks like the meme reference was indeed on point, since the Bitcoin dramatically started rebounding above $40,000 right after Musk posted the tweet.

Since then, the BTC has recovered nearly by 9% and simply sat north of $39,000 at the time of writing.

Lower marketplace caps also jumped after the tweet, with Ethereum flooding again its conserving value beyond the $2,500 mark after hitting a 24-hr low of $2,200. Overall, the restoration period is intending at a slow pace, and there’s an excessive chance we’ll see the market in green when the marketplace re-opens this coming Monday morning.

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