Business
Elon Musk is now blowing up the Wall Street case for bitcoin – Sydney Morning Herald
Elon Musk helped legitimise cryptocurrencies in the eyes of Wall Street investors. Now, his tweets are scaring them off.
With hoards of new retail and institutional investors piling in, prices shot up from $US29,000 in January and reached $US60,000 last month. After the pullback, the token now trades around $US43,000 and some analysts say the market still looks precarious, especially as the fate of bitcoin becomes tied to Musks Twitter outbursts.
I would definitely expect reduced appetite going forward, said Felix Dian, founder of crypto-focused MVPQ Capital in London, which counts 70 per cent of its investors as…
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