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Bitcoin Declines Following Brief Surge on Tesla’s Tweet

M. Ali 25 March, 2021 12:09 am Cryptocurrency, Market Update

Customers of Tesla can now purchase the company’s famous electric cars using Bitcoin, the company’s CEO Elon Musk announced on Wednesday through Twitter.

“You can now buy a Tesla with Bitcoin,” Musk tweeted.

Earlier this year, Tesla decided to invest $1.5 billion in the cryptocurrency, which helped Bitcoin reach new all-time record highs amid increased demand from institutions.

Following Musk’s tweet, the biggest digital currency in the world in terms of market capitalization, rose by as much as 4% above $56,000.

Following some selling pressures and profit-making, Bitcoin is now down by about 1.60% at $54,818, extending its decline over the past seven days to about 4.2%.

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