This Twitter user found evidence that Tesla apparently sold Bitcoin before it plummeted and then bought it back, with a difference of tens of millions of dollars.
With just his tweets, billionaire Elon Musk has shaken the virtual currency market over the past week, especially with Bitcoin. With the announcement to stop using Bitcoin as a means of payment when buying Tesla cars, Mr. Musk has caused the price of this world’s most famous virtual currency to plummet in the past few days.
Most recently, the Bitcoin price was once again in the red when Musk seemed to agree with a tweet that Tesla sold off about $1.5 billion worth of Bitcoin it claimed to hold at the beginning of the year. now. This move caused the Bitcoin price to continue to fall to $42,000, the lowest level since mid-February.
It would be nothing to talk about if Tesla really cares about the environment as announced in their tweet. However, a Twitter user who goes by the name “This is Bullish” discovered that, while driving the price of Bitcoin to a multi-month record low, it seems that Tesla is quietly profiting from this price manipulation.
The tweet accused Elon Musk of deliberately manipulating the Bitcoin price for profit
This conclusion comes from the unexpected coincidence in the time of posting Mr. Musk’s tweet with about 10,000 Bitcoins (equivalent to 490 million USD at a price of 49,000 USD) transferred to Tesla’s e-wallet address on the exchange. Coinbase.
Specifically, around 10:54 am on May 13 (US time) was when Mr. Musk posted his tweet criticizing Bitcoin’s increasing energy consumption. Only about 3 minutes later, at 10:57 am, the tweet quickly caused the price of Bitcoin to drop rapidly, from $ 54,000 to $ 49,000.
Just a few minutes after Mr. Musk’s tweet was posted, the Bitcoin price dropped to $49,000 and about 10,000 Bitcoins were transferred in.
This is also the time when a transaction worth more than 10,000 Bitcoins was transferred to the alleged Tesla e-wallet on the Coinbase exchange – this e-wallet address used to buy about 12,000 Bitcoins at a price of more than 40,000 USD in 2018. January 2, 2021.
Time to buy Bitcoin of the e-wallet address that is said to belong to Tesla
More importantly, this Twitter user also received confirmation from Coinbase that, before posting this tweet, the above e-wallet address also sold about 10,000 Bitcoins to the market (equivalent to $ 540 million when Bitcoin was released). currently priced at $54,000). However, due to Coinbase’s processing power, the time of the transaction was recorded a little later than the time of Mr. Musk’s tweet.
The chart shows that, before Mr. Musk’s tweet was posted, more than 19,000 Bitcoins were transferred to exchanges for trading.
In other words, “This is Bullish” claims that, before Mr. Musk posted his tweet, 10,000 Bitcoins were sold by Tesla at the price of 54,000 USD and raised about 540 million USD. A few minutes later, when this tweet plunged the Bitcoin price by 10% to $49,000, the e-wallet address believed to belong to Tesla quietly bought back 10,000 Bitcoins sold for only 490 million. USD.
And with just one tweet from Mr. Musk, Tesla made about 50 million USD of difference while maintaining the original amount of Bitcoin in his e-wallet. The same is true of Elon Musk’s promise in the tweet – “Tesla is not selling any Bitcoins“.
However, given the anonymous nature of cryptocurrencies, it is difficult to prove that the e-wallet address that made these transactions belongs to Tesla, only indirect evidence can infer that. Even so, it is clear that the cryptocurrency market is showing unpredictable volatility from the influence of celebrities like Elon Musk, or formerly John McAfee.
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Source link: Twitter users discovered that Elon Musk bought 10 thousand Bitcoins right at the time of tweeting “drop in price”
– Emergenceingames.com
