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Bitcoin hits 3-month low, rallies on Musk’s tweets

Bitcoin rallied from a three-month low in a volatile session that saw investors initially selling and then buying cryptocurrencies in the wake of Tesla boss Elon Musk’s tweets about the carmaker’s bitcoin holdings.

In his latest tweet, Musk said “Tesla has not sold any bitcoin”, that seeming clarification came after weekend tweets hinted that Tesla was considering or may have already sold some of its massive holdings.

According to Reuters, Musk has boosted crypto markets with his enthusiasm for the asset class, but has lately roiled trade by appearing to cool on bitcoin in favour of its one-time parody, dogecoin. The gyrations are beginning to spook even steeled traders.

Bitcoin fell more than 9% on Monday to as low as $42,185, its lowest since Feb. 8, but rallied back to around $45,190.

However, in Nigeria, the Central Bank on the 5th of February 2021, released a letter addressed to banks and other financial institutions which stated that dealing in cryptocurrencies and facilitating payment for cryptocurrency exchanges are prohibited adding that the accounts of such persons or entities should be close.

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