Cryptocurrencies have fallen again this morning, with prices continued to be whipsawed by the world’s richest man, Elon Musk, and his Bitcoin rumblings.

Bitcoin, which was trading for over US$49,000 last night, dropped under US$44,000 around 7am AEST after Elon Musk suggested on Twitter that Tesla might have sold off its US$1.5 billion stash of the original cryptocurrency.

Bitcoiners have been feuding with the eccentric billionaire since Thursday, when Musk tanked crypto markets by changing his stance on accepting Bitcoin, supposedly because of environmental concerns.

A few hours earlier Musk pinged British cryptopodcaster Peter McCormack after the Bitcoin advocate sent a 24-tweet Twitter thread Musk’s way that concluded, “from one dick to another, I hope you stop being a dick”,

At 11.21am AEST, Bitcoin was holding just above US$45,000 ($58,000), down 6.1 per cent from 24 hours ago (and well below its 100-day moving average of US$48,300). Ethereum was trading for just above US$3,400 ($4,300), down 10.5 per cent. Nearly every top 100 crypto was in the red.

Crypto markets
Coin360

 

Cardano and Polygon (MATIC) soar

Despite the pullback this morning it was still a great weekend for a couple of cryptocurrencies.

Cardano (ADA) broke US$2 for the first time ever on Saturday, reaching a peak of US$2.46 on Sunday, apparently on hopes the proof-of-stake blockchain might be adopted as an energy-efficient alternative to BTC.

At 11.40am AEST it was trading for US$2.18, and had leapfrogged Dogecoin to once again become a top 4 crypto, behind Binance Coin.

Polygon (MATIC), an energy-efficient proof-of-stake scaling solution for Ethereum, reached an all-time high as US$1.86 on Sunday, up from around US2c at the start of the year.

Polygon was trading at US$1.62 per cent on Monday morning, up 66 per cent from a week ago, and was listed as the No. 18 token on Coinmarketcap.

Solana, THORChain, Kusama and Polkadot all also hit all-time highs on Sunday, while Leo Token did on Saturday. But they were all well off those levels Monday morning, consumed by the Musk drama, which some were comparing to a love affair gone wrong.
 

Circling back to Elon Musk and Bitcoin…

Musk, who co-founded a payments company known as X.com, which was acquired by Paypal in 2000, seemed clearly uninterested in being lectured by Bitcoiners.

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