Tesla CEO Elon Musk wrote on Twitter that his company would not sell any of its cryptocurrencies, including bitcoin, despite their current drop in prices.
A new regulation released by China seems to have resulted in falling prices for cryptocurrencies such as bitcoin, Ethereum, Dogecoin and even more digital currencies.
As Elon Musk wrote in his tweet, Tesla has “diamond hands”, and even used emoji to support this expression, which is used for cryptocurrency holders who categorically refuse to sell their shares despite the uncertain market.
Musk’s tweet comes as the cryptocurrency market sank by a third. Chinese government agencies, including the Banking Association of China, have issued a warning that digital currencies are not “real” and “should not and cannot be used as market currency”.
This announcement resulted in bitcoin, the most popular digital currency, seeing a significant drop in its price, around 25% in the last few hours. Dogecoin fell 30% and Cardano fell more than 25%.
More than $250 billion in cryptocurrencies have been traded in the last 24 hours, according to market researchers, as investors seek to search for digital currency and make up for some losses.
This may be difficult for some, however, as Coinbase, Binance and other major cryptocurrency exchanges have gone out of business amid falling prices, and market monitoring sites such as Coindesk and CoinMarketCap are struggling to work.
Musk himself recently caused a drop in the price of cryptocurrencies after announcing that his electric car company would not accept payments in digital currency, causing a stir in the market.
The news came just months after he encouraged his customers to buy bitcoin vehicles and said he would launch a Doge-1 satellite to bring “first crypto into space” and “first meme into space”.
