Why are the Cryptos down bad?

Bitcoin has plummeted over the last 24 hours - all because of a one word tweet.

A few months ago, Tesla announced that it would start accepting payments for its vehicles through Bitcoin. The firm then went on to purchase $1.5 Billion worth of Bitcoin, the most popular crypto in the market.

Recently, however, Tesla had announced that they would no longer be accepting Bitcoin payment. This decision was made due to Musk's resentment towards the fossil fuels used in Bitcoin mining.

The decision was not well received, and crypto fans came at Elon and sent him to hate through Twitter.

But, how did this lead to a $4,000+ drop in Bitcoin's value?

This was because a random Twitter user tweeted:

To which Elon Musk replied:

By just tweeting out "Indeed", now the entire market went up for a toss. As Bitcoin holders are afraid that Tesla will sell its half a billion-dollar worth of the crypto - they attempt to safeguard themselves. This is because: if Tesla sells all of its Bitcoin, then the market supply rises, which would then decrease the value of one Bitcoin. This would result in decreasing returns for the existing bitcoin holders.

Therefore, they are selling their assets off early to get the maximum reward they believe they can receive.

Yup, a $4,000+ dip in the value of the most popular crypto in the world. Just by tweeting "Indeed". Musk is notorious, and he is not afraid. Only time can tell what is to happen; right now, all we know is that Bitcoin fell... hard.