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Bitcoin investors lose N1.03tr despite surge in currency’s value

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Bitcoin holders have lost N1.03 trillion ($1.50 billion) just 24 hours after Tesla founder, Elon Musk’s tweet caused a surge in the value of the digital currency.

Musk had two days ago responded to criticism from Sygnia Chief Executive Officer, Magda Wierzycka, over alleged manipulation of Bitcoin price.

Wierzycka said: “What we have seen with Bitcoin is price manipulation by one very powerful and influential individual.”

However, Musk described the Sygnia chief’s claim as outright falsehood.

“This is inaccurate. Tesla only sold ~10 percent of holdings to confirm BTC could be liquidated easily without moving market. When there’s confirmation of reasonable (-50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” the billionaire responded.

READ ALSO: Tesla founder, Musk missing as Bitcoin investors form mining council

The insinuation that Tesla had started accepting Bitcoin raised the value of Bitcoin to over $40,000 after weeks of trading below the mark.

But the development was shortlived as the Bitcoin value slipped back to less than $40,000 24 hours later.

The market capitalization in the Bitcoin business was $752.85 billion as at Tuesday morning.

However, the value has dipped by 0.03 percent to $746.35 billion by evening of same day.

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