Benzinga | May 18, 2021 09:18AM EDT

Tesla Still Holds Its Bitcoin, Musk Says While BTC Drops Below $43,000

Tesla Inc (NASDAQ:TSLA) CEO Elon Musk has said that the electric car manufacturing company is still holding on to its Bitcoin (CRYPTO: BTC) investment so far.

What Happened: On May 17, Musk answered to a Bitcoin proponent on Twitter accusing him of causing the recent Bitcoin's price to drop. The entrepreneur replied saying that "Tesla has not sold any Bitcoin."

Why It Matters: Chinese blockchain news organization Wu Blockchain pointed out Musk's unsettling influence on the markets.

"In one minute, the price of Bitcoin rose by 4.5%. 11 hours ago, Musk's six-letter "indeed" caused Bitcoin to fall by 10%," it wrote.

See also: UBS, Fidelity Weigh In As Bitcoin Volatility Hits Highest Levels In A Year

Wu Blockchain referred to Musk's recent tweets suggesting that Tesla may sell its Bitcoin holdings as a reaction to the crypto community outcry when the automaker stopped accepting it for payments after the CEO expressed concerns over the network's energy consumption.

Price Action: Today, Bitcoin's price fell by 11.8% from its 24-hour high of $48,133 to a low of $42.441 before correcting to its current price of $43,725.07.