35 days ago • Posted by Charles-Henry Monchau

Bitcoin and Ether cut their daily loss by half after Musk's "Diamond Hands" Tweet. Cathie Wood helped as well...

He's back... Elon Musk, who was the initial catalyst for the crypto selloff, tweeted at 1042ET that Tesla has diamond hands.", implying that the electric vehicle maker would not be shedding its $1.5 billion stake in bitcoin. Elon's tweet has helped stabilize the rout in bitcoin, which is now down just 14% after plunging 30% earlier. Separately, in a BBG TV Interview, Cathie Wood who has long been a fan of bitcoin, kept her $500,000 price target for bitcoin and said that "the odds are going up now that we have had this correction. I don’t know if its going to be this year or not.” Wood also said that the odds of crypto ETF approval are going up now that we’ve had this correction (it wasn't quite clear why). Another factor helping bitcoin rebound is news from Coinbase that it has identified the issue causing outages on its platform and is rolling out fixes to users now, likely prompting buy-the-dip sprees (source: www.zerohedge.com).