Elon Musk is Now Behind DeFi, but Elon Effect is Missing From Price

Deepshikha  |  Mar 26, 2021

Tesla CEO Elon Musk continues to make more investments in cryptocurrencies. After investing millions in Bitcoin, Doge, and NFT, the richest person on the planet is now interested in DeFi. 

Elon Musk DeFi Interest

CEO of Tesla, On Thursday, took to Twitter to announce “Don’t defy DeFi.”

This obviously sent the Crypto Twitter (CT) into euphoria.

And filled the comment section of the Tweet with memes and shills. One of the comments reads “Replacing banks with code,” commented David Gokhshtein.
Arthur_ox of DeFinance Capital also added support for fiat-backed cryptos as well. Commenting “Do allow us to pay for Tesla in stablecoins as well,” commented Arthur.

Musk's announcement sent the price of Bitcoin higher above $57,000, only to lose all the gains the same day. Today the BTC price fell even lower to $50,350, down 18.5% from March 13 all-time high shy of just $62,000. BTC -1.28%

In the case of DOGE, Musk’s tweets about crypto are increasing constantly, and have been losing their effect on prices, soon get reversed as in Bitcoin’s case.

As far as the DeFi market is concerned, a decline in the prices has been observed since yesterday. In continuation with Bitcoin, today DeFi coins are down 10% to 20%.

This week, the DeFi sector has wiped out about $15 billion from its market cap, which currently stands at $82.8 billion, as per CoinGecko.

Tesla Accepting Electric Car Payments in Bitcoin

Merely two days back,  the CEO of electric vehicle manufacturing company Elon Musk announced that the electric car maker would now be accepting Bitcoin as payment. Adding to this bullish news he mentioned the fact that any BTC received will be retained as Bitcoin and will not be converted to fiat currency.

The supporting documentation of the company clarified that any crypto asset other than Bitcoin isn’t accepted. For example, the forks BCH and BSV.

“Our Bitcoin digital wallet is not configured to detect or receive digital assets other than Bitcoin,” the company said.

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