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Bitcoin takes a wild ride on Musk tweets

Bitcoin hit a three-month low on Monday (May 17), before regaining some ground.

In a wild trading session, investors initially sold and then bought cryptocurrencies.

That in the wake of Tesla boss Elon Musk's latest tweets about the carmaker's bitcoin holdings.

In one, Musk said "Tesla has not sold any bitcoin."

But that came after weekend tweets which hinted Tesla is considering or may have already sold some of its massive holdings.

Musk's enthusiasm has boosted crypto markets, but he has lately roiled trade by appearing to cool on bitcoin in favor of its one-time parody, dogecoin.

Bitcoin fell more than 9% on Monday to its lowest since February 8, but then rallied more than 5%.

Dogecoin fell nearly 7%, and is yet to fully recover from Musk describing it as a "hustle," on Saturday Night Live.

Although he did boost the price last week by saying he was working to improve its efficiency.

Last Wednesday (May 12), Musk said Tesla would stop taking bitcoin as payment for Tesla cars, due to environmental concerns.

The virtual currency has lost almost a quarter of its value since that announcement.

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