investor always argue about big whales having an impact on the crypto market and the financial markets. In my own opinion they do have an impact and whatever they tweet and spit shakes the market, e.g when Donald Trump tweets the market respond to his tweets so as other whales.
Tesla has been accepting Bitcoin as a method of payment when purchasing Tesla and that also contributed to the surge in Bitcoin and other crypto currencies because if people can see that Billionaires believe in something they tend to follow suit, that is why we had seen mass adoption in the crypto currencies.
When investors where now relaxed, Elon Mush dropped a bombshell on Bitcoin and we saw it Tumble.
What Effect does this Have?
If there are investors who were looking forward to purchase some Bitcoin so that they can buy their Tesla's then they are now forced to throw away thought. So with this the market capitalization for Bitcoin will fall because some investors will be now withdrawing from Bitcoin.
If you check Elon Musk's tweet, it was posted 15hours ago and if you check the Bitcoin chart you will see that it started falling around that time aswel. Elon Musk is giving the reason that bitcoin does not use sustainable energy sources and they are stopping and looking for other cryptos which use less than 1%.
Could this be the real reason or it is just pump and dumb? Could he be looking to pump another crypto then dump later? No one really knows, for now we just have to wait for the market to correct it sell waiting for whats next.