Bitcoin tumble slows with help from Elon Musk

Bitcoin's value bounced back, from a low of about RM124,245, after Elon Musk tweeted possibly hinting that Tesla would not be selling its throve of Bitcoin. — REUTERS

Bitcoin's value plunged on Wednesday after China signaled a new crackdown on the cryptocurrency, but its losses were cushioned after Tesla head Elon Musk spoke up on Twitter.

The virtual currency fell to almost US$30,000 (RM124,245) — less than half the record value it reached last month — before climbing back over US$39,500 (RM163,589) around 2000 GMT. It was still above its level at the start of the year.