Elon Musk’s embrace of Bitcoin earlier this month week rocketed the cryptocurrency almost 50% higher to more than $58,000. His cold shoulder this weekend whipsawed the largest digital asset.

Bitcoin trimmed losses to 8% after plunging as much as 17% earlier Monday. It briefly came back below $50,000 in New York, giving up more than $8,000 in a matter of hours after the world’s richest man tweeted his concern that the price had risen too high too quickly.

“Whatever he (Elon) does is going to dominate the news stream,” said Ed Moya, senior market analyst at Oanda Corp

The world’s largest cryptocurrency has been on a tear this month, propelled by purchases from Musk’s Tesla Inc. and institutional investors who say Bitcoin is an attractive alternative to gold and the dollar.

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