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US Microsoft founder, Co-Chairman of the Bill & Melinda Gates Foundation, Bill Gates, poses for a picture on October 9, 2019, in Lyon, central eastern France, during the funding conference of Global Fund to Fight AIDS, Tuberculosis and Malaria. - The Global Fund to Fight AIDS, Tuberculosis and Malaria on October 9, 2019, opened a drive to raise $14 billion to fight a global epidemics but face an uphill battle in the face of donor fatigue. The fund has asked for $14 billion, an amount it says would help save 16 million lives, avert "234 million infections" and place the world back on track to meet the UN objective of ending the epidemics of HIV/AIDS, tuberculosis and malaria within 10 years. (Photo by JEFF PACHOUD / AFP) (Photo by JEFF PACHOUD/AFP via Getty Images)
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Bitcoins with US tax form 1040. Golden Bitcoin on tax form. Tax form pay concept
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Internet cables and power cables at a bitcoin mine in Sichuan Province, China, on September 27, 2016.
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bitcoin couple hack arrest Ilya Lichtenstein Heather Morgan
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The statue of former Los Angeles Lakers Magic Johnson is seen in front of Staples Center following an NBA basketball game between the Los Angeles Clippers and the San Antonio Spurs Tuesday, Nov. 16, 2021, in Los Angeles. The Staples Center in downtown Los Angeles will be renamed Crypto.com Arena on Christmas. The home of the NBA's Lakers and Clippers, the NHL's Kings and the WNBA's Sparks will change its name after 22 years. (AP Photo/Mark J. Terrill)
Crypto.com buys Staples Center naming rights
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Updated 2:06 PM EDT, Wed May 19, 2021
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JPMorgan Chase & Co. CEO Jamie Dimon speaks during the Business Roundtable CEO Innovation Summit in Washington, DC on December 6, 2018. (Photo by Jim Watson/AFP/Getty Images)
Jamie Dimon blasts bitcoin as 'worthless'
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- Source: CNNBusiness
New York CNN  — 

Bitcoin and other cryptocurrencies plunged Wednesday after China took steps to further crack down on digital currency. Anxiety is spreading through the market, but Tesla CEO and crypto fanatic Elon Musk appears to be holding steadying … for now.

Tesla (TSLA) bought $1.5 billion in bitcoin earlier this year to hold on its balance sheet. In a tweet Wednesday, Musk posted a diamond and praise hand emoji — a reference to the term “diamond hands” used by WallStreetBets traders — to indicate that Tesla (TSLA) is holding on to its bitcoin position.

YouTube star Mr. Beast responded to Musk’s tweet, saying, “This is an emotional roller coaster.” But this is nothing new for Musk, whose often cryptic tweets are known for wreaking havoc on the market.

In March, Musk announced that customers could buy Teslas with bitcoin. But he walked that back in May when he tweeted that the company was suspending plans to accept payments in bitcoin, citing concerns over the crytocurrency’s massive carbon footprint. Bitcoin plummeted 12% after his announcement.

Earlier this week, Musk sent bitcoin investors into an anxiety spiral. On Sunday, a user named CryptoWhale tweeted: “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #bitcoin holdings.”

“With the amount of hate @elonmusk is getting, I wouldn’t blame him,” the user added. Musk responded about an hour later, tweeting simply “Indeed,” and within hours, bitcoin fell below $43,000, losing more than 8% from the previous day.

Bitcoin sank more than 14% Wednesday, dipping to about $37,400 per coin, according to Coinbase. It’s a far cry from bitcoin’s record high of more than $60,000.

– CNN’s Michelle Toh contributed to this report