"Tesla dumping a good portion of their bitcoin holding news caught many off guard and helped end the rally," Moya added. "This is not a game changer for bitcoin, but it unsettled a good portion of the avid social media followers."

It's also worth remembering that bitcoin prices rise and fall for many reasons that have nothing to do with the world's richest person.

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"Macro factors are having a bigger role in bitcoin's price, such as Fed rate hike decisions and inflation," Chris Kline, co-founder of Bitcoin IRA, a digital asset technology platform, said in an email to CNN Business.

"Larger institutions moving into the arena are affecting the price action of bitcoin, which is why this current crypto winter is different from previous ones" Kline added. "Major institutions have adopted crypto in some form and it's playing a factor in the volatility we've seen recently."

"Tesla dumping a good portion of their bitcoin holding news caught many off guard and helped end the rally," Moya added. "This is not a game changer for bitcoin, but it unsettled a good portion of the avid social media followers."

It's also worth remembering that bitcoin prices rise and fall for many reasons that have nothing to do with the world's richest person.

*

"Macro factors are having a bigger role in bitcoin's price, such as Fed rate hike decisions and inflation," Chris Kline, co-founder of Bitcoin IRA, a digital asset technology platform, said in an email to CNN Business.

"Larger institutions moving into the arena are affecting the price action of bitcoin, which is why this current crypto winter is different from previous ones" Kline added. "Major institutions have adopted crypto in some form and it's playing a factor in the volatility we've seen recently."