"The Tesla sell-off can trigger a new wave of related dumping from corporate bitcoin holders, most of which might also be distressed by the ongoing global economic downturn," Andrey Diyakonov, chief commercial officer at Choise.com, a crypto wallet firm, said in an email to CNN Business. "While this is speculation, investors are likely to begin factoring in this possibility moving forward, a move that is bound to reflect in the long-term performance."

Software company MicroStrategy (MSTR) owns a big amount of bitcoin, for example. But CEO Michael Saylor has continued to tout bitcoin on his Twitter feed — even as MicroStrategy's stock has plunged nearly 50% this year. Square owner Block (SQ), run by Jack Dorsey, also owns bitcoin.

Others pointed out that Musk, like it or not, can move markets.

"Traders should not be surprised that Musk supported Tesla's selling of bitcoin, as the crypto winter was clearly in place and as the balance sheet needed to be strengthened," Edward Moya, senior market analyst for the Americas at OANDA, a foreign exchange trading company, said in a report.

"The Tesla sell-off can trigger a new wave of related dumping from corporate bitcoin holders, most of which might also be distressed by the ongoing global economic downturn," Andrey Diyakonov, chief commercial officer at Choise.com, a crypto wallet firm, said in an email to CNN Business. "While this is speculation, investors are likely to begin factoring in this possibility moving forward, a move that is bound to reflect in the long-term performance."

Software company MicroStrategy (MSTR) owns a big amount of bitcoin, for example. But CEO Michael Saylor has continued to tout bitcoin on his Twitter feed — even as MicroStrategy's stock has plunged nearly 50% this year. Square owner Block (SQ), run by Jack Dorsey, also owns bitcoin.

Others pointed out that Musk, like it or not, can move markets.

"Traders should not be surprised that Musk supported Tesla's selling of bitcoin, as the crypto winter was clearly in place and as the balance sheet needed to be strengthened," Edward Moya, senior market analyst for the Americas at OANDA, a foreign exchange trading company, said in a report.