The Buzz | Bitcoin slips below $38,000 in a retreat from Monday’s rally

Bitcoin traded lower yesterday as prices pulled back from a double-digit percentage rally, stoked by Elon Musk’s effort to bolster the token’s green credentials on Twitter.
The largest digital currency slipped 4% to trade at $37,500 as of 6:21 a.m. in New York, following a 16% jump on Monday. The wider Bloomberg Galaxy Crypto Index and tokens including Ether also dropped.
The Tesla Inc. billionaire has roiled the token’s price this month, triggering a selloff by criticizing its energy profile and suspending Bitcoin payments. Heightened regulatory rhetoric on cryptocurrencies from China also pressured the sector.
“If the market continues to see wild swings based on Elon Musk tweets, it’s going to be a big set back for this asset class,” said Matt Maley, chief market strategist for Miller Tabak + Co.
Pledges to make the industry more green have picked up since Musk’s criticisms. Several miners joined the Crypto Climate Accord, a private-sector initiative to decarbonize the crypto industry by 2030.