The major cryptocurrency fell in price after billionaire Elon Musk mentioned bitcoin while pointing to the breakup in a new tweet. Musk’s latest crypto post, referring to the broken heart emoji and Linkin Park song, effectively halted this week’s market rally.
Musk Tweet Pushes Bitcoin Price Down Ahead of Weekend
Renowned entrepreneur Elon Musk has added another tweet to a series of social media posts that have deeply affected the cryptocurrency market over the past few weeks. Reiterating his role as a market influencer, Musk this time trolled bitcoin, indicating a possible split with the major crypto he has recently targeted.
— Elon Musk (@elonmusk) 4 June 2021
In another cryptic tweet, Musk wrote “#Bitcoin” while adding a broken heart emoji and a meme that looks like a couple discussing their breakup. The text accompanying the picture is a reference to the lyrics of “In the End”, a popular song by American rock band Linkin Park. Musk later posted a comic strip depicting a slightly different couple.
After the tweet, the price of bitcoin (B T c) fell more than 3% early Friday to less than $38,000. After further losses, cryptocurrency biggest Market At the time of writing, the cap was trading below $37,000 per coin. The decline ended the recent stabilization that saw B T c This week the price is moving towards the 40k mark.
Tech Tycoon Elon Musk Is Trolling Back Bitcoin
Elon Musk’s business decisions and social media comments have fueled crypto markets in the past, as was the case with Tesla’s $1.5 billion investment in bitcoin in February, as well as his shillings. dog coin. However, the attitude of billionaires towards leading cryptocurrencies is changing over time.
In early May, he tweeted that his electric car company was suspending B T c Pay for its vehicles, citing environmental concerns due to “the rapidly increasing use of fossil fuels for bitcoin mining”. crypto-economy billions in loss After the announcement of the dollar.
The move caused a negative reaction from the crypto community, and Musk’s heated discussions with his members on social media led to speculation that Tesla may have sold his bitcoins or is planning to do so. Its founder and CEO later clarified that the EV maker “has not sold any bitcoin.”
After the conflict, Musk started Promote The use of renewable energy in the mining industry and Tesla said bitcoin is intended to be used as mining transitions to more sustainable energy.
Musk’s comments and actions have echoed beyond the crypto space. Miami Mayor Francis Suarez was recently quoted by CNBC as saying that the tech tycoon has highlighted a problem with bitcoin that undermines its usefulness as a financial asset. Suarez, who describes himself as a “huge fan of Elon Musk”, suggested that one person could push up the price of bitcoin by 20% with one tweet, a problem that shows crypto needs to be used for large transactions. Quantity and more consistency are required. A hedge against fiat currency.
What do you think of Musk’s latest tweet about bitcoin? Let us know in the comments section below.
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