Bitcoin (BTC) drops after Musk hints distancing from crypto in a tweet
Just as Bitcoin appeared to have rebounded, BTC’s price slid by around 5 percent on Friday, a movement that many believe is once again linked to Elon Musk’s social media activities.
Fri, 04 Jun 2021, 08:51 am UTC
Just as Bitcoin appeared to have rebounded, BTC’s price slid by around 5 percent on Friday, a movement that many believe is once again linked to Elon Musk’s social media activities. The price drop came after the Tesla CEO posted a tweet showing a broken heart, which many believed to be Musk hinting that he is distancing himself away from the world’s largest crypto by market cap.
In his latest tweet, Elon Musk wrote “#Bitcoin” followed by a broken heart emoji. In the attached image, a girl told her boyfriend, “I know I said it would be over between us if you quoted another Linkin Park song but I found someone else.”
But the guy did just that by replying, “So in the end it didn’t even matter?” While Musk did not explain the meaning of his cryptic tweet, there are those who believe that he could be “hinting at a potential split with the largest cryptocurrency.”
Bitcoin, which briefly traded above $39,000 on Friday, declined after the tweet. At the time of writing, BTC traded at $36,534 and is down 5.82 percent for the past 24 hours, based on Coindesk data.
This is not the first time that a post by Elon Musk on social media has affected the crypto market. For instance, the market was taken by surprise last month when Musk, who previously expressed support for Bitcoin, suddenly became critical of the crypto’s carbon footprint.
“Tesla has suspended vehicle purchases using Bitcoin,” Elon Musk posted on Twitter on May 13. “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”
Even Ether (ETH) was not spared by sellers and suffered a price decline along with BTC. The second-largest crypto by market cap slipped by around 4 percent on Friday, according to Reuters.
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