Bitcoin Dips Over 6% After Elon Musk Tweets a Broken Heart Emoji

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Created by TradeOr

3rd Party Analysis 04 Jun 2021

Key Takeaways

  • Elon Musk is at it again; the Tesla boss releases a series of tweets that roil the crypto market
  • Bitcoin dives over 6% to reach a session low of $36,200

Bitcoin Dips Over 6%

The price of Bitcoin slipped over 5% on Friday after Tesla Chief Executive Elon Musk released another cryptic tweet that had the community speculate over its meaning. The Tesla boss, staying true to his mode of operation when commenting crypto matters on Twitter, posted “#Bitcoin”, a broken-heart emoji and a picture of a couple discussing a breakup.

Elon Musk’s power to influence the markets was once again spotted. Minutes after he released the tweet, the price of Bitcoin began to fall as crypto circles started speculating whether the billionaire entrepreneur is breaking up with Bitcoin. The price of the digital asset on Friday now hovers around $36,300, down about 6% from its opening level at $39,200.

Tesla Boss Tweets That Roil The Crypto Market

After he released the tweet, Elon Musk posted a series of follow up tweets, including a breakup comic strip and a reply with a single word “Nice” to an illustration of Dogecoin posted by Coinbase, a cryptocurrency exchange.

His social-media posts have had a significant impact on the fragile and frothy valuation of cryptocurrencies. In particular for Bitcoin and Dogecoin. Bitcoin’s wild price swings this year have been at least partially influenced by his Twitter posts. In fact, his initial involvement in the crypto space was viewed as a positive sign that could speed up the mainstream adoption of Bitcoin. However, Elon Musk’s tweets have made a lot of crypto investors unhappy now that prices are falling.

Elon Musk’s large personal following is now divided in a tussle. Some believe he is a major promoter of cryptocurrencies, while others say Bitcoin’s price decline is a result of his criticism over the digital asset.

Bitcoin and alternative cryptocurrencies are still struggling to recover from the recent crash that wiped off over $500bn. In mid-May, crypto land went through a major meltdown on news of renewed regulatory scrutiny in China.

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