Elon Musk tweet inspires another plunge in Bitcoin price


TL;DR Breakdown

  • Musk tweet drops BTC price again
  • BTC price still within range of $40k recovery

Chief Executive Officer of electronic car maker Tesla and the second richest man in the world, Elon Musk, has again inspired another severe dip in the price of number one cryptocurrency, Bitcoin.

In the early hours of Friday, the Bitcoin provocateur was back stirring the digital pot with another tweet, this time depicting a broken heart. The price of Bitcoin has since retraced and is currently down 42 percent from its all-time high of $65K in mid-May.

Musk shared a meme tweet that many interpreted as a hint about a possible breakup with the top cryptocurrency.

Elon Musk and Bitcoin recently

Speculations have heightened about Elon Musk selling his firm’s $1.5 billion Bitcoin purchase after announcing that the EV car makers would stop accepting BTC payment weeks after saying the crypto would be a mode of payment.

Since then, Musk has gone on a wild Bitcoin trolling spree that many believed led to panic selling among amateur traders and resulted in a market crash.

Musk, however, assured that the firm would hold unto its crypto holding and would not be liquidated anytime soon.

Bitcoin price back below $38,000

The number one crypto slumped by about 5 percent after Elon Musk tweet in the last hour.

The price of Bitcoin slid below $38K for a brief period right after Musk’s tweet. Musk even followed his meme tweet with another meme trolling about the price crash.

After three weeks of consolidation under $40K after registering a new 3-month low in the second week of May, Bitcoin was looking well set on its path to recovery.

A recent report suggested Musk’s reputation had taken a hit post his recent attack on Bitcoin and its community.
However, a further plunge in the crypto price could be anticipated when Musk explains the inspiration behind his heartbreak tweet on Friday.

Similarly, his influence in the crypto market cannot be overemphasized as he continues to wield the power he has over crypto prices the way the billionaire chooses.

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