The Bitcoin price fell back below $6,000 on Friday after an hours-long run-up to $6,200, following a string of tweets from Tesla founder Elon Musk, who acknowledged that he had been diagnosed with a broken heart. Mr Musk sent out a flurry of tweets on Friday night, which have been interpreted as a cry for help. One said: “Tesla and SpaceX are both still very much alive.”
Bitcoin has been the poster child of blockchain technology for years. With its meteoric rise in 2017, Bitcoin is often mentioned in the same breath as tech giants like Amazon, Apple, and Google—all of which have recently launched their own cryptocurrency. While some experts see the launch of these coins as a sign of a growing trend, others claim the timing was just fitting, due to all the drama surrounding the Tesla and SpaceX CEO.
There are a couple of trends that have developed in the past 12 months as Bitcoin/Cryptocurrency has gained so much popularity. There were the dark times of December and January, which saw Bitcoin’s price plummet from $20,000 to $14,000 per coin, and then the massive bullrun of February to April, which saw Bitcoin’s price jump from $13,000 to over $24,000 per coin.. Read more about elon musk twitter and let us know what you think.The price of the leading crypto-currency fell after billionaire Elon Musk mentioned bitcoin in a new tweet, hinting at a broken relationship. Musk’s latest post on cryptocurrencies, which included a heartbroken emoji and a reference to a Linkin Park song, effectively halted the market’s rise this week.
Musk’s tweet sends bitcoin price down before the weekend
Famed entrepreneur Elon Musk has added another tweet to a series of social media posts that have heavily influenced crypto-currency markets in recent weeks. Musk reaffirms his role as an influential player in the market and this time trolls bitcoin, hinting at a possible breakout with the main cryptocurrency he has been focusing on lately. #Bitcoin pic.twitter.com/lNnnEfMdtJf – Elon Musk (@elonmusk) June 4, 2021 In another cryptic tweet, Musk wrote #Bitcoin and added a broken heart emoji and a meme showing a couple discussing their breakup. The text in the drawing refers to the lyrics of In the End, a popular song by the American rock band Linkin Park. Later, Musk posted a cartoon depicting another divorced couple. Following the tweet, the price of bitcoin (BTC) fell more than 3 percent to below $38,000 early Friday. After further losses, the crypto-currency with the largest market cap was trading below $37,000 per coin at the time of writing. This drop ended the recent stabilization, after which the price of BTC rose to 40 thousand this week.
Tech tycoon Elon Musk trolls bitcoin again
Elon Musk’s business decisions and comments in social media have boosted cryptocurrency markets in the past, as was the case with Tesla’s $1.5 billion investment in bitcoin in February, as well as his shilling in Dogecoin. However, the billionaire’s attitude towards the leading cryptocurrency is changing with time. In early May, he posted on Twitter that his electric car company was suspending BTC payments for its vehicles, due to environmental concerns about the rapidly increasing use of fossil fuels to mine bitcoins. The crypto economy has lost billions of dollars since that announcement. The heated discussions between Musk and his members on social media have led to speculation that Tesla has sold its bitcoins or is considering doing so. The company’s founder and CEO further clarified that the electric vehicle maker does not sell bitcoins. After the crash, Musk has been working to promote the use of renewable energy in mining, and Tesla said it plans to use bitcoin when mining switches to more renewable energy. Musk’s comments and actions didn’t just resonate in the cryptocurrency space. Miami Mayor Francis Suarez was recently quoted by CNBC as saying that the tech mogul had identified a problem with bitcoin that reduces its usefulness as a financial asset. Suarez, who claims to be a big fan of Elon Musk, suggested that one man’s ability to move the price of bitcoin by 20 percent with a single tweet is a problem and shows that the cryptocurrency needs more trading volume and more stability to be used as a hedge against fiat currencies. What do you think of Musk’s latest tweet about bitcoin? Let us know your comments in the section below.
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Bitcoin, breakup, heartbreak, comic, commentary, couple, cryptocurrency, cryptocurrency market, cryptocurrency, fall, Elon Musk, emoji, impact, Linkin Park, post, price, bounce, rock band, song, divorce, Tesla, Twitter Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Just when you thought the bitcoin pump was about to become a pump and dump, Elon Musk breaks the hearts of bitcoin investors. After tweeting “I’m going to make a prediction: Bitcoin will be gone in five years” last night, the Tesla and SpaceX chief’s tweet received a mixed response, with some fans of the cryptocurrency finding it amusing while others were left devastated.. Read more about bitcoin after elon musk tweet and let us know what you think.
Frequently Asked Questions
What did Elon Musk tweet about Bitcoin?
Since the Bitcoin craze started at the end of 2013, one of the main issues that has come out of it is the lack of regulation in the cryptocurrency market. Many people see Bitcoin as a possible investment, but some worry about the security of the network this industry is built on. Even those who are invested in the currency are concerned about the problem of volatility (the price of Bitcoin has gone up and down hundreds of dollars in a day). Following 2017’s meteoric rise, Bitcoin dipped by nearly 7% today, as the market was still reeling after its previous day’s news that Tesla CEO Elon Musk ‘s Tweets about the cryptocurrency are not in line with the Securities and Exchange Commission ‘s (SEC) expectations. In a statement, the SEC said that Elon Musk ‘s tweets about the company were “false and misleading.”
Did Elon tweet about Dogecoin?
In light of the recent layoffs at Tesla and the subsequent Twitter feud between Elon Musk and the company’s employees, the value of cryptocurrency is shifting drastically. While many believe that this is a result of a short-term dip which will be overcome soon, it does not seem likely. On the weekend, headlines were dominated by an Elon Musk tweet about the Dogecoin cryptocurrency. The South-African-born tech magnate posted a broken heart emoticon on Saturday morning to quell the fears of cryptocurrency investors. The market seemed to take his words at face value, recovering slightly before plunging again on Sunday. As usual, the market was all over the place.
Why does Elon Musk support Dogecoin?
Billionaire entrepreneur and Tesla Motors Inc. and SpaceX CEO Elon Musk is known for tweets that are sometimes off the wall, and the recent tweet he sent, saying he had “a broken heart” over the death of his son, is no exception. While it seems like a silly question, why does Elon Musk support Dogecoin? To understand, you have to understand Dogecoin. Dogecoin is a cryptocurrency that was created in 2013 as a joke and has since grown into a meme that has become a movement. The community is filled with jokesters and fun loving people who enjoy tipping others in Dogecoin for funny things.
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