Bitcoin Price Drops to $36K on Elon Musk’s Weird Tweets
Elon Musk, the CEO of Tesla, added to the market’s anxiety on Thursday by tweeting another round of cryptocurrency-related messages. Following Musk’s return to Twitter to discuss Bitcoin (BTC), the price of the cryptocurrency dropped by roughly $2,000 in a couple of hours. In less than an hour, the price of Bitcoin dropped from roughly $38,700 to $37,500.
Bitcoin continued to decline as Musk proceeded to tweet weird messages in the stream, including another relationship ending tweet concerning plummeting crypto values and a post about Dogecoin (DOGE). Bitcoin has since dropped to as low as $36,400, a decline of nearly 6% in the last 24 hours.
The price movement comes after Bitcoin sought to surpass $40,000 yesterday, prompting some speculators to predict that BTC would see a fall before resuming on its upward path. Musk’s latest Bitcoin comments sparked a new round of fury among cryptocurrency enthusiasts.
Some queried Musk’s integrity when it came to his Bitcoin tweets. Musk has indeed been extensively chastised in the industry since he revealed the termination of Tesla’s BTC payment method in mid-May, citing climate change worries caused by Bitcoin mining, pushing BTC to almost $30,000.
— Elon Musk (@elonmusk) June 4, 2021
Musk has established himself as a key Bitcoin price driver on Twitter, having previously sparked market euphoria by revealing a $1.5 billion Bitcoin transaction in February. Following the termination of Bitcoin payments at Tesla, Musk intimated that the business would sell its Bitcoin assets. Musk’s newest remarks come just days before the Miami Bitcoin 2021 event, which is billed as the “biggest Bitcoin event in history” and is slated to begin today morning.
He just tweeted “CUM” 🤦♂️ pic.twitter.com/Z4x4yUeBw7
— Danny Scott (@CoinCornerDanny) June 4, 2021