Bitcoin price slumps $2K on Musk’s ‘in the end’ tweets
Bitcoin is currently sitting at $2,201, losing $2,048 of its market cap in the process. The ire of Twitter CEO and Tesla CEO Elon Musk appears to be the culprit behind the slump. The eccentric Internet entrepreneur has been known to criticize Bitcoin and its market. Despite his criticism, Musk is also the major investor in companies that have Bitcoin-related products, such as the hardware wallet company Trezor.
The market has been debilitated recently with a substantial sell-off in all cryptocurrencies. The largest and most well-known of which is Bitcoin that is now down around 70%. However, this has not stopped Tesla’s CEO Elon Musk from issuing an ambiguous tweet that has some speculating that the end is near.
The stock market is going to get another shock today, as Elon Musk, the founder of Tesla and SpaceX, tweeted that his companies had been shorting Bitcoin. In other words, Musk believes that the cryptocurrency is going to crash in the long-term. However, it will be interesting to see if the short-sellers are able to make a profit by betting against Bitcoin. After all, one of the reasons why the cryptocurrency is valued so high is that it has become a safe-haven asset.. Read more about elon musk bitcoin tweet and let us know what you think.
Tesla CEO Elon Musk brought more excitement to the crypto-currency markets on Thursday with another round of crypto-currency-related tweets. Bitcoin lost about $2,000 in a few hours after Musk tweeted again about bitcoin (BTC). The price of bitcoin reacted immediately, dropping from $38,700 to $37,500 within an hour. Bitcoin continued to plummet as Musk continued to tweet increasingly cryptic messages, including another tweet about falling crypto currency prices, as well as a post about Dogecoin (DOGE). pic.twitter.com/MLhu6oOwgc – Elon Musk (@elonmusk) June 4, 2021 Bitcoin then dipped to $36,400, down more than 6 percent in the past 24 hours. At the time of writing, BTC is trading at $36,322 according to CoinMarketCap. The price action comes shortly after bitcoin attempted to retest the $40,000 mark yesterday, and some traders have speculated that BTC could face a correction before the uptrend continues. 24-hour bitcoin price chart. Source: CoinMarketCap Musk’s new tweets about bitcoin have led to a new wave of outrage in the cryptocurrency community. Some have questioned the veracity of Musk’s tweets about bitcoin. For those of you who think @elonmusk’s tweets are credible and have sold your #Bitcoin He just tweeted CUM ♂️ pic.twitter.com/Z4x4yUeBw7 – Danny Scott (@CoinCornerDanny) 4. June 2021 Musk was heavily criticized by the community after he announced that he was suspending Tesla’s ability to pay in BTC due to environmental issues related to bitcoin mining, causing BTC to drop nearly $30,000 in mid-May. Musk strongly influenced the price of bitcoin on Twitter after previously generating much optimism in the market with the announcement of a $1.5 billion purchase of bitcoins in February. After stopping bitcoin payments to Tesla, Musk hinted that the company might remove its bitcoin assets from its balance sheet. Musk’s latest tweets came just before the start of the Bitcoin 2021 event in Miami, which begins this morning and is being heralded as the largest Bitcoin event in history.Elon Musk is revered for his technical brilliance and ability to bring about groundbreaking new technologies like Tesla and SpaceX. But in recent weeks, he has been on fire on Twitter, making some bold predictions about the future of each. On August 7, he tweeted that Tesla’s new solar roof tiles would be “insanely good,” and would come in two colors: red and black. Two days later he tweeted that “in the end” there would be no need for money, with Tesla and SpaceX becoming the new world’s money.. Read more about bitcoin news and let us know what you think.