The world’s biggest cryptocurrency by market cap fell as much as 3,000% on Monday, after its creator, Elon Musk, tweeted out a “broken heart” over the death of a London-based entrepreneur who developed a cryptocurrency that was meant to be backed by the “intellectual property” of a “nuclear-proof” suit.
When he tweeted last night that he was going to talk to the SEC about his desire to take Tesla private, Elon Musk was referring to his company’s $72 billion market value. He didn’t tweet or post on Instagram about his private feelings on the matter. But he did.
Earlier today, Elon Musk came out and said that the company “Thinks about a Tesla-SolarCity merger. Open to a full range of possibilities.” He mentioned that it would help Tesla produce more batteries and solar panels, and help him get more involved in the energy transition. In the midst of a falling Bitcoin (BTC) price, after a prolonged sell-off, and after a tweet from Elon Musk about Tesla SolarCity merger, Bitcoin fell by $3,000.. Read more about bitcoin crash today and let us know what you think.Bitcoin, the world’s largest cryptocurrency by market capitalization, fell $3,000 this morning after Tesla CEO Elon Musk posted a tweet about the currency, in which he mentioned a song by Linkin Park.
Twitter on bitcoin
He then tweeted that Dogecoin – apparently his favorite cryptocurrency – caused a small jump in memcoin before it fell with the rest of the cryptocurrency market. So, in the end, it didn’t really matter…. read a meme Musk posted – a link to Linkin Park’s popular song, In The End. He used the broken heart emoji and a meme to throw oil on the fire. #Bitcoin pic.twitter.com/lNnnEfMdtJf – Elon Musk (@elonmusk) June 4, 2021 And it was fire. Bitcoin dropped $2,000 within minutes of the tweet and another $1,000 in the hours that followed. The stock traded at $39,000 in the early morning hours, but then dropped below $36,000. Futures traders were partially affected by the tweet. Data from analysis tool Bybt showed that more than $80 million in bitcoin transactions were liquidated in the hours following Musk’s tweet, contributing to a total of $200 million in liquidated cryptocurrency futures.
Reputation in turmoil
Musk’s tweets come at a time when his reputation seems to have suffered in crypto currency circles. As previously reported, Awario’s data shows that tweets containing a positive opinion of Musk hit a new record low last month. The positive/negative sentiment of @elonmusk on Twitter reached a new low after he announced that Tesla will no longer accept #bitcoin as a means of payment. This reversal caused a 35% drop in the price of $BTC and a wave of negative tweets. My latest work with @AwarioApp data: https://t.co/bFE24iYhIQ pic.twitter.com/RNqFuGGyg – Zach Guzman (@zGuz) 2. June 2021 This has even led some, such as Russell Okung, a popular American football player and advocate of bitcoin, to put up a billboard in Miami (and near SpaceX’s headquarters) saying Stay in space, Elon. A press release accompanying the campaign states that the gesture is a friendly reminder to the public that Mr. Musk is a newcomer to cryptocurrencies and should not be considered an authority on the subject. But bedroom stores don’t seem to be listening.
Gaining an advantage in the crypto asset market
As a paying member of Edge, you have access to a deeper understanding of cryptocurrencies and context in each article. Chain Analysis Price snapshots More context Join now for $19/month View all benefits
Do you like what you see? Sign up for updates.
Despite Bitcoin’s impressive year-over-year rise in value, one of the most prominent figures in the crypto-crowd has had a tough time of late. Tesla CEO Elon Musk just issued a tweet, seemingly out of the blue, that suggests he’s not a fan of the cryptocurrency. The tweet, which can be seen here, reads, “I am not a fan of bitcoin, but I love Ethereum… Don’t know if you have seen Ethereum’s design doc yet, but it’s beautiful.”. Read more about when did elon musk buy bitcoin and let us know what you think.
bitcoin crash todayelon musk bitcoin investmentelon musk ethereum tweetwhen did elon musk buy bitcoinbitcoin crash 2021will bitcoin crash again 2021,People also search for,Privacy settings,How Search works,bitcoin crash today,elon musk bitcoin investment,elon musk ethereum tweet,when did elon musk buy bitcoin,bitcoin crash 2021,will bitcoin crash again 2021,twitter musk bitcoin,elon musk cryptocurrency dogecoin