Tesla CEO Elon Musk has introduced extra stress to the cryptocurrency markets by posting one other collection of cryptocurrency-related tweets on Thursday.
Bitcoin misplaced round $2,000 in a matter of hours after Musk took to Twitter to publish about Bitcoin (BTC) once more.
The Bitcoin price reacted instantly, dropping from round $38,700 to $37,500 in an hour. Bitcoin continued falling as Musk saved tweeting extra cryptic posts in the thread together with one other breakup-themed tweet on falling crypto costs in addition to a publish on Dogecoin (DOGE).
— Elon Musk (@elonmusk) June 4, 2021
Bitcoin subsequently dipped to as little as $36,400, dropping over 6% over the previous 24 hours. At the time of writing, BTC is buying and selling at $36,322, in line with information from CoinMarketCap.
The price motion comes shortly after Bitcoin tried to retest $40,000 yesterday, with some merchants suggesting that BTC may face a correction earlier than persevering with an upward pattern.
Bitcoin 24-hour price chart. Supply: CoinMarketCap
Musk’s new Bitcoin tweets spurred one other wave of shock in the crypto group. Some questioned the credibility of Musk’s tweets concerning Bitcoin.
He simply tweeted “CUM” ♂️ pic.twitter.com/Z4x4yUeBw7
— Danny Scott (@CoinCornerDanny) June 4, 2021
Musk has been broadly criticized in the group since he introduced the suspension of Tesla’s BTC fee possibility amid environmental considerations about Bitcoin mining, inflicting BTC to drop practically $30,000 in mid-Might.
Musk has emerged as a serious Bitcoin price influencer on Twitter, beforehand inflicting main optimism on the market by saying a $1.5 billion price Bitcoin buy in February. Following BTC fee suspension at Tesla, Musk hinted that the firm may dump its Bitcoin holdings from its stability sheet.
Musk’s newest tweets come proper earlier than the Miami Bitcoin 2021 occasion that’s set to kick off this morning, touted as the “largest Bitcoin event in history.”