Elon Musk Causes Bitcoin Price To Plummet After Tweeting He’s Over It
The price of Bitcoin slipped by 4% today, June 4, after Elon Musk appeared to publicly announce a breakup with the cryptocurrency.
The SpaceX CEO appears to hold a lot of power over the success of certain cryptocurrencies, with Dogecoin paving its way ‘to the moon’ after his endorsement and Bitcoin this week suffering as Musk appeared to bid it farewell.
In the early hours of Friday morning, June 4, Musk tweeted an image of a man and woman angrily facing away from one another, as if in an argument.
Alongside the image, a caption read:
Her: I know I said it would be over between us if you quoted another Linkin Park song but I’ve found someone else.
Him: So in the end it didn’t even matter?
The meme could have worked as an amusing post in itself, but Musk gave it a more cryptic meaning by adding the hashtag ‘Bitcoin’, along with a broken heart emoji, indicating the breakup theme also applied to himself and the cryptocurrency.
Just an hour later, he posted another image showing two people on video chat, with a man pretending to by upset because he missed the woman, while actually looking at a plummeting graph. Given the context, Musk likely meant this to imply that people would be missing the success of Bitcoin as it fell.
With Musk apparently no longer a believer in a partnership with Bitcoin, the price of the cryptocurrency began to fall until it dropped 4%, pushing the cryptocurrency below its 20-day moving average to $37,710.
Reuters notes the impact took some of the edge off its week-to-date gains, but in spite of the fall Bitcoin has still managed to climb nearly 6%, putting it on course for its best week in about a month.
Last month, The Wall Street Journal described Musk as ‘Bitcoin’s biggest influencer’, noting prices soared nearly 20% earlier this year after Musk simply added the hashtag ‘bitcoin’ to his Twitter bio.
Musk’s decision to seemingly split with Bitcoin, and no doubt the resulting drop in price, has led some investors to fear the worst. Billy Markus, who helped co-found Dogecoin, responded to the break-up tweet to say: ‘Elon… I put my trust in you.’
With so much power in his fingertips, who knows where Musk will send share prices next.
Featured Image Credit: PA Images
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