Bitcoin worth slumps $2K on Musk’s ‘ultimately’ tweets

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Tesla CEO Elon Musk has introduced extra stress to the cryptocurrency markets by posting one other sequence of cryptocurrency-related tweets on Thursday.

Bitcoin misplaced round $2,000 in a matter of hours after Musk took to Twitter to put up about Bitcoin (BTC) once more.

The Bitcoin worth reacted instantly, dropping from round $38,700 to $37,500 in an hour. Bitcoin continued falling as Musk stored tweeting extra cryptic posts within the thread together with one other breakup-themed tweet on falling crypto costs in addition to a post on Dogecoin (DOGE).

Bitcoin subsequently dipped to as little as $36,400, dropping over 6% over the previous 24 hours. On the time of writing, BTC is trading at $36,322, based on knowledge from CoinMarketCap.

The worth motion comes shortly after Bitcoin attempted to retest $40,000 yesterday, with some merchants suggesting that BTC might face a correction earlier than persevering with an upward pattern.

Bitcoin 24-hour worth chart. Supply: CoinMarketCap

Musk’s new Bitcoin tweets spurred one other wave of shock within the crypto neighborhood. Some questioned the credibility of Musk’s tweets relating to Bitcoin.

Musk has been widely criticized in the community since he introduced the suspension of Tesla’s BTC cost choice amid environmental issues about Bitcoin mining, inflicting BTC to drop practically $30,000 in mid-Might.

Musk has emerged as a significant Bitcoin worth influencer on Twitter, beforehand inflicting major optimism on the market by saying a $1.5 billion price Bitcoin buy in February. Following BTC cost suspension at Tesla, Musk hinted that the corporate could dump its Bitcoin holdings from its stability sheet.

Musk’s newest tweets come proper earlier than the Miami Bitcoin 2021 event that’s set to kick off this morning, touted because the “largest Bitcoin occasion in historical past.”