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Bitcoin decrease after Elon Musk tweets breakup meme

Bitcoin decrease after Elon Musk tweets breakup meme

June 7, 2021: -On Friday, Bitcoin’s price fell after Elon Musk posted a tweets suggesting he’s fallen out of love with the world’s top cryptocurrency.

The Tesla CEO tweeted a meme about a couple breaking up regarding the male partner quoting Linkin Park lyrics, adding the #Bitcoin hashtag and a broken heart emoji.

Bitcoin decreased 4% to a price of $36,981 at around on Friday, according to data from Coin Metrics. Different digital coins followed suit, with No. 2 cryptocurrency ether dipping 5% to $2,662 and dogecoin Musk’s favored crypto sinking nearly 5% to around 37 cents.

Bitcoin has had a wild year, reaching a record high of above $64,000 in April, plummeting to nearly $30,000 the after month. It’s now more than 40% off its all-time high, though still up nearly 30% so far in 2021.

It’s not the first time when the tweet of Musk about crypto has moved the market. In May, he said that Tesla would accept bitcoin as a payment method because of the concerns over its usage of its energy, shaving hundreds of billions of dollars in value off the entire crypto market in a day.

Few in the crypto industry have criticized Musk in the past for his posts about digital currencies. Musk frequently tweeted about “joke” cryptocurrency dogecoin, which often results in wild moves in its price.

After his latest tweet about bitcoin, Changpeng Zhao, the CEO of Binance, disapproved. Binance is the largest crypto exchange by trading volumes of the world, according to CoinMarketCap data.

“Tweets that hurt the finances of other people are not funny and irresponsible,” Zhao, who is known in crypto circles as “CZ,” tweeted on Friday.

Twitter posts of musk have also affected assets beyond crypto. On Wednesday, shares of Samsung Publishing, a significant shareholder in the producer of “Baby Shark,” soared after a Musk’s tweet about the viral children’s song.

His tweets attracted the ire of the U.S. Securities and Exchange Commission, that accused Musk and his electric car firm of committing securities fraud in 2018 after the CEO writes in his tweet that he would take the company private and had “funding secured” for the deal.

It emerged that the SEC reportedly reprimanded Musk for violating the terms of a settlement agreement with the securities regulator allegedly by this week. SEC officials highlighted a tweet in which Musk said that Tesla’s stock price was “too high” in May, Last year.

JPMorgan says that the institutional investors were not buying the dip in bitcoin and suggested prices may have further decrease even after a week.

Bitcoin’s proponents view the digital currency as a store of value similar to gold, arguing it can act as a hedge against inflation as central banks worldwide ramp up stimulus in response to the coronavirus crisis. But skeptics say bitcoin is a speculative bubble waiting to burst.

Thousands of bitcoin investors have descended on Miami this week for a conference dedicated to cryptocurrency. Miami Mayor Francis Suarez is himself a believer in bitcoin, telling CNBC on Thursday that the city is “actively looking at” paying employees in crypto.

“No government will accept it because it’s not under any government regulations,” he added. “They can’t control it.”

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