Bitcoin: Elon Musk tweets again and the price falls
Bitcoin: Elon Musk tweets again and the price falls
Bitcoin

Bitcoin: Elon Musk tweets again and the price falls

By Marco Cavicchioli - 4 Jun 2021

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Yesterday Elon Musk posted a new tweet about Bitcoin, and the price of BTC dropped

The new tweet about Bitcoin contains a broken heart and a quote from a famous Linkin Park song about the end of a relationship. 

Some have interpreted this tweet as an announcement that Musk, or Tesla, were selling the bitcoins they had previously purchased, not least because Musk himself has also posted some tweets supporting Dogecoin. 

In particular, to the news of DOGE’s listing on Coinbase, he responded positively. 

Like Justin Sun of Tron, some offered to buy all the bitcoins that Elon Musk would like to sell. 

Bitcoin’s price after Elon Musk’s tweet

Yesterday the price of BTC was briefly back above $39,000, but after Musk’s tweet, it dropped to around $37,500. Four hours later, it dropped even below $37,000 and then momentarily stabilized. 

However, this was not a real crash, similar to what happened a few weeks ago after Musk posted similar tweets. In fact, the current price is the same as two days ago, so this time the impact of the new tweets of the Tesla CEO has not been resounding

On the contrary, the current price is still higher than three days ago, so this time the market has held up well to this sort of Musk’s divorce announcement from Bitcoin. 

On the other hand, many bitcoiners nowadays don’t like Musk’s interference, so his eventual exit from this market would not be seen as a problem by everyone. 

Moreover, it must be highlighted how the price of Dogecoin has not gone up at all. On the contrary, in the last 24 hours, it has lost more than bitcoin: -12.4%, against -5.7% of BTC. 

If we add to this that Tesla’s share price is currently 35% lower than the highs of late January, it certainly seems that Elon Musk has lost the “magic touch” that in recent months made the price of what he promoted on Twitter go up on the stock market. If that’s the case, it could probably be good for everyone, except, of course, for himself. 

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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