Elon Musk’s Latest Bitcoin ‘Break-Up’ Tweet Topples Crypto Market – Again
Bitcoin prices have taken another plunge following a tweet from Elon Musk on Thursday. Musks’ tweet hinted at a potential break with the digital coin, noted Bloomberg, and CoinDesk’s prices for Bitcoin have gone down by 5.11% over the past 24 hours. Prices went as low as $35,815 early on Friday.
This decline has disrupted crypto’s most recent period of stabilization after a rough stretch in May, reports Bloomberg. Last month, Musk overturned a decision to allow the purchase of Tesla vehicles with Bitcoin, arguing its negative impact on the environment.
Citing data from the Digiconomist, The New Yorker reported that a single Bitcoin transaction consumes the same amount of power that the average American household uses in a month and is responsible for roughly a million times more carbon emissions than a Visa transaction.
Tesla disclosed a $1.5 billion Bitcoin investment in February, Bloomberg points out; however, in April, the company’s first quarter earnings report revealed that it had sold 10% of its Bitcoin holdings.
Tesla’s environmental concerns and China banning financial institutions from providing services related to cryptocurrency transactions have caused substantial dips in cryptocurrency markets.
In Musks’ latest tweet, he wrote “#Bitcoin” with a broken heart emoji and included a reference to a lyric from the song “In the End” by Linkin Park. He followed up with another break-up meme.
This latest tweet is just another sign of the influence Musk has over crypto markets. “A number of Musk’s recent tweets have sparked in the crypto community a mix of ebullience, confusion, apprehension and, at times, dread,” reports MarketWatch.
Despite the plunge, Bitcoin is still up 280% over the 12 months and Dogecoin, a popular meme coin, is up over 7,800% this year to date, as reported by Bloomberg and MarketWatch.
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