Bitcoin falls after Elon Musk's meme tweets
Bitcoin’s price fell Friday morning after Elon Musk posted a tweet suggesting he’s fallen out of love with the world’s top cryptocurrency, CNBC rerports.
The billionaire Tesla CEO tweeted a meme about a couple breaking up over the male partner quoting Linkin Park lyrics, adding the hashtag #Bitcoin and a broken heart emoji.
Bitcoin fell nearly 6% to a price of $36,432 at around 3 a.m. ET Friday, according to data from Coin Metrics. Other digital coins followed suit, with No. 2 cryptocurrency ether dipping 7% to $2,600 and dogecoin — Musk’s favored crypto — sinking almost 8% to around 36 cents.Bitcoin has had a wild year, reaching a record high of more than $64,000 in April, only to then plummet to nearly $30,000 the following month. It’s now more than 40% off its all-time high, though still up almost 30% so far in 2021.
It’s not the first time Musk’s tweets about crypto have moved the market. In May, he said that Tesla would stop accepting bitcoin as a payment method due to concerns over its energy usage, shaving hundreds of billions of dollars in value off the entire crypto market in a single day.
In a new note this week, JPMorgan said institutional investors were not buying the dip in bitcoin, and suggested prices may have further to fall.
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