#Bitcoin 💔 pic.twitter.com/lNnEfMdtJf
— Elon Musk (@elonmusk) June 4, 2021
The Elon Musk effect
$119,545.00
1.88%$3,703.16
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19.24%$1.11
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-1.82%$7.58
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-1.41%Reading
Elon Musk’s withering love affair with Bitcoin could be finally heading to its logical end after the Tesla CEO—again—took to Twitter to leave a brief message featuring the BTC hashtag paired with a broken heart emoji.
According to Emojipedia, a reference site for emojis, the broken heart emoji “represents the aching one feels when they are missing the person they love.”
However, the accompanying picture in Musk’s tweet, which includes reference to Linkin Park’s song “In The End,” hints at him possibly breaking up with Bitcoin for good.
#Bitcoin 💔 pic.twitter.com/lNnEfMdtJf
— Elon Musk (@elonmusk) June 4, 2021
The price of the largest cryptocurrency reacted immediately.
After flirting with $40,000 levels on Thursday, Bitcoin plummeted to the lows of $36,317 early on Friday morning. According to data from CoinGecko, over the past 24 hours, the benchmark cryptocurrency shed 7% in value.
Bitcoin last traded above $40,000 on May 27, before falling below $34,000 shortly after. Since then, the cryptocurrency was on the rise, only to crash again following Musk’s latest tweet.
The rest of the market has been a sea of red in the past few hours, with Ethereum, the second-largest cryptocurrency by market cap, falling by 8.8% to $2,616.
Among the largest cryptocurrencies, it’s Dogecoin that suffered the heaviest losses, crashing by more than 15.6% to $0.362.
The Elon Musk effect
Earlier this year, the price of Bitcoin was boosted by the news of Tesla’s $1.5 billion investment in the cryptocurrency, but—to a certain extent—it was Musk’s tweets that helped it set a new all-time high above $64,000 in April.
The billionaire made a sudden U-turn on Bitcoin in May, criticizing the detrimental environmental impact of cryptocurrency mining. He then announced that Tesla would stop accepting BTC as payment for its electric cars.
Musk continued advocating for Dogecoin, pushing the idea of using the cryptocurrency for payments. At the same time, his rocket company SpaceX announced a Moon mission next year, with the payload paid for entirely in the “meme coin.”
SpaceX has moved $153 million of its Bitcoin holdings, marking its first blockchain activity in three years, according to on-chain data provider Arkham Intelligence. The aerospace company moved 1,308 BTC tokens from 16 Pay-to-Public-Key-Hash addresses to a sole SegWit-compatible Pay-to-Witness-Public-Key-Hash wallet address, the data shows. SpaceX currently has 8,285 Bitcoin, or $988.89 million worth of the token, on its balance sheet, according to data from bitcointreasuries.net. SpaceX last m...
Western Union has become the latest financial giant to signal interest in stablecoins, as competition heats up in the global remittance market and regulatory clarity improves. Speaking to Bloomberg on Tuesday, CEO Devin McGranahan said the firm saw three opportunities for stablecoin use around faster cross-border payments, better fiat conversion options in harder-to-reach markets, and offering a store-of-value product for customers in countries with weaker currencies. “We see stablecoins really...
Bitcoin treasury firm Strategy has announced yet another new stock product to help fuel its BTC-hoarding ambitions. The Tysons, Virginia-based company said in a statement Monday that it will launch an initial public offering of stock—named Stretch (STRC)—and use the proceeds to buy Bitcoin. Investors will be able to buy the stock and an initial dividend rate of 9%. Strategy said it plans to sell 5 million shares at $100 each, for a total of $500 million. The company will start paying investors...