Bitcoin Prices Slipped after Tesla boss Elon Musk tweets

Bitcoin Prices Slipped after Tesla boss Elon Musk tweets
The Siliconreview
04 June, 2021

Bitcoin prices have plunged more than 3 percent on Friday after Elon Musk's tweet hinted at a cryptocurrency partition. Bitcoin was down about 3.6 percent at $37,809 in the month of May. Musk tweeted "#Bitcoin" and a heartbreak emoji above a meme that showed a couple discussing their breakup. Bitcoin saw a surge in its price earlier this week. But with Elon Musk's tweet, the digital currency price has dropped.

Musk has roiled Bitcoin and other digital currencies with a string of social media posts. He has been a major promoter of cryptocurrencies. Most notably, the business tycoon made a decision to allow purchases of Tesla Inc. electric vehicles using Bitcoin, citing the environmental fallout of the energy is very much required by the servers underpinning the cryptocurrency.

The frequent posts have fueled assumptions over why the electric-car pioneer is issuing crypto missives. Also, musk has suspended all the Bitcoin payments to Tesla, and he clarified that the company had not sold any of its holdings of the digital token. Besides, the harsh Chinese regulatory rhetoric led to a plunge in the sector.