Bitcoin Price Dips Over 6% Following Elon Musk’s Trolling Tweets, BTC at Around $36K

Bitcoin price is now down approximately 31%, 9.6%, and 5.4% in the past 30 days, two weeks, and seven days respectively.

Bitcoin price has dropped over 6% to trade around $36,696.81 as of the time of reporting after Elon Musk fired a string of tweets implying his fallout with the cryptocurrency. He tweeted “Bitcoin” and a heartbroken emoji together with a picture of a couple breaking up.

He then followed this up with a comic strip of a couple experiencing a problem. He also replied “nice” to an illustration of Dogecoin posted by Coinbase exchange. These last two tweets remain mystifying but hint at a certain shift in favor from Bitcoin to Dogecoin.

Binance CEO CZ has criticized Musk’s actions, stating they are harmful to people’s finances. “Tweets that hurt other people’s finances are not funny, and irresponsible,” CZ tweeted.

Tron CEO Justin Sun was quick to note that he will buy all the Bitcoin that Tesla will sell. Tesla has not yet publicly announced if it has sold its bag of Bitcoin.

Bitcoin price is now down approximately 31%, 9.6%, and 5.4% in the past 30 days, two weeks, and seven days respectively.

Bitcoin (BTC) Price amid New Portion of Tweets by Elon Musk

This comes as the Bitcoin 2021 Conference is taking place in Miami, where prominent people in Bitcoin have met. Notably, Miami’s Mayor indicated he has invested in Bitcoin and Ethereum and plans to buy the dip.

Bitcoin has experienced heightened volatility as more institutional investors proliferated the crypto market to hedge against the fiat currencies. The crypto market had begun to rebound from the past week’s crash before Musk tweeted.

The dip might continue before the bull market continues, thus a high possibility of more liquidations during the weekend.

Tesla’s decision to stop accepting Bitcoin as a form of payment in addition to harsh Chinese regulatory rules caused the bitcoin market crash in May. Moreover, his latest tweets have brought out mixed reactions in the crypto space, with many staying on high alert as the tycoon posts on social media.

Ethereum also felt the hit on Friday after prices dropped by 4% to $2,750. The crypto, however, started gaining momentum thereafter and is set for a possible 10% gain in the coming week. Despite the recent fallback, bitcoin and ethereum have gone up 285% and 1,000% in the past year.

The meme asset, dogecoin also experienced a setback of 5.5% on Friday but later steadied at just below $0.40. The coin has risen more than 7800% YTD. This week, it has surged over 25% with its market cap growing to $54 billion.

Notably, Coinbase Pro just announced the listing of Dogecoin. A move that was welcome warmly by Musk and the Dogecoin community.

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Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”

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