Elon Musk breaking up with Bitcoin? Cryptocurrencies slide after cryptic tweet
The cryptocurrency rollercoaster continues.
Getty/Jordan Mansfield
Bitcoin and other popular cryptocurrencies are down Friday after a cryptic tweet from Tesla and SpaceX CEO Elon Musk appeared to suggest he’s ready to break up with the digital coin.?
On Thursday evening, Musk shared a breakup meme on Twitter along with #Bitcoin and a broken heart emoji. Following the tweet, Bitcoin fell more than 4.5% to around $36,823 as of 9 a.m. PT on Friday. Ethereum, Dogecoin and other cryptocurrencies were also down.?
#Bitcoin ?? pic.twitter.com/lNnEfMdtJf
— Elon Musk (@elonmusk) June 4, 2021
In May, Musk announced in a tweet that Tesla would no longer accept Bitcoin as a form of payment for vehicles due to concerns around the use of fossil fuels for mining the digital coins. The move shaved hundreds of billions of dollars in value off the entire crypto market in a single day, according to CNBC.?
Cryptocurrencies like Bitcoin were initially intended to be decentralized digital currencies, but in recent years, they’ve become more of an investment. Its price is also extremely volatile. Prior to the start of the coronavirus pandemic, Bitcoin’s price was just below $9,000. It?peaked in April, almost reaching $65,000.
See also
- Beyond Bitcoin: Inside the insane world of altcoin cryptocurrencies
- Elon Musk talks Mars, Neuralink and Dogecoin in surprise Clubhouse interview
- Dogecoin’s rise and fall has spawned billion-dollar imitators