- June 4, 2021
- Posted by: Stratford Team
- Category: Markets
Bitcoin slipped 5% on Friday after Elon Musk signaled a potential breakup with the digital asset by posting a broken-heart emoji and a reference to a popular “Linkin Park” song.
The token was just recovering from a broader cryptocurrency crash last month in the wake of increased regulatory scrutiny from China. After appearing to be in calm waters, the coin fell 5% to around $36,600 on Friday once Musk tweeted “#Bitcoin” along with a broken-heart and an image of a couple contemplating a break-up. His tweet came three weeks after Tesla halted payments in the digital asset.
He then tweeted a comic strip thread of a couple discussing how they’re yearning for each other. Musk also replied “nice” to a GIF image of meme-based cryptocurrency dogecoin posted by crypto exchange Coinbase.
It is unclear what Musk meant to convey, if anything.
The billionaire’s tweets have often seemed to influence the cryptocurrency’s price movement as he has been one of the most prolific backers of its decentralized technology. In recent days, however, Musk has taken a more controversial stance by suspending Tesla payments made in the asset, citing issues related to its massive energy consumption.
Crypto boss Justin Sun – a protégé of Alibaba founder Jack Ma – replied on the same thread, saying he would buy all the bitcoin that Musk sells.
The Tesla boss has previously said his EV-maker, which is the second-largest corporate holder of bitcoin, has not sold any of its holdings. He also claims he is holding on to the ever-volatile dogecoin, but he’s never said how much of the meme crypto he actually owns.
Musk’s tweets recently caused another market movement outside the crypto world. His post about the iconic kid’s favorite “Baby Shark” sent shares in the song’s investor up by 10% earlier this week.
Tesla stock is down by more than a third since it announced a $1.5 billion bitcoin bet in February. Bitcoin has fallen more than 40% since its April record high of near $65,000. Dogecoin last traded 13% lower at 39 cents.