Bitcoin Tanks After Elon Musk’s Cryptic Tweet

It turned out to be a bad morning for the crypto community as major assets sank down. The intra day decline is tied to a controversial tweet by Tesla CEO Elon Musk. The tweet hinted at a potential split on Bitcoin. 

The tweet by Musk with a broken heart emoji and memes depicted a split in the largest cryptocurrency. The value of Bitcoin shed as much as 3.4 percent after the viral tweet was made. This tweet, as usual, have generated reactions from Twitter crypto enthusiasts who tried to caution the Tesla boss. Tron CEO, Justin Sun replied to Musk’s tweet, stating that he’d buy off all BTCs if the Tesla CEO proceeded to sell.

Bitcoin had seen a rough May after an earlier tweet by Musk as Tesla withheld the use of Bitcoin for payment. The value of the leading crypto asset lost over 38 percent in May as the crypto market capitulated. Despite this a slow recovery has been recorded even as Miners accumulated more Bitcoins.

The Crypto Slump Continues

According to CoinMarketCap at the time of this report, the value of BTC is $36,813. The leading crypto recorded a change of $2,285 with a 24 hour time frame. Ethereum on the other hand had performed well in May, however the current decline made it lose 2.05 percent. Ether value stands at $2,639. 

Binance coin (BNB) recorded a loss of 3.16 percent at $383 per coin. Cardano and Dogecoin hold a value of $1.69 and $0.36 respectively. The cryptocurrency market however is perceived to be gradually increasing the possibilities of recovery. 

At the moment, speculations continue to spread over the influence the tweets of Elon Musk over the cryptocurrency market. The value of BTC and meme token Dogecoin has seen several surges or declines in the past, depending on the tone of Musk’s tweets. It is uncertain if the Tesla boss is securing Bitcoins within the price swings. 

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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