Bitcoin price drops $ 2,000 on latest tweets from Elon Musk

Elon Musk, Tesla boss, added tensions in the crypto markets by posting another series of crypto-related tweets on Thursday.

Bitcoin price lost around $ 2,000 in a matter of hours after Musk tweeted again about Bitcoin (BTC).

Bitcoin’s price reacted immediately, falling from around $ 38,700 to $ 37,500 in an hour. Bitcoin continued to fall as Musk tweeted more and more cryptic posts on the thread, including others Tweet on the decline in cryptocurrency prices as well as a publication on Dogecoin (DOGE).

Bitcoin price drops $ 2,000 on latest tweets from Elon Musk
Bitcoin price drops $ 2,000 on latest tweets from Elon Musk

Subsequently, the price of Bitcoin fell to $ 36,400which is a decrease of more than 6% in the last 24 hours. At the time of writing, BTC is trading at $ 36,322, according to CoinMarketCap.

The price action comes shortly after Bitcoin tried to break back the $ 40,000 mark yesterday. Some traders suggested that BTC could face a correction before an uptrend resumes.

24 hour Bitcoin price chart. Source: CoinMarketCap

Musk’s new tweets about Bitcoin sparked another wave of outrage in the crypto community. Some questioned the credibility of Musk’s tweets regarding Bitcoin.

Musk has received widespread criticism in the community since announcing the suspension of Tesla’s BTC payment option due to environmental concerns about Bitcoin mining, which caused the price of BTC to drop nearly $ 30,000 in mid-May.

Musk has become a major influence on the price of Bitcoin. Previously, he had generated great optimism in the crypto market by announcing a $ 1.5 billion purchase of Bitcoin in February. However, After Tesla’s suspension of BTC payments, Musk hinted that the company could remove its Bitcoin holdings from its balance sheet..

The latest tweets from Musk come just before the 2021 Bitcoin event in Miami: The event kicks off this morning and is touted as the “Biggest Bitcoin Event Ever”.

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