Saturday, September 24, 2022
Arabic Arabic Bengali Bengali English English French French Hindi Hindi Indonesian Indonesian Malay Malay Punjabi Punjabi Russian Russian Spanish Spanish Turkish Turkish Urdu Urdu

Musk ‘trolling’ puts brakes on bitcoin’s rebound

Must Read

Constance Wu Says She Faced Harassment on Fresh Off the Boat

Constance Wu is coming forward. In her upcoming memoir, the 40-year-old actress alleges that she was sexually harassed by...

Intellasia East Asia News – Empowering Change Leaders to Face Advance Challenges of Modern Technology: National University of Singapore Postgraduate by Coursework Fair (NUS...

<!-- --> Extending in-depth and high-quality multidisciplinary, future-oriented postgraduate by coursework programmes offered by NUS through a...

New book claims Prince Harry received an ultimatum from Meghan Markle

Meghan Markle gave Prince Harry an ultimatum over the status of their relationship after they started dating,claimed journalist...


Bitcoin slipped four percent on Friday after Tesla boss Elon Musk was at it again – this time firing off a few tweets that appeared to lament a breakup with the cryptocurrency.

Tesla’s big position in bitcoin and Musk’s large personal following often set crypto markets on edge whenever he tweets, and the price fell after he posted “#Bitcoin”, a broken-heart emoji and a picture of a couple discussing a breakup.

Musk followed that up by posting a breakup comic strip and replying “nice” to an illustration of rival crypto dogecoin posted by crypto exchange Coinbase. It was unclear what, if anything, any of the tweets meant.

Musk has previously said Tesla would not sell its bitcoin, but his tweets were enough to unsettle markets still fragile following May’s crash.

“He’s trolling the community,” said Bobby Ong, co-founder of crypto data aggregator and analytics website CoinGecko.

Friday’s fall pushed bitcoin below its 20-day moving average to $37,710, and took some of the edge off its week-to-date gains – though it has still climbed nearly 6% to put it on course for its best week in about a month.

Musk has been a major promoter of cryptocurrencies but has turned critical of bitcoin since suspending Tesla plans to take it in payment for cars, owing to concerns about its energy use.

Bitcoin and several other cryptocurrencies are still recovering from a crash last month in the wake of that decision and on news of renewed regulatory scrutiny in China.

Telsa stock has now fallen by a third since it announced a $1.5 billion bitcoin purchase in February, and bitcoin is more than 40 percent below April’s record peak of $64,895.22.

The second-biggest cryptocurrency ether wasn’t spared by sellers either, slipping around four percent on Friday to $2,750, but it still looks on course for a second consecutive weekly gain of greater than 10 percent.

Dogecoin, perhaps the most sensitive to Musk’s opinions as he helped to turn it around from a joke at the bottom of the value heap to a multi-billion dollar market valuation, also slipped slightly before it steadied just under $0.40 on Friday.

It is up about 40 percent since Sunday.

__

A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic

- Advertisement -
- Advertisement -

Latest News

Constance Wu Says She Faced Harassment on Fresh Off the Boat

Constance Wu is coming forward. In her upcoming memoir, the 40-year-old actress alleges that she was sexually harassed by...
- Advertisement -

More Articles Like This

- Advertisement -