Elon Musk announces farewell to Bitcoin, cryptocurrency investors are ‘sweating’ again

In his latest tweet that influenced the price of Bitcoin, he hinted at the possibility of breaking away from ties with the world’s largest digital currency.

At 10 am (Hanoi time), Bitcoin fell 3.4% and traded at 37,390 USD. The negative move has weighed on the crypto market’s steady trend this week, after seeing a lot of volatility in May. The Bloomberg Galaxy Crypto Index fell as much as 3.9%.

Musk has repeatedly made Bitcoin and other digital currencies go up and down like a “roller coaster” by sharing on social networks. Most notably, last month, he changed his mind 180 degrees to allow customers to buy Tesla cars with Bitcoin, citing concerns that Bitcoin mining would harm the environment. Along with that, China’s tough moves also made the cryptocurrency market wobble.

In his latest Twitter post, Elon Musk wrote “#Bitcoin ???” and shared an image with the lyrics to “In the End” by the band Linkin Park.

Earlier, the CEO of Tesla also made investors dizzy when he caused the stock price of Samsung Publishing – the second largest shareholder in the popular YouTube song producer Baby Shark to skyrocket right after he tweeted about the song. this.

Currently, Bitcoin is below its peak in April by about $27,000, when the price was close to $65,000. Despite the price drop today, this movement is still not as intense as some previous fluctuations due to the impact of the billionaire’s tweets.

Bitcoin price plummets after Elon Musk’s tweet “goodbye to Bitcoin”

Currently, the most enthusiastic Bitcoin supporters are arguing that this drop will be a stepping stone for the currency to continue setting new records. However, Elon Musk’s views on environmental risks have undermined the idea that Bitcoin will soon be widely accepted in the future.

Following the announcement that Tesla will stop accepting Bitcoin payments, Elon Musk said that the company is not selling any Bitcoins. These consecutive posts about the digital currency have sparked speculation as to why Tesla has repeatedly made comments about the cryptocurrency. Back in February, Tesla disclosed a $1.5 billion Bitcoin investment, but sold 10% of it according to financial reports released in April.

Despite the strong volatility in May, Bitcoin is still up 285% this year, while Ether is up more than $1,000. The Bloomberg Galaxy Crypto Index is up 6x.

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