Investing.com UK - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Bitcoin retreats on cryptic Musk tweet

Published 04/06/2021, 09:59
Updated 04/06/2021, 10:01
© Reuters

By Samuel Indyk

Investing.com – The price of Bitcoin and other major cryptocurrencies retreated on Friday morning after Tesla (NASDAQ:TSLA) CEO Elon Musk tweeted about the world’s largest cryptocurrency.

In a tweet, the billionaire posted the word ‘Bitcoin’ followed by an emoji of a broken heart, alongside a meme about ‘breaking up’.

The tweet put the brakes on what had been a mini revival for Bitcoin, which was looking set to reclaim the psychological $40,000 handle. However, after reaching a high around $39,200, Bitcoin dropped back towards $36,000.

Other major cryptocurrencies followed suit, including Ethereum, which also found some solid resistance at its 50-day moving average. The level comes in at around $2890 which was close to the high print during yesterday’s trading session.

Musk scepticism

Musk has been critical of the energy usage of the Bitcoin network, triggering a sell-off in cryptocurrencies when he said that Tesla would stop accepting Bitcoin as payment for its vehicles.

It is unclear if the latest post from Musk means that Tesla has sold the Bitcoin it holds on its balance sheet, which was around $1.5bln in February when Tesla announced they had purchased the cryptocurrency to diversify their reserves.

The company managed to turn a profit on cryptocurrency sales in the first quarter but Musk has recently said that Tesla would not be selling Bitcoin and they intend to use it for transactions as soon as mining transitions to more sustainable energy.

One of Musk’s other oft talked about digital coins, Dogecoin, has fared little better. At 09:48BST, the meme-based cryptocurrency is down around 13% around $0.36 despite recently becoming available for trading on crypto exchange Coinbase Pro.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

He uses his power that are causing total disruption for BTC
He should be in jail by now. He totally uses his power to manipulate the market in his advantage. Getting tired.
What do you think crypto is ? Is a massive scam before his tweet
Nice
No real need for me to comment. Reading the comments everybody knows what EM is playing at.
Good
don't give him attention guys he's a manipulator.. he want us to sell bitcoin so that he can buy them in low cost...
sell it you c#$t Musk!
Stop listening to him. He is manipulating the market.
He has sold his bitcoin. Now he will make his own coins
What a cockwomble Elon is..
Sinple the guy is the devil and i will now never buy a tesla
what !?
all part of the globalists manipulation game which elon is part of. he knows very well where btc valuation will end up eoy. its their last opportunity to sink price before the move above 100k later in the year.
Who told you it is gonna teach 100k? Give at least one reason to push Doggycoin so high?
because all tesla cars are charged from clean source! these tweets are damaging to his own investments
because all tesla cars are charged from clean source! these tweets are damaging to his own investments
keep on jumping
Bloke is a Grade A tool regardless how clever or rich he is. Sadly crypto is an unregulated market filled with whales, billionaires & institutions rather than people who it was originally made for.
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.