Elon Musk tweeted a broken heart emoji along with the hashtag Bitcoin. Unsurprisingly, the cryptocurrency experienced a sharp drop in market value after this tweet. Other digital tokens might experience the same pattern in these coming days.
Just recently, the Must tweeted on his account "#Bitcoin" with a broken heart emoji. Attached with it is meme quoting lyrics from the famous song "In the End" by Linkin Park.
The context for the tweet remains uncertain. The internet is speculating Musk is implying a breakup with the Bitcoin cryptocurrency. It could also imply Tesla's relationship with the Bitcoin transactions or Elon abstaining from all forms of support for the cryptocurrency.
Regardless of his intents, Musk's tweet brings a sharp market drop to Bitcoin price.
Bitcoin Price Prediction: Troubling Blow to Bitcoin Price
Last month, Musk announced the cancellation of Bitcoin transactions for purchasing Tesla. Musk reasoned that Bitcoin brings a huge environmental risk since the cryptocurrency uses "fossil fuels for Bitcoin mining." That comment brought the BTC price value down by around 5 percent.
Reuters reported that Bitcoin slipped down to another 4 percent after Musk's latest tweet was posted. Bitcoin is taking a downward spiral with all these misleading tweets. Up to date, it has a moving average of around $37710 market value.
Ironically, Bitcoin has been on the path to recovery right before the tweet. It rose to nearly 6 percent better than its average in the last month.
Other cryptocurrencies are experiencing the same hardship. The second-biggest cryptocurrency, Ethereum, dropped by around 4 percent and had a value of $2750. Dogecoin, the hyped-up meme coin, also dropped from its $0.6 market value to a measly $0.4 in the past week.
YouTuber CryptosRUs made a theory on the cryptocurrency "trolls" and tweets by Musk. The video highlighted that the tweets actually aim to improve the Bitcoin and Dogecoin market value. This is to support two of Tesla's main investors, Ark and BlackRock. These two have shown signs of activities to invest in the cryptocurrency industry. However, recent markets continue to drop, putting them in a dissatisfied position with Tesla.
Perhaps the plan backfired, but it is undeniable that cryptocurrency values continue to get worse with the help of Musk's tweets.
Tesla Stocks Crash
The recent events have heavily damaged both Elon Musk's reputation and Tesla's stocks as well. Nevertheless, Tesla said that they will continue to invest and hold on to their Bitcoin stocks. Note, however, that the market value is on a decrease, bringing a loss to company money.
Also, a recent update reported by TechTimes noted that Tesla markets for China take a nosedive. This is evident based on the number of Tesla orders, dropping to 9,800 last month from the 21,000 orders back in March. The Chinese market seems to find disappointments in the brand value and car performance. Tesla shares are reported to drop a significant 5.3 percent from this event.