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Bitcoin Down Again As Musk's Tweet Signals Breakup

bitcoin jun04 lt

A tweet by Tesla CEO Elon Musk hinting at a breakup with Bitcoin sent the largest cryptocurrency further down by 7 percent on Friday.

The automobile tycoon wrote "Bitcoin" on Twitter while Bitcoin was being traded at Asian hours in the crypto market, accompanied by a broken-heart emoji and a picture of a couple discussing a breakup.

The billionaire's gesture negatively impacted the crypto community, and subsequently the most popular cryptocurrency's value declined by about 7 percent to $35,814.

The price recovered slightly, to $36,839 intraday, but the virtual currency is currently exchanged at $36,388.

Bitcoin was at its best for the week on Thursday, trading at $39,319.

Musk's tweet affected other major cryptocurrencies too. Ether, Cardano, Polkadot, and Dogecoin suffered comparatively bigger losses.

This is not the first time that the crypto market is swinging in response to the Tesla chief's comments.

Bitcon plunged last month after Elon Musk said that his car company would not accept the cryptocurrency while selling Tesla vehicles.

Bitcoin never managed to gain its lost ground from the great fall. The digital currency more than halved on May 23 after hitting its all-time record of around $65,000 in April.

BTC's current market capitalization is $681 billion and global trade volume is $40 billion, according to Coinmarketcap.

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