Tesla CEO and world’s second richest man, Elon Musk again single-handedly steered down the price of Bitcoin and other cryptocurrencies after posting a controversial heartbreak tweet.
Bitcoin dipped by up to 3.4% and was trading at about $37,790 a few hours following Musk’s cryptic tweet. The price of the flagship crypto further declined by 1.5% to currently trade at $36,925.
This meant that Bitcoin wiped off about 50% of the gains it posted in recent days. Bitcoin had jumped by up to 8% to bounce back to a high of $39,478 as at the close of trade yesterday.
Other cryptos such as Ethereum, Binance coin and Dogecoin also saw prices drop by 5.4%, 8.7% and 12.2% respectively.
Crypto prices had recovered from the prolonged crash in early to mid May due to Coinbase’s listing of meme currency, Dogecoin on its Pro exchange. Investor confidence increased as more traders bought the doge and other cryptos amid the news of live trades opening up on the world’s second largest crypto exchange.
However, the Coinbase-induced buying frenzy has come to a halt as Musk continued to exercise his market-moving power in the highly volatile crypto space.
Many crypto proponents are increasingly worried about how much power the Tesla billionaire CEO wields in the crypto space. This is especially because he sometimes appears to be making fun of the entire activity while several investors are left to count their losses.
Musk has suddenly distanced himself from Bitcoin throughout May, stating that its coal-powered mining process significantly adds to environmental pollution and global warming.
On the whole, Bitcoin’s chances of ever going fully mainstream are increasingly looking bleak.
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