Bitcoin Price Plunges Below $37,000 After Elon Musk’s Latest Tweet

Bitcoin price plunged Friday morning after Tesla CEO Elon Musk tweeted a meme about a couple breaking up, adding the BTC hashtag and a broken heart emoji.

June 4, 2021 | AtoZ Markets – On Friday, June 4, the price of Bitcoin fell by more than 5% after another tweet by Elon Musk mentioning digital gold.

Tesla founder posted a meme with a quote from Linkin Park's song "In the End". He added the #Bitcoin tag and broken heart emoji to the post.

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Later, the entrepreneur added another meme to the entry, which ridicules investors who lost money on the decline in the exchange rate.

Following Musk's tweets, the price of the first cryptocurrency dropped below $37,000. At the time of writing, digital gold is trading at $36,909.

BTC/USD 1-hour chart of Bitstamp: TradingView

According to CoinMarketCap, all assets from the top 10 in terms of capitalization were in the red zone.

Dogecoin (DOGE) co-founder Billy Marcus commented on Musk's tweet with words from the same song. The head of Tesla responded to this with another meme, after which the cryptocurrency rate also began to decline.

Over the past 24 hours, the Dogecoin price has dropped by almost 8%. At the time of writing, the cryptocurrency is trading at $0.36.

Dogecoin/USD 1-day chart of exchange Bitstamp: TradingView

The token of the project from the adult content industry CumRocket Crypto (CUMMIES) reacted positively to Musk's activity on Twitter. After the Tesla founder posted a note with the words "Canada, USA, Mexico" [Canada, USA, Mexico], the coin has grown by more than 85%.

Against the background of Musk's messages, the founder of the Bitcoin exchange Binance, Changpeng Zhao, recommended that users not be manipulated by adding the hashtag to the post. He also stressed that this "is not financial advice," but did not elaborate on why he posted the tweet.

The digital asset market is extremely sensitive to the entrepreneur's messages - the press even has the term "Elon Musk effect", meaning the growth of an asset after it was mentioned by the head of Tesla.

In May, a tweet from a businessman triggered a 20% increase in the price of DOGE. Earlier in the month, Musk reported that Tesla had suspended Bitcoin sales of electric vehicles. Against this background, the digital gold rate fell to $45,700.

Recall that Musk's tweets about Tesla must be approved by a lawyer. According to media reports, the US Securities and Exchange Commission (SEC) believes that the entrepreneur has already violated this regulation twice.

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