Crypto News
| Published On Jun 4, 2021 6:08 am CEST  |  Updated on Aug 3, 2021 5:42 pm CEST | By Peter Siu

Elon Musk tweets about a possible break-up with Bitcoin

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Bitcoin has taken a fall following another tweet from Elon Musk suggesting that he is breaking up with the top cryptocurrency. Bitcoin was in relatively calm waters the past days and hopes of a breakout before the weekend were dashed this morning following Musk’s tweet, which included a reference to popular Linkin Park hit song ‘In the End’.

True to form, Musk’s tweet leaves everyone guessing about his intentions and any possible hidden meaning.

The crypto-market has been very volatile since Musk expressed concerns over the use of coal in Bitcoin mining and had Tesla withdraw Bitcoin as a payment method just a month ago. In the consecutive sell-off, Bitcoin managed to find support at the $30,000 mark and had since then been trading between $35,000 and $39,000, until this morning when Bitcoin’s price dropped by 3%. This time the Musk’ effect seems to have been less strong though.

Not only has Musk been under fire for market manipulation with regards to Dogecoin, it seems the Bitcoin community is the one who is breaking up with him now. Former offensive tackle at the Carolina Panthers Russell Okung has started campaigning and putting out billboards telling Musk to sell his Bitcoin and stick to space.

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If all this criticism on Tesla’s Technoking is justified remains to be seen. We must not forget that Musk has helped rallying cryptocurrency, including bitcoin, several times this year. A first time was when Tesla revealed that it bought $1.5 billion worth of bitcoin and in turn making the company a quarterly profit for first time. Later on, the company announced it had started accepting Bitcoin as a means of payment.

Peter Siu

Peter is a former poker-pro, turned crypto enthusiast with 8+ years’ experience in operational roles dealing with all online gaming verticals within large iGaming companies, including Flutter and Entain. Now an expert in the field of Sports Betting, Casino, iGaming, and Poker, he is our team leader and editor. When not working, Peter can be found in the gym or playing sports like football, tennis and more recently padel.