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Musk breakup tweets bruise bitcoin

Forex Jun 04, 2021 08:05AM ET
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By Tom Wilson and Tom Westbrook

LONDON/SINGAPORE (Reuters) -Bitcoin fell more than 7% on Friday, with tweets by Tesla (NASDAQ:TSLA) boss Elon Musk that appeared to lament a breakup with the cryptocurrency again moving markets.

Tesla's big position in bitcoin and Musk's large personal following set crypto markets on edge whenever he tweets, and the price fell after he posted "#Bitcoin" https://twitter.com/elonmusk/status/1400620080090730501, a broken-heart emoji and a picture of a couple discussing a breakup.

Musk followed up by posting a breakup comic strip and replying "nice" to an illustration of rival crypto dogecoin posted by crypto exchange Coinbase. It was unclear what, if anything, any of the tweets meant.

Musk has previously said Tesla would not sell its bitcoin, but his tweets were enough to unsettle markets still fragile following May's crash.

"When Elon Musk tweets any crypto-related content, the market ... expects a reaction," said Nick Spanos, co-founder of ZAP Protocol, a crypto project in Switzerland.

Bitcoin's fall pushed it below its 20-day moving average to as low as $36,263, and took some of the edge off its week-to-date gains. It is up 2% so far this week.

'TROLLING THE COMMUNITY'?

Musk has been a major promoter of cryptocurrencies but has turned critical of bitcoin since suspending Tesla plans to take it in payment for cars, owing to concerns about its energy use.

Many crypto specialists have struggled to understand the motives behind his tweets.

"He's trolling the community," said Bobby Ong, co-founder of crypto data aggregator and analytics website CoinGecko.

Bitcoin and several other cryptocurrencies are still recovering from a crash last month in the wake of that decision and on news of renewed regulatory scrutiny in China.

Telsa stock has now fallen by a third since it announced a $1.5 billion bitcoin purchase in February, and bitcoin is more than 40% below April's record peak of $64,895.22.

The second biggest cryptocurrency, ether, which tends to move in tandem with bitcoin, also extended losses through the day. It was last down 8% at $2,626 though on course for a second consecutive weekly gain.

Dogecoin, the cryptocurrency perhaps most sensitive to Musk's opinions as he helped to turn the coin started as a joke into a multi-billion dollar market valuation, also fell by more than 10% to around $0.36 on Friday.

Musk breakup tweets bruise bitcoin
 

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Comments (12)
Lex Wild
Lex Wild Jun 04, 2021 8:05AM ET
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Trump 2.0 regarding Twitter ;-)
Jan Buyle
Jan Buyle Jun 04, 2021 8:03AM ET
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It says a lot about the intelligence of crypto owners that they can be played like that by one single man's tweets...
John Patrick
John Patrick Jun 04, 2021 7:17AM ET
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Guy is a colossal D-Bag!
Jun 04, 2021 1:54AM ET
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if sec wants to deal with his insider fraud remove tesla from the exchanges lets see if he gonna be happy when his net worth drops 85%
Steve Peterman
Steve Peterman Jun 04, 2021 1:30AM ET
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To me what is fair is the USD I put in the bank would equivalently be worth the same in buying power in market 20 years from now. Musk tweet bombs are discouraging and wish he’d think about others a bit more. Bitcoin is not about a get rich scheme but presevimg earnings I worked worked very hard for.
Michael Davies
Michael Davies Jun 04, 2021 12:58AM ET
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Crypto is way bigger than elon
Notvery Goodathis
Peteymcletey Jun 04, 2021 12:50AM ET
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he ****
태주 오
태주 오 Jun 03, 2021 11:32PM ET
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Some people must've committed suicide because of a sudden drop..which is of course attributable to him....so sadly... hey be a man and adult.
Roy Badr
Roy Badr Jun 03, 2021 11:32PM ET
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throwing all your saving into cryptocurrencies is suicide itself
Todd Gray
Todd Gray Jun 03, 2021 10:39PM ET
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I agree. It appears he's become a bit like his child tormentors. I wouldn't be surprised if he beats the price down, and takes the billions Tesla just took & diluted share value to buy billions more bitcoin to make Tesla profitable another quarter. Where's the SEC? How is all this manipulation legal. Is our money safe in the markets? Where's real value in a company, if there's so many gimmicks?
Isaac Katun
Isaac Katun Jun 03, 2021 10:30PM ET
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something needs to be done to that bastad of a man called elon musk...
Lake Lot
Lake Lot Jun 03, 2021 10:30PM ET
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Stop listeninv to that mad man
 
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