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Bitcoin falls after Elon Musk tweeted a split meme

SpaceX Founder and Chief Engineer Elon Musk will speak at the 2020 Satellite Conference & Exhibition on March 9, 2020 in Washington, DC. When he attended the meeting, Musk answered a variety of questions related to the SpaceX project.

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Bitcoin Prices fell on Friday morning Elon Musk Posted a tweet suggesting that he fell in love with the best cryptocurrency in the world.

Billionaire Tesla’s CEO tweeted a meme about a couple who broke up over a male partner, quoted Linkin Park’s lyrics, and added the hashtag #bitcoin and a broken heart pictogram.

Bitcoin fell 4% to $ 36,981 around 6am EST Friday, according to Coin Metrics data. Other digital coins followed, with Ethereum, the second-largest cryptocurrency, down 5% to $ 2,662 and Dogecoin — Mr. Musk’s favorite cryptocurrency — Approximately 37 cents, down about 5%.

Bitcoin hit a record high of over $ 64,000 in April, but plummeted to nearly $ 30,000 the following month. It was still up nearly 30% in 2021, but is now down more than 40% from its all-time high.

This isn’t the first time Musk’s tweet about cryptocurrencies has moved the market. In May he was Tesla Stop accepting Bitcoin as a payment method Concerns about energy usage have reduced the value of the entire crypto market by hundreds of billions of dollars in one day.

“Irresponsible”

Part of the crypto industry Criticize musk in the past About his post on digital currencies.The mask is Frequent tweets about the “joke” cryptocurrency Dogecoin, For example, often leads to price riots.

Binance CEO Changpeng Zhao did not approve this, following his latest tweet about Bitcoin. According to CoinMarketCap data, Binance is the world’s largest crypto exchange in terms of trading volume.

“Tweets that hurt the finances of others are uninteresting and irresponsible,” Zao, known as “CZ” in the crypto world, tweeted Friday.

Mr. Musk’s post on Twitter is also affecting assets other than cryptocurrencies. On Wednesday, Samsung Publishing’s share price, a major shareholder of “Baby Shark” producer, soared after Mask’s tweet about a viral children’s song.

His tweet said Musk and his electric car company committed securities fraud after the CEO closed the company private and tweeted that he had “secured money” for the deal in 2018. The US Securities and Exchange Commission blamed the electric car company for anger.

SEC revealed this week Reportedly rebuked Mr. Musk Suspected of violating the terms of the settlement agreement with the securities regulator. SEC officials emphasized a tweet last May that Mr. Musk said Tesla’s share price was “too high.”

What’s next for Bitcoin?

Bitcoin proponents see digital currencies as a storehouse of gold-like value and can act as a hedge against inflation as central banks around the world are stepping up their stimulus in response to the coronavirus crisis. But skeptics say Bitcoin is a speculative bubble waiting to burst.

Thousands of Bitcoin investors came to Miami this week for a crypto-focused conference. Miami Mayor Francis Suarez himself is a Bitcoin believer and told CNBC Thursday that the city is “actively considering” paying employees in cryptocurrencies.

Andrey Kostin, chairman of VTB Bank of Russia, told CNBC’s Hadley Gamble at the St. Petersburg International Economic Forum on Friday. “Sit in a place where someone is mining or mining like in the Middle Ages and using them.”

“No government will accept it because it is not under government regulation,” he added. “They have no control over it.”

Kostin hinted at several central bank initiatives to develop digital versions of existing money such as the dollar, euro, Chinese yuan, or in the case of Russia the ruble.

“It’s inevitable,” he said. “The whole world is moving to the digital world, and currencies are not excluded from this process.”

Bitcoin falls after Elon Musk tweeted a split meme

Source link Bitcoin falls after Elon Musk tweeted a split meme

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