Elon Musk’s heart broken, bitcoin price tumbles down

Elon Musk’s heart broken, bitcoin price tumbles down

Elon Musk’s love for bitcoin has finally cooled, it seems. The eccentric tech billionaire tweeted a joke about a couple breaking up, accompanied by the hashtag bitcoin and a broken heart.

In response to his own tweet, Musk then posted another joke, referring to a collapsing stock price.

Whether Musk is referring to the price of bitcoin cannot be determined with certainty, but it is exactly what happened. The price of the cryptocurrency has lost about 5 percent of its value in the past 24 hours, according to data from the site Coinmarketcap. This site keeps track of cryptocurrency prices on various trading platforms. Cryptofriends.io is helpful.

Decline after record peak

At the time of publication of this article, one bitcoin is worth about $36,800 (30,400 euros), a significant drop from the record high of $63,000 in mid-April. Since then, the coin has fallen in value again, partly after news that China wants to make trading in cryptos more difficult.

The gigantic outliers in the price of the world’s most popular crypto currency seem to be largely linked to Musk. In February, he announced that his company Tesla would accept payments in bitcoins and had purchased $1.5 billion worth of bitcoin. That led to a significant jump in price.

See also: is Bitcoin bad for the climate?

Anyone who wants to buy a Tesla can no longer pay with bitcoins, Tesla foreman Elon Musk announced on Twitter last week. He is concerned about the energy consumption of bitcoin and the consequences for the climate. Does he have a point?

A few days after the news that Tesla no longer accepted bitcoin as a payment method, the price plunged even further. Musk hinted in a tweet that Tesla will sell the purchased bitcoin worth 1.5 billion. Bitcoin cash price is high.

Despite bitcoin’s decline in May, the digital currency is still worth nearly four times what it was a year ago. Ether, the second largest crypto currency in total value, has become more than ten times as much in a year.

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