• Tue. May 28th, 2024

Elon Musk’s Recent Tweets Results in Bitcoin (BTC) Price Experience $2k Slump

Jun 4, 2021

It was just another normal Thursday for the entire world as well as the entire cryptocurrency industry where it was not showing much rise/fall for crypto. Then one of the most influential personalities in the entire cryptocurrency universe decided to take matters into his own hands.

Elon Musk, the CEO of Tesla, who is considered the most influential personality in the entire crypto-verse decided to cause another impact in the crypto-verse. Elon Musk decided to launch another barrage of tweets, turning a normal Thursday into an abnormal one.

On Thursday, June 3, 2021, Elon Musk started posting a rally of tweets surrounding cryptocurrencies. This time, instead of having a positive impact on the cryptocurrency industry, it ended up causing a negative impact.

The recent comments from Elon Musk have brought a lot of stress to the cryptocurrency industry. In the past, Elon Musk’s comments and tweets only brought positive outcomes for the crypto-verse. Now it is becoming visible that his tweets/comments can also make a negative impact on the crypto-verse.

It was on Thursday, June 3, 2021, when Elon Musk talked about Bitcoin (BTC) through his Twitter profile. This resulted in Bitcoin (BTC) experiencing a negative impact and its price dropped by $2,000. According to on-chain data analyzing firms, Bitcoin’s price ended up experiencing a $2k drop in a matter of a couple of hours of Musk commenting on Bitcoin.

According to the data, the price of Bitcoin (BTC) immediately experienced a drop in a matter of an hour. The data shows that the price of Bitcoin (BTC) came down from $38,700 to $37,500. However, this was not the only drop Bitcoin (BTC) was fated to experience from Elon Musk’s comments.

Elon Musk did not stop with a single tweet and carried on tweeting about Bitcoin, which constantly kept dropping its price. However, Bitcoin (BTC) was not the only cryptocurrency he talked about, he also mentioned Dogecoin (DOGE) in his tweets.

However, his comments and posts on Dogecoin (DOGE) served as a positive charm and the meme coin’s price experienced a surge.

As a result, the price of Bitcoin (BTC) continued dropping in a matter of 24-hours, is price had experienced a 6% drop. As a result, its price was all the way down to $36,400 and it even dropped lower than $36,400, coming down to $36,322.

The price action came into play right when Bitcoin (BTC) started experiencing an upward trend in terms of its price. According to data from a couple of on-chain data analyzing firms, Bitcoin’s price was about to hit $40k per BTC when the price action took place.

However, the majority of the traders stated that they are okay with the recent price drop of Bitcoin (BTC). They considered that Bitcoin (BTC) would indeed experience a price drop in the form of price correction before its price can shoot up.

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