Bitcoin takes a fall following an obscure tweet from Elon Musk suggesting a potential breakup with the leading cryptocurrency.
— Elon Musk (@elonmusk) June 4, 2021
Despite the best efforts of many to ignore Musk in recent times, the Tesla boss today demonstrated his range of influence goes far beyond that of his critics.
Bitcoin Takes A Tumble
The market has been uncertain since Tesla withdrew BTC as a payment method coming up to a month ago. Musk cited concerns over the use of coal in Bitcoin mining as the reason.
During the sell-off that followed, Bitcoin found support at $29.8k, leading to a strong bounce at that price level. But since then, it has been trading in a narrow band between $34.6k – $39k.
Source: BTCUSD on TradingView.com
Hopes of breakout were dashed in the early hours of today, GMT, as BTC fell 3% following Musk’s heartbreak tweet. The sell-off has continued