February 23, 2021

Bitcoin Loses 10% After Elon Musk Statement

 Tesla founder Elon Musk seems to have to be careful on social media especially Twitter when his recent tweet brought down the Bitcoin (BTC) price drop by more than 10%.

On February 20, the world millionaire uploaded a tweet about BTC and Ethereum (ETH) prices being too high.

That said, BTC & ETH do seem high lol

- Elon Musk (@elonmusk) February 20, 2021

Following that, the crypto king price continued to decline to $ 51,993 before declining lower to $ 47,700 last night.

While it is not clear what the strong factor was in the decline, on Sunday the currency still showed encouraging performance with a jump over $ 58,000.

However, somehow a decline occurred.

As of noon yesterday, bitcoin was trading at $ 53,195 lower below 8%. This is not a new thing as Bitcoin had previously approached almost $ 20,000 in 2017 before declining 80% the following year.

At the time of writing, Bitcoin is trading at 52,494, down 7% in 24 hours. While ETH recorded a price of $ 1,716, it declined by almost 10%.