Elon Musk No Longer Wants To Be Associated With Crypto? This Is What Happens To The Market - Kakiforex | Forex markets for the smart money. Elon Musk No Longer Wants To Be Associated With Crypto? This Is What Happens To The Market Elon Musk No Longer Wants To Be Associated With Crypto? This Is What Happens To The Market

June 5, 2021

Elon Musk No Longer Wants To Be Associated With Crypto? This Is What Happens To The Market

 The price of Bitcoin has fallen more than 7% on Friday driven by a twit from Elon Musk that seems to mean that his attachment to the cryptocurrency is now over.


Musk and his position as executive director of Tesla play an important role in the crypto market so every time he tweets it will influence the market. Musk today uploaded a heartbreaking emoji tweet and a photo of the couple discussing parting while posting #Bitcoin.


#Bitcoin 💔 pic.twitter.com/lNnEfMdtJf


- Elon Musk (@elonmusk) June 4, 2021



Musk has previously stated that Tesla will not sell their Bitcoin holdings, yet his tweets are still disturbing the market. Nick Spanos, co -founder of ZAP Protocol, a crypto project in Switzerland, raised that market players should expect that the market will continue to react if there is any twit from Elon Musk.


The price of Bitcoin has fallen below its 20 -day moving average level as low as $ 36,263, and was only able to record a 2% increase this week. At the same time, there has been a previous ‘Death Cross’ that has worried the market.


Bitcoin and other cryptocurrencies are still trying to recover from negative sentiment last month following previous Musk tweets and news of China’s tightening of crypto rules.

Dogecoin on the other hand has fallen more than 10% on Friday.


Some analysts expect there are two possibilities as to whether the move will invite more new ‘whales’ or a massive sale. Market players are advised to be careful and vigilant in trading.