On Friday, 4 June, the price of bitcoin fell more than 5% after another tweet by Elon Musk referring to digital gold.
The Tesla founder posted a meme with a quote from the Linkin Park song "In the End". He added the #Bitcoin tag and a heartbreak emoji to the post.
#Bitcoin pic.twitter.com/lNnEfMdtJf
— Elon Musk (@elonmusk) June 4, 2021
The entrepreneur later supplemented the entry with another meme that mocks investors who have lost money on the decline.
— Elon Musk (@elonmusk) June 4, 2021
Following Musk's tweets, the price of the first cryptocurrency fell below $37,000. At the time of writing, digital gold is trading at $36,935.
According to Coingecko, all assets in the top 10 in terms of capitalisation were in the red zone.
Dogecoin (DOGE) co-founder Billy Marcus commented on Musk's tweet with words from the same song. The Tesla CEO responded with another meme, after which the cryptocurrency also began to decline.
The price of Dogecoin has fallen by almost 8% in the past 24 hours. At the time of writing, the cryptocurrency is trading at $0.37.
CumRocket Crypto (CUMMIES), a token from the adult content industry, reacted positively to Musk's Twitter activity. After the Tesla founder posted a post with the words "Canada, USA, Mexico" [Canada, USA, Mexico], the coin rose more than 85%.
Amid Musk's messages, Changpeng Zhao, founder of bitcoin exchange Binance, advised users not to be manipulated, adding the hashtag #HODL to the post. He also stressed that it "is not financial advice," but did not elaborate on what the tweet was about.
The digital asset market is highly sensitive to the entrepreneur's messaging - the press has even coined the term "Ilon Musk effect" to mean the rise of an asset after the head of Tesla mentions it.
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