The tweet was taken as a sign that Elon was distancing himself from Bitcoin
Elon Musk hinted at possible breakup with Bitcoin in his recent tweet. Source: shutterstock.com
The price of Bitcoin has fallen again after a recent cryptic tweet by Elon Musk, Tesla CEO.
The tweet detailed a broken heart with the logo of the largest cryptocurrency and a picture of a couple in the middle of a breakup. This led to the fall of Bitcoin by nearly 7% to a price of under $36,500.
#Bitcoin 💔 pic.twitter.com/lNnEfMdtJf
— Elon Musk (@elonmusk) June 4, 2021
The loss watered down the optimism that followed the symmetrical triangle fall-out. The failed breakout could cause deeper losses. Currently, Bitcoin, the largest digital currency, has fallen by over 70% from the all-time high of $64,801 recorded in April.
Just last month, the currency fell by 35% after Tesla delisted the currency as a payment method due to environmental concerns. The latest cryptic tweet does not make the situation better.
The options market is bearish. Long put trades account for 29% of the flows while short call trades account for 30% of the flows today. In most cases, investors sell calls and buy puts when there is an expected drop in the market.
We’ve reported that Elon Musk has queried the acceptance of Dogecoin by Tesla as a payment method in a poll carried out on Twitter.
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