Musk tweeted “#Bitcoin” with a broken heart emoji in his most recent tweet.
Tesla’s huge bitcoin holdings and Musk’s massive personal following regularly cause crypto markets to tremble when he tweets.
The price of bitcoin dropped when he tweeted “#Bitcoin,” a broken heart emoji, and a photo of a couple discussing a breakup with a reference to a lyric from Linkin Park’s hit song “In the End.”
Musk then followed up with a breakup comic strip and a “nice” response to an artwork of competing crypto dogecoin shared by cryptocurrency exchange Coinbase. None of the tweets were clear about what they meant.
Bobby Ong, the co-founder of crypto data aggregator and analytics website CoinGecko, stated, “He’s trolling the community.”
During the Bitcoin crash, Elon Musk tweeted ‘Diamond Hand’ Emojis’.
Other sections of the market have been influenced by Musk’s Tweets. Samsung Publishing Co., a stake in the creator of the hit YouTube song “Baby Shark,” soared this week after Musk tweeted about the jingle.
Bitcoin is around $28,000 short of its all-time high of about $65,000 set in mid-April. The most passionate crypto supporters claim that the coin is stabilizing before a surge to new highs.
However, Musk’s focus on environmental hazards, as well as the way his tweets affect price fluctuations, has harmed the narrative that the virtual currency would eventually gain wider acceptance.
Musk has previously stated that Tesla would not sell its bitcoin, his comments were enough to shake markets that were still reeling from the May collapse.
Following the suspension of Bitcoin payments to Tesla, Musk subsequently clarified that the business had not sold any of its Bitcoin assets, rebutting another of his tweets that had sparked suspicions about whether Tesla had done so.
Bitcoin and many other cryptocurrencies are still rebounding from a collapse that occurred last month as a result of that decision, as well as rumors of increased regulatory scrutiny in China.