World’s biggest cryptocurrency and most popular cryptocurrency, Bitcoin, suffered losses of up to 4% on June 4 due to the trolls from Tesla & SpaceX CEO Elon Musk. He is known for influencing the cryptocurrency market with his tweets. Elon Musk, an avid supporter of Bitcoin and other cryptocurrencies, has been sharing many tweets related to cryptocurrencies and their trades to catch the attention of the trade market. Not too long ago, the Bitcoin token fell considerably after Elon tweeted against accepting bitcoins as a means of payment for its cars, citing environmental concerns, and the token prices are still trying to crawl back up to their highest mark ever since.
Bitcoin is a cryptocurrency that is out of reach for the majority of traders and investors in the market due to its high token value and the transaction costs associated with it. Not only that, the world’s topmost cryptocurrency in terms of market capitalization requires immense amounts of computing power and energy reserve to run the processes non-stop to be able to trade and mine these cryptocurrency tokens. It requires computing devices to solve complex mathematical equations constantly, so not everyone who has the cash can invest in it. The investor has to set up a network of devices running consistently, which requires a lot of skill and determination towards the digital currency trade.
Elon Musk, being the world’s second-richest man himself, has always been the major promotor of cryptocurrency trade since the very beginning. He was the reason behind the highs of the cryptocurrency chart as he announced that he would start accepting bitcoin and other major coins as a means of payment for Tesla cars. His latest row of tweets is suggesting that he may be parting ways with the cryptocurrency. However, like every other tweet posted by him, the followers are left wondering what the exact meaning of his tweets was. Bitcoin has mellowed down to a 20-day low after the row of tweets by the billionaire and is currently at $37,710. This has affected Tesla shares as well, as the company has $1.5 billion worth of cryptocurrency tokens. Tesla’s stock prices went down a third of its average value. Bitcoin tokens are at a 40% low since its highest monetary figures this year. Although Elon’s tweets are known to disrupt the trade market completely, netizens and market analysts are keeping an eye out on further tweets to be certain of the changes in the trade.