Why Did Crypto Crash Today? Elon’s Become So Numb.

Bitcoin (CCC:BTC-USD) needs a little room to breathe, because it’s one step closer to the edge, and it’s about to break. Room between itself and Elon Musk, that is. By now, you should just assume Elon Musk is always the answer to the question, “why did crypto crash today?” The never-ending beef between a man who builds rocket ships and a digital currency is once again heating up, thanks to Musk’s Linkin Park break-up tweet.

A close-up shot of Tesla (TSLA) CEO Elon Musk.

Source: vasilis asvestas / Shutterstock.com

The dispute between Musk and Bitcoin has been the most 2020 thing since 2021 started. The bizarre tiff lifted off thanks to Tesla’s (NASDAQ:TSLA) acceptance of — and subsequent reversal on — Bitcoin payments for cars.

The reversal preceded last month’s crypto crash, and unleashed a legion of angry Bitcoin investors on Musk’s mentions. It certainly doesn’t help that his anti-Bitcoin tweets constantly crop up alongside pro-Dogecoin (CCC:DOGE-USD) memes, adding salt to the wound.

As such, sentiment on Musk himself is disintegrating. According to Yahoo Finance, the positive-to-negative ratio of posts about Musk hit an all-time low last month, continuing a trend that has been occurring since the Tesla payment flip-flop.

Why Did Crypto Crash Today? Elon Musk, Obviously.

If Elon had read the article, he obviously doesn’t care about what people are tweeting about him. Today, the entrepreneur is trolling Bitcoin once again with a Linkin Park-themed break-up tweet, commenting on the fragmented relationship between the two:

He obviously enjoyed the response he got, because he doubled-down two hours later with another break-up tweet, poking fun at Bitcoin’s recent losses.

The pair of memes precede yet another dip for Bitcoin, showing just how much sway the billionaire has with Bitcoin prices. A price drop to the tune of 6% is rocking BTC this morning, dropping values under $37,000 and forcing other cryptos down in tandem.

Making things more interesting is that fact that Musk’s Tesla has over $1 billion invested in BTC, and he has made clear that he has no intentions to sell. This just fuels more questions over Musk’s intentions.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2021/06/why-did-crypto-crash-today-elons-become-so-numb/.

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