Elon Musk’s reign of terror continues as cryptocurrency prices tumble 4.2 percent.
ELON MUSK’s crypto reign of terror has resumed, with his latest tweet sending the price of Bitcoin tumbling by 4.2 percent.
Following a harsh remark from the wealthy entrepreneur, Bitcoin plunged fast from $39,416 at 11 a.m. yesterday to $37,754 this morning. Ethereum was also down 4.8 percent this morning, from $2,454 at 8 a.m. yesterday to $2,337. At the same time, the joke coin Dogecoin, which has previously been backed by Tesla CEO Elon Musk, lost 3.5 percent.
After Bitcoin Magazine published an image of Kraken CEO Jesse Powell saying the token would hit a new high this year, the price dropped.
“I’ve stated one Bitcoin, one Lambo by the end of the year,” he remarked, referring to the Lamborghini sports cars that are popular among crypto investors.
“At this stage, it may be a Lambo with fewer options or a lesser engine, but I believe we’re still looking at extremely high price targets.”
He also stated that Bitcoin is “greener” than detractors realize, before concluding, “I feel Elon needs to do some more homework.”
Mr Musk responded cryptically under the tweet with: “Based on what data?”
Prices dropped almost instantly.
Mr Musk is known for causing cryptocurrency prices to fluctuate, having recently driven Dogecoin to new heights during his appearance on Saturday Night Live in the United States.
On Twitter, he shared a Dogecoin meme, along with the words “SNL May 8.”
On social media, this generated suspicion that his attendance as host of the show will include Dogecoin.
When asked if he would utilize the meme during the program, Mr Musk said, “Definitely.”
This caused the cryptocurrency, which was founded as a joke in 2013 and includes a smiling Shiba Inu dog logo, to soar by 50%.
When it comes to cryptocurrency, investors have been warned that they could “lose all their money.”
Sheldon Mills, the Financial Conduct Authority’s executive director, delivered the statement.
“The data reveals rising interest in cryptoassets among UK customers,” he said.
“As prices have climbed, the market has continued to grow, and some investors have benefited.
“However, users should be aware that, because these products are mostly unregulated, they are unlikely to have access to the FSCS (Financial Services Compensation Scheme) or the Financial Ombudsman Service if something goes wrong.
“If consumers invest in these items, they will reap the benefits.”Brinkwire Summary News”.