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- Bitcoin has taken a roughly 5 percent hit going into the weekend and pundits are linking the drop to Elon Musk’s latest Twitter comments.
- Justin Sun has stated that he will buy all the Bitcoin that Tesla CEO sells as Musk expresses further detachment from Bitcoin.
Although a new report released earlier this week noted that the influence Elon Musk has on the crypto market has drastically fallen, this remains to be seen. On Friday, his comments about Bitcoin seemed to affect prices derailing it from staging a much-needed comeback.
Earlier in the week, the digital asset had climbed as high as $39,000. Since Bitcoin dropped below $40,000 last month, the crypto king has struggled to get above this level. In the last 24 hours, the coin has wiped out roughly $2,000 to go back to the $36,000 position. Market pundits are blaming the latest plunge on Elon Musk who has been tweeting about cryptocurrency and specifically expressing a detachment to Bitcoin.
The Tesla CEO has hinted at a split with Bitcoin.
#Bitcoin đź’” pic.twitter.com/lNnEfMdtJf
— Elon Musk (@elonmusk) June 4, 2021
This comes as no surprise as the entrepreneur and business magnate has been critical of Bitcoin and its energy consumption. When the CEO made the decision to halt Bitcoin payments forTesla’s electric vehicles, it had a detrimental effect on prices. But what was of greater concern to the community was whether the company would dump the $1.5B worth of BTC bought earlier in the year.
At the time, Elon assured the market that the company had no intention of selling. But the community knows this can change at any moment hence the current panic selling. Although his influence on the market is fading, his holding remains a key factor in where prices go in the short term.
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Justin Sun want to buy all the BTC Elon Musk sells
During the last Bitcoin dip, Tron founder Justin Sun proudly announced that he had bought millions worth of Bitcoin and Ethereum. He further called on the crypto community to buy more and focus on the long-term goal and not the short-term price reaction.
The founder has again been quick to respond to the latest developments. In a tweet, Sun has claimed that he will buy all the Bitcoin that Elon Musk sells.
I will buy all the #Bitcoin that @elonmusk sells. #Bitcoin ❤️ https://t.co/jjGuK09XCm
— H.E. Justin Sun ĺ™ĺ®‡ć™¨ (@justinsuntron) June 4, 2021
Musk, despite his continued detachment from Bitcoin, is yet to announce or confirm the sale of the Bitcoin bought by Tesla. However, for most in the crypto community, the fear is that this event is imminent.
Bitcoin has for the last few weeks been trading sideways with investors undecided on where prices are headed. As such, it is extremely prone to negative news which explains the 5 percent drop caused by Elon’s Tweet. A majority of pundits remain focused on the long-term outlook and are convinced that it will make a turnaround and end the year above $100,000 as popularly predicted.
