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MUSK TWEET HITS BITCOIN AS IT SEEKS TO OVERCOME LOSSES IN MAY
- By The Financial District
- Jun 4, 2021
- 1 min read
Bitcoin slipped more than 3% on Friday after Tesla boss Elon Musk fired off a tweet hinting at a breakup with the cryptocurrency, though it remains on course for its best weekly gain in about a month as it tries to recover from May’s crash.
Bitcoin was last down about 3.6% at $37,809. Musk tweeted "#Bitcoin" and a heartbreak emoji above a meme appearing to show a couple discussing their breakup. Bitcoin is up 6.3% this week, Reuters reported.
Musk has been a major promoter of cryptocurrencies but has turned critical of bitcoin since suspending Tesla plans to take it in payment for cars owing to concerns about its energy use.
Cryptocurrency trading is highly speculative and the US and China want to clip it, with US regulators saying Bitcoin has no intrinsic value while Chinese officials are slapping crypto exchanges with stringent rules and warning players they could lose everything in that market.
