Musk Again? ... Bitcoin Price Drops After Tweet

Posting Broken Heart Emoji Sends Bitcoin Down 4.5%

[Image source=AP Yonhap News]

[Asia Economy Reporter Kim Suhwan] Elon Musk, CEO of Tesla, once again moved cryptocurrency prices with his tweet. When he posted a tweet containing a broken heart emoji, Bitcoin's price dropped by 4.5%.

On the 3rd (local time), Musk posted a tweet on his Twitter with a hashtag mentioning Bitcoin along with a broken heart emoji.

This gave the impression that Musk viewed Bitcoin negatively, and as investors continued to sell Bitcoin, the price fell by about 4.5%.

Before Musk posted the tweet, the price was maintaining around $39,000, but right after Musk's tweet, starting from 10 a.m. Korean time on the 4th, the price dropped, hitting $37,490, down 4.5%. It has since rebounded and is trading around $37,900.

The current price is about 40% lower compared to the peak of $63,000 recorded last April.

Earlier this year, Musk was credited with supporting Bitcoin and driving up its price, but since last month, he has shifted to a negative stance by citing Bitcoin's environmental issues.

Last month, he announced the withdrawal of Tesla's Bitcoin payment policy, and Bitcoin prices plunged further after Chinese authorities announced plans to ban all cryptocurrency-related financial services and crack down on 'mining.'

However, Musk confirmed that Tesla has not yet sold the Bitcoin holdings it announced purchasing earlier this year.

Meanwhile, Musk has faced criticism for influencing cryptocurrency and stock prices through his tweets.

On the 1st, after Musk tweeted "Baby Shark is the best," the stock price of Samsung Publishing, which holds shares in the Baby Shark animation production company, surged up to 10%.

This content was produced with the assistance of AI translation services.