Elon Musk’s Twitter meme serves blow to cryptocurrencies including Bitcoin

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Cryptocurrencies faced a dip on Friday after Tesla owner Elon Musk shared a meme which indicated that he was going to end his relationship with bitcoin.

He posted a meme about a couple parting ways over excessive quoting of Linkin Park lyrics. The Tesl CEO shared the meme with “#Bitcoin” and a heartbreak emoji.

He then shared another confusing post that apparently links with falling prices of digital currencies.

Following the Musk’s tweets, bitcoin witnessed a decline of approximately 6 per cent to reach price of $36,273.29, with ethereum falling 7% and dogecoin dropping 8%.

The development comes as bitcoin, the world’s biggest cryptocurrency, was recovering from massive dip it faced last month when the billionaire announced that Tesla would stop accepting bitcoin payments for sale of its electric cars.

“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel”, Mr. Musk had tweeted.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment.

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

On Thursday, crypto market continued with its bullish start to June with bitcoin crossing the $39,000-mark.

The combined market capitalisation of all cryptocurrencies rose 5.1 percent to $1.818 trillion as of 1255 GMT.

Bitcoin, the world’s biggest cryptocurrency, gained 4.77 percent to reach $39,099. With this increase in price, the market capitalisation of the BTC has reached $732 billion.

Likewise, ethereum (ETH) gained 4.69 percent to reach $2,834. With this increase in price, the market capitalisation of ETH has reached $329 billion.

Similarly, XRP gained 2.23 percent to reach $1.04. The market capitalisation of XRP stands at $104 billion after this increase.

On the other hand, Cardano (ADA) price reached $1.86 with a 5.21 percent increase in its price.

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