Bitcoin declines on Musk’s tweet; still on track for weekly gain

04.06.2021 - Davydova Maria
Bitcoin declines on Musk’s tweet; still on track for weekly gain

Bitcoin had crashed more than 3% on Friday as Tesla head Elon Musk had tweeted yet again about the cryptocurrency. While this brought in speculations about the company’s investment withdrawal, the virtual coin is still on track for its strongest weekly earning in about a month as it tries to recover from a drop seen in May.

Bitcoin shed a total of 3.6% to $37,809 after Musk posted a meme on twitter that shows a couple discussing their breakup. This was then accompanied by a caption “Bitcoin” followed by a heart emoji. While there was decline, the cryptocurrency was still on track for a 6.3% increase this week.

Musk has been a key promoter of virtual coins. But just recently, he turned critical of Bitcoin after he suspended the company’s plan of utilizing the crypto as the primary payment method due to its energy-related issues.

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