On Thursday evening, Musk shared a breakup meme on Twitter along with #Bitcoin and a broken heart emoji. Following the tweet, Bitcoin fell more than 4.5% to around $36,823 as of 9 a.m. PT on Friday. Ethereum, Dogecoin and other cryptocurrencies were also down.
In May, Musk announced in a tweet that off the entire crypto market in a single day, according to CNBC.as a form of payment for vehicles due to concerns around the use of fossil fuels for mining the digital coins. The move shaved hundreds of billions of dollars in value
Cryptocurrencies like Bitcoin were initially intended to be decentralized digital currencies, but in recent years, they've become more of an investment. Its price is also extremely volatile. Prior to the start of the coronavirus pandemic, Bitcoin's price was just below $9,000. It peaked in April, almost reaching $65,000.