Weekends have not been welcoming for cryptocurrencies for past some time, and to add to the growing woes, Tesla CEO Elon Musk has again rattled the digital coins through his social media posts. On Sunday, Musk tweeted that “Goods & Services are the real economy, any form of money is simply the accounting thereof.”
Goods & services are the real economy, any form of money is simply the accounting thereof
— Elon Musk (@elonmusk) June 5, 2021
Bitcoin’s average swing on Saturdays and Sundays this year comes in at 5.35%. The world’s largest digital coin slipped to trade around $35,541 as of 5:30 am in New Delhi, down 4.12% in the past 24 hours. After a onslaught of brickbats from crypto investors, Musk sought to defend his position on Bitcoin in his own way, “Don’t kill what you hate, Save what you love”.
The move extends its downtrend for a second day after a cryptic tweet from Elon Musk that hinted at a potential split with the cryptocurrency.
Weibo, a Chinese social-media service, appears to have blocked some crypto influencer accounts on Saturday, citing violation of unspecified laws and Weibo community rules.While Weibo has cracked down on various crytocurrency-related accounts in the past years, the news came on top of recent harsh Chinese regulatory rhetoric that have already led to a plunge in prices for many digital coins. However, as Bitcoin continues to fluctuate in a narrow range, a retest of the $30,000 level could also be in play until more positive catalysts emerge.