Forex and Crypto News

Elon Musk set the pace for the market again

10:52 04 June /2021

The traders have just moved away from Elon Musk's May tweets, which triggered a drop in the price of Bitcoin, when the market was again excited by a new tweet. However, this time Elon Musk's tweet was not as straightforward as before. This time, Musk posted a "#Bitcoin" tag with a broken heart emoji and a photo of a couple discussing a breakup. It is not yet clear what Musk meant, but after the tweet, the price of Bitcoin immediately dropped by more than $1000.

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As usual, this tweet set the short-term trend in the cryptocurrency market again. Musk periodically exacerbates volatility in the crypto market, which annoys traders, and they began to complain about it on social networks.

At the time of publication, the BTC/USD pair is trading at around $36650. A CoinGecko spokesman believes that Elon Musk is trolling the Bitcoin community in this way.

Against the background of the fall in the price of Bitcoin on the network, transaction fees have sharply decreased. Operating fees are now at their lowest since January 2021, according to Glassnode. Average commissions fell to $7,38 this week.

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Investment bank JPMorgan has released a report on the state of the cryptocurrency market in the second quarter of 2021. The report noted that as a result of a sharp decline in the price of cryptocurrencies in April and May of this year, institutional investors began to massively sell Bitcoins

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