Bitcoin Loses Value After Broken Heart Elon Musk

Bitcoin lost value on Friday after a few cryptic tweets from Elon Musk. The Tesla CEO tweeted “#Bitcoin” alongside a broken heart emoji.

 

The price of the leading crypto coin appeared to stabilize in the past week.

At around 8:30 a.m. (Dutch time), a bitcoin was worth $36,760 after a price drop of about 5 percent in the past 24 hours. The new stand is nearly $30,000 lower than the record level of nearly $65,000 reached in mid-April.

This decrease is partly attributed to the fuss about the high energy consumption in the so-called ‘mining’ of digital currencies such as bitcoins. Fossil fuels would often also be used for this. Musk, among others, called that energy consumption insane.

Despite bitcoin’s decline in May, the digital currency is still worth nearly four times as much as it was a year ago. Ether, the second-largest cryptocurrency in total value, has become more than ten times as much in a year.

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