Today, a billionaire managed to bring Bitcoin’s price down with a single tweet.
Bitcoin price has gone down to about 3.5% in the last 24 hours on Friday. The main reason behind this drop is again that man, Tesla boss Elon Musk. He fired off a tweet that hinted at his breakup with the crypto.
Musk tweeted “#Bitcoin” and a heartbreak emoji above a meme appearing to show a couple discussing their breakup.
Currently, on 4th June at 4:04am UTC the Bitcoin price is 37,880.80 USD.
On 3rd June it was around 39,244 USD and as a result of his tweet, this decline has been seen in the last 24 hours.
But despite the bitcoin drop today it has held support at around 36000USD. In the last one week, it has gone up from 34,618 USD to 39,244 USD now. That’s about a 14% increase in the price.
Will Bitcoin price go up?
In May, Bitcoin dropped down to 50% which made the investors a bit worried about the near future of bitcoin. This makes people ask many questions like “Will it go up” or “Will it go down even more” and when it will get stable. This is what’s happening to Bitcoin’s price today.
Bitcoin holds support at around 36,000 USD and hence not expected to go down below that in the near future. And in the last one week, we have seen a good spike in the bitcoin price if not today. Hence it is expected the bitcoin price will go up.
This drop in bitcoin of about 50% in May can be seen as a good opportunity for those who are looking to invest in crypto but have not yet invested. For those who invest in crypto for the long-term using a buy-and-hold strategy, swings like this which change the bitcoin price are to be expected.
But yes, crypto experts recommend that we must keep our cryptocurrency investments to under 5% of our total portfolio as this crypto market is volatile. No one can exactly know what is going to happen next.
Google to accept cryptocurrency-related advertisements
One more positive news coming is that Google will be accepting cryptocurrency exchanges and wallet advertisements starting in August. As we all know, Google is the most popular search engine. Getting acceptance from this means more exposure to cryptocurrency to all the internet users around the world.
So this can surely make a positive impact on the price of bitcoin as it is expected that this will get more people into crypto and hence will result in a bitcoin price increase from today.