Bitcoin dropping, Elon Musk says bitcoin not real currency

Over the last few years, the rage over bitcoin caused the price of it to skyrocket instantaneously. Sadly, over the past two days due to the dropping prices, the market for cryptocurrencies is uncertain. The weekends and bitcoin are not having it with each other over the recent weeks.

The CEO of Tesla, Elon Musk has also caused havoc to the cryptocurrency market through his posts on social media. On Sunday he tweeted that “Goods & Services are the real economies, any form of money is simply the accounting thereof.”

The average change in the market price for bitcoin this year is 5.35%. However, the largest drop in the digital coin happened today, 6th June at 5:30 AM in the country’s capital, New Delhi which is 4.12% lower in the past 24 hours.

To save this now dying currently Elon Musk, contradicting his own previous statements has said “Don’t kill what you hate, Save what you love.”

A Chinese social media platform called Weibo seems to have blocked influencers who promote the use of cryptocurrencies on Saturday enumerating that they were in violation of undefined laws and Weibo community rules. China has also made cryptocurrency trading illegal in the country since 2019 and it was believed that it was aiding in the process of money laundering.

 

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