Elon Musk shared a meme image purportedly featuring Binance founder Changpeng Zhao as the cryptocurrency market plunged on November 6. The reaction came after Bitcoin's sharp decline quickly erased its brief recovery above $80,000 following the U.S. midterm elections.
Musk also posted a grimacing emoji in a separate exchange with Dogecoin co-founder Billy Markus, commenting on the drop in AI stocks. Bitcoin was trading near $75,600 on November 6. The posts reflected the mood surrounding the price decline but did not explain what caused the market-wide downturn.
Elon Musk Shares CZ Meme as Crypto Market Losses Mount
Markus, who uses the name Shibetoshi Nakamoto, greeted his followers from Japan before asking about the state of the crypto market. According to X posts, Elon Musk replied to the post with an image. The image was blurred, but the letters CZ could still be made out.
A separate thread connected Markus to a Polymarket post about CNBC host Jim Cramer. The post summarized Cramer’s remark that the sell-off in AI stocks was not another dot-com bubble burst. Markus responded with a blunt expression of concern, and Musk added a grimacing emoji.
These exchanges were humorous comments about the crypto market downturn. They did not mention any specific Bitcoin target or explain exchange activity. The image provided a link to Zhao, while the other response focused on the discussion about AI stocks.
Meanwhile, GREEN MORNING (GM), a BSC-based meme cryptocurrency with a logo identical to the one Musk shared in his meme, surged after the meme was exchanged on X. According to CoinGecko, the gain exceeded 900% after Binance co-CEO He Yi reposted related comments. An initial 80% increase brought its market capitalization to around $5.64 million.
GM later climbed to a 24-hour high of $0.00805, bringing its market capitalization to around $8.05 million. However, at the time of writing, GM was trading at $0.005927, with a market capitalization of $5.26 million and daily trading volume of around $12.34 million.
Crypto Market Liquidations Surge After Wall Street Sell-Off
Bitcoin fell 6% to $75,700 in the November 5 downturn. Ethereum dropped more than 7% to around $2,247, while Solana and XRP also fell. The crypto market lost about 5%, bringing its total market capitalization to nearly $2.64 trillion.
Crypto market liquidations reached nearly $1.1 billion in 24 hours. Data from CoinGlass showed that around $955.6 million came from long liquidations, or about 88% of the total. This concentration suggests that traders betting on higher prices absorbed most of the forced closures.
Exchanges liquidate leveraged positions when collateral no longer meets margin requirements. Closing these positions can add to selling pressure as prices fall, making the initial decline harder to absorb.
The crypto market reversal coincided with heavy losses in U.S. technology stocks linked to spending on artificial intelligence infrastructure. The timing points to simultaneous weakness across risk assets; it does not indicate a single cause.
Bitcoin reclaimed the $80,000 level after the November 3 election. However, that recovery quickly faded, sending Bitcoin back near the bottom of its recent trading range.
Bitcoin Falls Below 4 Key Daily EMAs
The daily BTC/USD chart showed Bitcoin at $75,599 on November 6. Its 200-day exponential moving average was at $76,481, indicating that the price was below this long-term benchmark.
Bitcoin was also below the 100-day EMA at $77,702. The 20-day and 50-day averages were higher, at $79,096 and $79,734, respectively. All four moving averages shown were above the market.
The current picture points to weakness across the periods tracked on the chart. The nearest EMA above the price is $76,481, followed by $77,702. A recovery above these levels would reclaim lost benchmarks, though it would not guarantee a sustained rebound.
The Relative Strength Index (RSI) stood at 37.81, below its moving average of 40.43. The indicator points to weak momentum but remains above the usual oversold threshold of 30.
The market-leading cryptocurrency recorded an intraday low of $75,205. A break below this low would extend the latest decline, with $75,000 as the next nearest round-number reference level.