The value of Bitcoin slumped from a high of $39,471 on Thursday to just $36,600 in early trading on Friday – a drop of 7.37 percent.
Ethereum slumped 8.4 percent from $2,888 to $2,644 while Dogecoin plunged by a massive 13.9 percent from $0.43 to $0.37.
However, the massive fall in the price of the cryptocurrencies was followed by a strange Tweet from Tesla boss Mr Musk, who appeared to mock Bitcoin’s recent struggles.
The tech billionaire has been extremely vocal on social media about the use and future of cryptocurrencies.
But his tweets and comments regularly trigger significant upward or downward movements in the volatile market.
This is a breaking story. More to follow…