Tech titan and world’s wealthiest individual Elon Musk has ignited speculation within the crypto community after sharing a cryptic meme on X. The post, featuring a quote about strong and weak men and times, prompted a diverse range of reactions.

Prominent cryptocurrency trader Willy Woo added fuel to the fire by suggesting Musk’s tweet was an “encoded message” indicating he was accumulating Bitcoin. This claim sent ripples through the crypto sphere, although other major crypto accounts remained cautious.

Musk’s tweet has garnered immense attention, accumulating millions of views and engagement. It’s worth noting that Musk previously disclosed Bitcoin holdings and accepted the cryptocurrency as payment for Tesla vehicles, though this practice was later discontinued due to environmental concerns.

Meanwhile, the cryptocurrency market has experienced a significant downturn, with Bitcoin plunging over 18% in the past 24 hours. This dramatic decline follows a weeklong crash that saw Bitcoin lose nearly 25.50% of its value.

Analysts attribute this market turmoil to a combination of factors, including the freefall of traditional markets and the impact of the Japanese Yen’s weakening. The Central Bank of Japan’s interest rate hike is believed to have triggered a sell-off of risky assets, including cryptocurrencies, as traders sought to repay debts.

As the crypto market navigates this turbulent period, all eyes remain on Elon Musk and his potential influence on Bitcoin’s trajectory.