Key Insights Elon Musk shared a meme about Changpeng Zhao (CZ) as the crypto market selling erased recent Bitcoin gains. Following the meme, the GREEN MORNING (GM) meme coin skyrocketed over
Elon Musk shared a meme reportedly featuring Binance founder Changpeng Zhao as the crypto market slumped on November 6. The response followed a sharp Bitcoin decline that quickly erased its brief recovery above $80,000 after the US midterm elections.
Musk also posted a grimacing emoji in another exchange with Dogecoin cofounder Billy Markus, commenting on falling AI stocks. Bitcoin traded near $75,600 on November 6. The posts captured the mood around falling prices but didn’t explain what caused the broader market decline.
Markus, who posts as Shibetoshi Nakamoto, greeted followers from Japan before asking how the crypto market was doing. Elon Musk answered that post with an image, according to X posts. The blurred image still made the CZ reference recognizable.
A separate thread connected Markus with a Polymarket post about CNBC host Jim Cramer. The post summarized Cramer saying the AI stock selloff was not another dot-com crash. Markus responded with a blunt expression of alarm, and Musk added the grimacing emoji.
Elon Musk on Changpeng Zhao (CZ) | Source: X
These exchanges offered humor around the crypto market downturn. They contained no specific Bitcoin target or explanation of exchange operations. The image supplied the Zhao connection, while the other response focused on the AI stock discussion.
Meanwhile, GREEN MORNING (GM), a BSC meme coin with the same icon that Musk shared in his meme, skyrocketed following the meme exchange on X. According to CoinGecko, gains exceeded 900% after Binance co-CEO He Yi reposted related comments. An initial 80% jump lifted its market capitalization to roughly $5.64 million.
GM subsequently rose to its 24-hour high of $0.00805, bringing its valuation to around $8.05 million. However, at the time of writing, GM was trading at $0.005927, with a $5.26 million market capitalization and about $12.34 million in daily trading volume.
Bitcoin fell 6% to $75,700 during the November 5 decline. Ethereum fell more than 7% to about $2,247, while Solana and XRP also retreated. The crypto market shed about 5%, leaving total capitalization near $2.64 trillion.
The crypto market Liquidations approached $1.1 billion over 24 hours. CoinGlass figures show roughly $955.6 million in long liquidations, or around 88% of the total. This concentration indicates that traders betting on higher prices absorbed most of the forced closures.
Exchanges liquidate leveraged positions when collateral no longer meets required margins. Such closures can add selling pressure as prices fall, making an initial decline harder to absorb.
The crypto market reversal coincided with heavy losses in US technology shares exposed to AI infrastructure spending. The timing shows simultaneous weakness across risk assets; it does not isolate one cause.
Bitcoin had reclaimed $80,000 after the November 3 elections. That recovery faded quickly, leaving the Bitcoin price back near the lower end of its recent trading range.
The BTC/USD daily chart showed Bitcoin at $75,599 on November 6. Its 200-day exponential moving average stood at $76,481, placing the price below that longer-term benchmark.
Bitcoin Price Action Amid Crypto Market Crash | Source: TradingView
The Bitcoin price also sat below the 100-day EMA at $77,702. The 20-day and 50-day averages stood higher, at $79,096 and $79,734, respectively. All four displayed averages sat above the market.
The current positioning points to a weakened trend across the chart’s tracked periods. The nearest EMA above price was $76,481, followed by $77,702. A rebound through those levels would recover lost benchmarks, though it would not guarantee a sustained recovery.
The Relative Strength Index measured 37.81, below its moving average of 40.43. This reading indicates weak momentum but remains above the conventional oversold threshold of 30.
The crypto market leader recorded a session low of $75,205. A break below that low would extend the latest decline, with $75,000 providing the next nearby round-number reference.
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