CRYPTO NEWS

Tesla CEO Elon Musk has had a uniquely massive influence on the world’s largest cryptocurrency price movement by market capitalization. Through a couple of tweets, announcements, and a Saturday Night Live appearance, the eccentric billionaire has sent the price of bitcoin on a roller coaster, essentially putting the cryptocurrency’s investors in a vulnerable position.

Whatever his intention, some bitcoiners have argued that it’s practically impossible for bitcoin to be on the leash of one man. Yet, the same bitcoiners have accused Musk of assertively moving the price of the cryptocurrency. Well-known crypto trader CryptoWhale made this observation under Musk’s Friday tweet, in which he posted a puzzling meme suggesting some kind of break up with the cryptocurrency.

CryptoWhale regards these accusations by bitcoiners as “peak hypocrisy” —  and Musk seemed to agree with him.

Nonetheless, the price of bitcoin once again fell following Musk’s tweet yesterday. 

Elon Musk Easily Moves The Bitcoin Market

Bitcoin’s price has been highly volatile in recent weeks, thanks in no small part to Musk pushing a greener bitcoin agenda while suspending BTC payments at Tesla.

Unfortunately, this Elon Musk circus could be ruining bitcoin’s image — a cryptocurrency that is often lauded as an uncensorable asset that also doubles as a hedge against the Great Monetary Inflation. Bitcoin is deemed as digital gold owing to the fact that the cryptocurrency behaves like a risk-off asset like the precious alloy. The dormant cryptocurrency has also been touted as an insurance policy against the unknown.

Is there something the bellwether cryptocurrency can’t do? Much to the displeasure of bitcoin enthusiasts, the cryptocurrency can’t seem to fully shake off Elon Musk’s market-moving effect with each tweet he sends out.

In related news, Musk brought back his bitcoin-themed avatar to his Twitter profile hours ago. The avatar features a Japanese girl with a dress bearing the bitcoin logo. Notably, the girl also has the so-called “laser eyes”.

Suffice to say, Musk has become the Zoella of crypto markets, and there’s no way around it for ardent bitcoin fans for now at least.

👍 Like

0 Like(s)

Share

You should also read...

Bitcoin 13/05/21 09:29 by Olivia Brooke

Elon Musk Pokes Massive Hole in the Bitcoin Market After Halting Bitcoin Payments at Tesla

Elon Musk left the Bitcoin ecosystem in shambles when he, in his most recent tweet revealed that his electric vehicle company Tesla, would no longer be accepting car purchase payments in Bitcoin. ...
Read More

Altcoins 21/05/21 08:37 by Brenda Ngari

Elon Musk Clarifies That He Hasn’t And Won’t Sell His DOGE Holdings – Hints At Dogecoin Hitting $1

Tesla and SpaceX CEO Elon Musk tweeted yesterday that he hasn’t and won’t be liquidating any of his Dogecoin (DOGE) holdings. His latest tweet came after YouTuber Dave Lee suggested that Elon ...
Read More

Crypto 22/05/21 19:43 by Brenda Ngari

Why Vitalik Buterin Says Crypto Will Eventually Be Immune To Elon Musk’s Market-Moving Tweets

One of the primary Achilles heels of crypto is its notorious volatility. This has discouraged many institutional and retail investors who are used to calmer moves in the traditional markets. Unfortun...
Read More

Crypto 04/06/21 21:20 by Olivia Brooke

Binance CEO CZ Lambasts Tesla CEO Elon Musk For ‘Irresponsibly’ Manipulating The Crypto Market

In a very unexpected twist, the CEO of Binance has lashed out on Elon Musk, following his negative tweets about Bitcoin. For many, this comes as a shock especially considering that CZ had previously ...
Read More

Altcoins 09/07/21 21:58 by Brenda Ngari

The Real Reason Elon Musk Feels Dogecoin’s Major Update Will Make DOGE Far Superior To Bitcoin, Ethereum

Controversial Tesla/SpaceX CEO Elon Musk has once again made a compelling argument for his favorite meme-themed pet project, Dogecoin.  Musk, the self-proclaimed Dogefather, today reacted to a tw...
Read More