bitcoin falls one after another unclear tweet Elon Musk suggests possible breakup with major cryptocurrencies.
— Elon Musk (@elonmusk) 4 June 2021
Despite several attempts to ignore Musk in recent days, the Tesla boss today demonstrated that the extent of his influence far exceeds those of his critics.
bitcoin takes a tumble
The market has been uncertain ever since Tesla withdrew BTC as a payment method a month ago. Musk cites concern use of coal In bitcoin mining as the reason.
During the sell-off that followed, Bitcoin found support at $29.8k, leading to a strong rally at that price level. But since then, it has been trading in a narrow band between $34.6k – $39k.
Source: BTCUSD on TradingView.com
Breakout hopes were dashed in the early hours of today, GMT, as BTC fell 3% following Musk’s heartbreaking tweet. The sell-off continued till morning, with Bitcoin falling to $36.7k at the time of writing.
Tesla bosses have come under fire in recent days over some deem market manipulation. In his latest tweet, musk #Bitcoin was written and followed by a heartbreaking emoji. It was also accompanied by a meme referencing the Linkin Park song In the End.
In true form, tweets leave readers to guess the exact message behind the communication.
Source: @elonmusk on Twitter.com
Co-founder of Onchain Capital ran neuener commented that this latest tweet did not have the same impact as his Bitcoin U-turn tweet a few weeks ago.
“Someone else seems to think that with every bitcoin tweet,@Elon Musk Losing more and more dominance?”
Musk accused of market manipulation
Given the strange circumstances surrounding the bitcoin U-turn and the events that followed, many have tried to theorize what is happening to Elon Musk.
talk show host and political commentator Stuart Verne expressed concern over the level of influence Musk has on the cryptocurrency markets.
Verney places Musk in the same talent category as Steve Jobs, but questions his involvement with Dogecoin, which Varney explains is considered a “joke”. coin“
“The man ranks right up there with Steve Jobs!
So what on earth is this kidding fool coin, otherwise known as Dogecoin?
Varney went on to say that he was concerned about what Musk might do to the financial markets. Adding to this, the spin side of this point means that financial systems are unstable and exploitative. Furthermore, we, as market participants, are easily manipulated.
“… He is a naturally born showman and he uses his talent and his vast wealth to attract attention. He loves it. And it works.
This tells me that there is a lot of money out there right now, and we are easily manipulated. “
Pre-Offensive Tackles at Carolina Panthers Russell Okung started a billboard campaign this week to remind people that we shouldn’t take Musk too seriously when it comes to bitcoin.
The billboard slogan reads, “Stick to space, Alone.”