Cryptocurrency News

When will Elon Musk’s influence on bitcoin end?

Elon Musk’s tendency to influence the crypto space with devil-may-care tweets was on display again on Friday, as many coins lost between 10-18% in the wake of Musk’s latest bitcoin move.B T c) Mam.

Tesla CEO Tweet The one that shows a bitcoin symbol next to the broken heart emoji could be interpreted as fairly cryptic, but within minutes the crypto market reacted by plunge into a sea of ​​red, as $100 billion neared Global market capitalization dropped out.

Industry executives concerned about Musk’s influence on the cryptocurrency space are now increasingly hopeful that bitcoin may escape its gravitational pull. Friday’s selloff was indeed an example of this, said Greg Wiseman, chief operating officer of payments network Mercurio, who pointed out that the latest drop was not as violent as it was before.

“To a large extent, bitcoin investors are learning to ignore Elon Musk’s tweets and it has become clear because the price drop was not as big as we saw before. Bitcoin investors strive to maintain a united front that they How panic sells. It’s a good start for bitcoin,” Wiseman said.

Wiseman said traders are slowly accumulating industry knowledge that will eventually make Musk’s tweet irrelevant, adding that factors such as jurisdictional regulations will be a more accurate driver markets in the future.

“We are reaching the point where crypto stakeholders will only react based on relevant fundamentals. The cryptocurrency industry is moving towards maturity, and to a large extent, knowledge accumulation is taking center stage,” Wiseman said.

“As market stakeholders gain additional knowledge, they will learn to base their decisions on the implications that matter most, like regional regulations,” he said.

ZAP Protocol Co-Founder Nick Spanos Agrees That Elon Musk’s Previous Tweets Prove It more destructive Compared to bitcoin posted on Friday. Spanos said it was a sign that traders were beginning to ignore Musk’s influence.

“Following today’s tweet from Elon Musk, which has pushed the price of bitcoin down by about 5%, there is some sort of resistance from the coin. But despite its decline, bitcoin is comfortably trading above the critical price level of $36,000. Has been,” Spanos said.

“From past trends, cryptocurrencies have generally seen a sharp decline, but the current 6.83% is a sign that the market is proving oblivious to the billionaire influence,” he said.

The executive director of CEX.IO, Konstantin Anisimov, shared similar sentiments, noting that the entire crypto market may not bow down to individuals like Musk for much longer and that global regulatory matters will soon take center stage.

“I think at some point the crypto market will become independent from the influence of influencers like Elon, despite his large follower base on Twitter and tend to be influenced by regulators and events in the global and international markets,” Anisimov said. said.