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The relationship that Elon Musk shares with bitcoin have always had a mediator or sort of a messenger in between. If we say that something is not right with bitcoin, everyone will suddenly start booking at what is Elon musk up to and their initial hunting radius would be his tweets. Recently Elon Musk took the internet by storm when he lauded the cryptocurrency dogecoin. This was initially a cryptocurrency that was not even supposed to be there hut the way musk has taken charge of guiding it literally “to the moon” is a work of art. First, he joins rap Mogul Snopp Dogg in a meme and then he makes sure that he is clear on his views on it, via Instagram.
This was not a long time ago, just this year when everyone was talking about how bitcoin is becoming the big bull of the market. Not under a trader POV, but the biggest bull The market was seeing.
The whole market that cryptocurrency is, most of it is behind bitcoin. The next big thing Etherium is still more than $40,000 behind at what bitcoin is currently trading at. Let us tell you that right now, bitcoin is seeing one of the biggest drops it has ever seen, from trading to an astonishing upper 60’s range, Bitcoin is now trading at around $45K. That is more than 10% of a drop, give or take 4%, mostly give.
Not because something happened, but because of a series of tweets. A lot of people are still debating that Elon Musk just pumped and dumped Bitcoin. He treated the costliest cryptocurrency ever as a penny stock and just pumped and dumped it. Here is how it happened.
It all began with the GameStop revolution that happened over Reddit. Long story short, some nerds realised that the market was being ruthless to GameStop and so, they bought a lot, and by a lot, we mean ALOT of its stocks and as a result, GameStop didn’t go bankrupt. Somewhere during this whole game,s someone redditted a dogecoin reference and that’s where it all began.
Soon after Elon Musk was seen with Snoop Dogg in a forged picture that saw him and the rapper both, praising DogeCoin.
After this, Elon Musk announced that Tesla will now accept Bitcoin as a legal tender and has bought $1.5 billion worth of bitcoins. This made bitcoin rally a bit and then nothing happened,. IT was Dogecoin that was making all the news. Even rapper Meek Mill invested around $50,000 in the cryptocurrency and shared it over Instagram.
If you had closely paid attention to the crypto market back then, one thing was pretty clear. Two cryptocurrencies were seeing the best of their rallies. Bitcoin and DogeCoin and there was one man behind that. Elon Musk.
Cut to two months later, India began seeing a raging pandemic and the world saw the powers of the virus as the south Asian giant saw more than 4000 deaths and a devastating 400,000 cases a day. This was accompanied by the Israel Vs. Palestine Death match. To cut it short, bad things happened over the world but as its genetics would react, the crypto market did not react to all these things. Till now Elon Musk had made another tweet and that is what made the bull run stop like it was supposed to. To quote the joker here ‘ I think that is what happens when an unstoppable force meets an immovable object”. Elon musk took his Twitter handle to announce that Bitcoin had some severe environmental issues and musk himself was not in favour of mining bitcoins. As an immediate effect, he said, Tesla won’t be accepting bitcoin due to the harms it does to the environment and BOOM! Bitcoin fell on its face and began seeing a downtrend. Elon Muk also hinted that he would rather accept those cryptocurrencies that are less lethal to the environment.
Think about it, GameStop, DogeCoin( price rises), Bitcoin (price rises) and then to hell with bitcoin (literal hell).
All by the tweets of just one person.
This tells us how much the market is dependent on the psyche of the traders.
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