Elon Musk Continues to Manipulate the Price of Cryptocurrencies
OREANDA-NEWS. Elon Musk continues to influence the quotes of currencies and stocks through Twitter: this time, he instantly reduced the bitcoin rate by more than 3.4 thousand dollars, or 10%.
Elon Musk, who created the aerospace company SpaceX and electric car maker Tesla, published only one word during a Twitter discussion of the future of Bitcoin, which led to an instant depreciation of the cryptocurrency.
One cryptanalyst noted that bitcoin holders would be very upset when they learned from reports in the next quarter that Tesla, which Musk runs, "dumped the rest of its bitcoins." Indeed, Musk replied. This immediately led to a decrease in the bitcoin rate by 10% to 42.7 thousand dollars, according to CoinDesk data at about 3:44 Moscow time. This is the lowest level since February 2021. By 10:15 Moscow time, the drop slowed down to 9%, or to 44.584 thousand dollars.
In February, Tesla announced a $ 1.5 billion purchase of bitcoins. Moreover, the automaker announced that it will start accepting cryptocurrency payments for some of its products. Immediately after that, the rate of the most popular cryptocurrency rose by 13% and approached a new historical maximum - up to over 43.5 thousand dollars, and then above 55 thousand.
Musk is often accused of manipulating the cryptocurrency and Tesla stock market.