Musk Sways the Crypto-market Again: King of Tesla Strikes Again!

Tesla has a big position in Bitcoin and was able to influence the crypto market before. Elon Musk’s huge list of followers also was one of the major reasons that enabled Tesla from influencing the crypto-market.

On Friday Must be tweeted with ‘#Bitcoin’, a picture of a couple discussing a breakup and a broken heart emoji which lead to a 4 per cent dip of Bitcoin in the crypto market. He also tweeted a comic strip showing break up and also commented ‘nice’ to a post about Dogecoin, a rival to Bitcoin, from a crypto exchange coin-base.

Tesla had stated that they would no longer use Bitcoin for car purchases due to the concerns about using fossil fuels to mine the cryptocurrency. Since then Musk has been critical of cryptocurrencies. He has announced that Tesla would not sell its Bitcoins but his tweets still influence the crypto market largely.

Cryptocurrencies including Bitcoin are recovering from their drop last month due to Tesla’s change of plans and also due to China’s renewed regulatory scrutiny.

Bitcoin is almost 40 per cent below its April’s record of $64,895.22. Tesla Stock has also dropped since February when it announced its purchase of $1.5billion Bitcoin.

Ether, the second-largest cryptocurrency dropped by 4 per cent on Friday. But it might be able to achieve a weekly gain of more than 10 per cent for a second consecutive time.

The most vulnerable to the comments made by Musk is Dogecoin. Musk’s comment has moved Dogecoin from the bottom of the market to one with a market value of over a multi-billion dollar. On Friday, Dogecoin stabilized itself a $0.40 after dropping a little. Since Sunday, however, dogecoin is art a rise of about 40 per cent.