2 November 2024
Elon Musk’s Tweets Create Drastic Effects On Bitcoin Prices
Elon Musk, the second richest person over the seas, the one running an electric vehicle business, popularly known as Tesla.
Elon Musk is well known for his controversial tweets. Moreover, Elon Musk’s Twitter handle with 55 million followers has been impacting the cryptocurrency market drastically. A survey conducted, over the effects of Musk’s tweet on the crypto market stated, “there was around 40% correction observed in its activities before and after Tweet.”
The CIO of quant investment firm Cambrian Asset Management, Martin-Green, has addressed the Musk Factor concerning crypto markets. It was not Musk’s tweet that mattered as much, but the environment. He also addressed the issue of lack of institutional stop buying and leverage building in the system, which aggravated the bearish indicators.
“The flattening out of the marginal difference between spot buyers and spot sellers had become a lot more even-handed, not like there was a huge accumulation of demand for spot that’s rising” he added. Furthermore, with regard to the drop Bitcoin witnessed “any move down created a drastic effect of selling pressure.”
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.
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