[2021-07-23] Tesla (TSLA) CEO Elon Musk Again Moves Crypto Prices

[Woodie]

Tesla, Inc. (TSLA) CEO Elon Musk is at it again. The irrepressible entrepreneur, whose tweets are blamed for crashing the price of Bitcoin (BTCUSD) earlier this year, again moved prices in cryptocurrency markets yesterday.1


At the B Word conference, Musk disclosed that his private space exploration company SpaceX owned Bitcoin and held out the prospect of Tesla allowing customers to resume purchases of its cars using the cryptocurrency. Musk also said that he owned Ethereum (ETHUSD) and provided commentary on Dogecoin (DOGEUSD).

Investors, weary of a selloff in crypto markets the previous day, bid up prices for all three coins. Bitcoin price jumped by as much as 3% to $32,805.55, minutes after a video of the conference was released. At 1:49 UTC today, Bitcoin was trading at $32,093, up 1.73% from its price a day earlier.

The price of Ethereum also spiked by 6.3% from its morning valuation, and Dogecoin soared up by 10.9% to trade at $0.2101 in the same timeframe as a result of Musk's comments.

Musk's boost to cryptocurrency markets was a relief to investors. Bitcoin had dipped below $30,000 on Monday, raising investor fears that crypto markets were heading into a prolonged downturn.

Bitcoin Has 'A Lot of Potential'
During yesterday's discussion, Musk said that Bitcoin has "a lot of potential." But he discounted the possibility for the cryptocurrency's base layer to become a medium of transactions because it had scarcity baked into its design. The base layer of Bitcoin consists of its blockchain, which is slow at processing transactions and will only ever mine 21 million Bitcoin.

Read more https://www.investopedia.com/tesla-tsla-ceo-elon-musk-again-moves-crypto-prices-5193802

[kano]

Um ... 1.x% price rises happen every other day, if you don't see 1.x% price drops.
Even 3% isn't that uncommon  ...

Sounds like every other investment site on the planet, they have no idea what they are talking about when it comes to Bitcoin.

[dansus021]

another elon musk tweet can move the entire planet  but after crash so much people including on this forum unfollow even block it  since his tweet kinda dangerous

but i think its not just because the elon musks

[Lucius]

another elon musk tweet can move the entire planet

You’re probably referring to the last tweet about Doge, but that hasn’t changed anything - considering that it’s been 8 hours since the tweet was posted, and that coin is in red, within the limits of what we’ve been seeing for weeks. A lot of people got burned in that game of his, and they seem to have learned what pump&dump means.

but i think its not just because the elon musks

I am pretty sure that the current price increase has nothing to do with that conference, because no matter how much someone tried to connect it - the fact is that at the time of the conference the BTC price was above $32k on the way to another in a series of similar recoveries we had the opportunity to see in the last few months. An additional reason to believe this is the fact that the price of the Doge has hardly changed in the last 4-5 days, it is actually $0.06 lower than it was the case at the beginning of the month.

[Slow death]

Tesla, Inc. (TSLA) CEO Elon Musk is at it again. The irrepressible entrepreneur, whose tweets are blamed for crashing the price of Bitcoin (BTCUSD) earlier this year, again moved prices in cryptocurrency markets yesterday.

this time it was almost certain that the price would break $28000, but with this conference and these musk revelations the market recovered for some time and brought some peace and if the price manages to break the $35000 then we will see $37000 and $39000 Yeah, I think he did something right because he was responsible for this big price drop. I had even forgotten the conference date so I couldn't take advantage of it, I could have bought low and at this time I would have had a good profit

[bbc.reporter]

Um ... 1.x% price rises happen every other day, if you don't see 1.x% price drops.
Even 3% isn't that uncommon  ...

Sounds like every other investment site on the planet, they have no idea what they are talking about when it comes to Bitcoin.

Agreed. Bitcoin news media is only throwing anything to the public and waiting what gives them much clicks. Journalism appears to be dead sometimes in the cryptospace. The journalists also do not confirm their sauces. A joke tweet can make the news with an article written to imply that the joke tweet was a rumor that might be real.

[SFR10]

scarcity baked into its design.
~Snipped~
will only ever mine 21 million Bitcoin.

But that's not a bad thing and I don't care why he thinks it is.
Despite losing some of his followers and most of our respects, everything that clown says still carries some weight ^{[unfortunately]}.
^{- Having said that, I don't think that 3% jump had anything to do with him [same goes for the jump that happened in the past 30 hrs or so].}

[Kakmakr]

Why are you guys so negative? Elon Musk could have said something very bad about Bitcoin and it could have tanked even further. He said .."Bitcoin has potential" and that they are still invested in Bitcoin (SpaceX) and it definitely had a positive affect on the market.

Someone should really educate him on the "Lightning Network" and how that solved the "transaction speed" issue, because he obviously has not seen it or used it. Cmon, guys..... he was the pioneer in Paypal ffs..... he knows what he is talking about.