Elon Musk really has the ability to manipulate the bitcoin market

[Darker45]

This is still the wild wild west, after all. And Elon is so influential a figure that his statements, whether true or not, mean a lot to the market. Not to mention that he's got the money, too, to actually direct the price movement to a certain extent.

But it cannot be like this forever. Whether or not Elon would continue to blabber over Twitter, people would soon begin to see how ridiculous things are doing and whatever Elon says would have less and less effect to the market.

He's got everything he needs to manipulate the market, he's a successful businessman with several companies under his name. Since the cryptocurrency market is decentralized, thus he faces no consequences for his actions, his only goal is to profit from his actions, taking advantage of the current volatility. I think he is starting to annoy the crypto community, it has definitely irritated me.

Bitcoin was a trillion dollar market before Elon announced Tesla won't be accepting Bitcoin payment anymore. Tesla claimed it has purchased a billion and a half worth of BTC. Although it is already a huge amount, it is far from an amount that could solely sway the market in whichever direction Elon wants to.

Whether we like it or not, what largely contributes to this dump right now is probably not Elon but the weak hands who are panic selling, those who are reacting to an ignorant tweet, those who got easily emotional by a single company's decision to pull out their support from Bitcoin.

[AicecreaME]

Elon Musk is indeed influential and has the ability to cause movement of trend in bitcoin market. Musk is famous and successful businessman and investor which make people look up to him that much. Whenever he tweets something about cryptocurrency, people are always too quick to either buy and sell. Personally, I think he is a smartass. Millions of people are following him and he is using such opportunity to make the market move to his advantage.

Imagine, if he tweets about price drop prediction, majority are hurrying selling their coins. Which is a great chance for a big-time investor like him together with his colleagues because they can buy a coin at such low price because of market supply. This just a simple reminder that we shall not depend on someone regarding the price up or down. We shall use technical analysis to prevent loss and to gain profit. We shall not let the "whales" control the market flow.

[newwest]

This time it was  more of a timing issue and a double effect I would say, no doubt Elon Musk do play vital role now and with his tweet and few days later with China's new has just bought eh things in more falling demands and people started to liquated their positions in anticipation that it could dump a lot with those news combined. But now seeing this prices many of the companies would want to buy at these rates and could have big buying orders as well which may see price jump in coming days only.

[jostorres]

Haha, just like I said in the previous post, Elon Musk really has the ability to manipulate the bitcoin market, just follow him at least for the moment. But this wouldn't last long; they started to hate him.

He indeed moved the market into pieces with his tweets but I don't think a common man can actually benefit from this because I have a strong feeling that Elon is the real benefactor of all this because he knows when he is going to make a tweet people will go crazy and berserk on the market based on what he wants and hence he can easily place sell and buy orders accordingly.

The best thing one should always do is follow market news but don't get carried away with it. I mean it's a good thing to follow Musk but don't sell your BTC cheap just because he makes a tweet in disfavor of BTC. You need to understand that he is one of the richest guys and he surely is here to make money. Don't think of him as a god and follow him blindly.

[TopTort777]

Classic. Everyone is blaming Elon Musk already for a week, but only few noticed that "China allegedly banning further aspects of cryptocurrency commerce". That to that we observe today an enormous drop from 41k to 30k. Not to mention "May 17, #Bitcoin mining pool's 24-hour computing power suddenly plunged 20%. Mainly because of shortage of power supply and carbon neutrality policy." But it is so convenient to blame only one person and close other on other factors.

[paxmao]

Haha, just like I said in the previous post, Elon Musk really has the ability to manipulate the bitcoin market, just follow him at least for the moment. But this wouldn't last long; they started to hate him.

He indeed moved the market into pieces with his tweets but I don't think a common man can actually benefit from this because I have a strong feeling that Elon is the real benefactor of all this because he knows when he is going to make a tweet people will go crazy and berserk on the market based on what he wants and hence he can easily place sell and buy orders accordingly.

The best thing one should always do is follow market news but don't get carried away with it. I mean it's a good thing to follow Musk but don't sell your BTC cheap just because he makes a tweet in disfavor of BTC. You need to understand that he is one of the richest guys and he surely is here to make money. Don't think of him as a god and follow him blindly.

The more he manipulates the lower his power over the masses will be. It happened to McAfee, who at first was someone worth believing... more or less... and then became just another twitter that got paid for promoting projects, and I must say handsomely. At the end, karma caught with him and the prison sentences he got were anything but light. I think Elon is pretty much on the divide of getting his own legal nightmare served on a silver tray. An not a blockchain one, but for real.

[quocsi]

Right. Elon Musk is a bitcoin billionaire. Elon Musk has proven he has a lot of power with cryptocurrency. Every statement or tweet of this tech billionaire can 'turn the destiny' of digital currencies, making investors constantly heartbroken.

[quocsi]

Right. Elon Musk is a bitcoin billionaire. Elon Musk has proven he has a lot of power with cryptocurrency. Every statement or tweet of this tech billionaire can 'turn the destiny' of digital currencies, making investors constantly heartbroken.

  Elon Musk has manipulated the bitcoin market. He can make bitcoin go round and round. He is the king of bitcoin. The proof is that when Tesla announced to accept payments in Bitcoin a few months ago, the price of this cryptocurrency immediately increased by 10%. When Musk reversed this, the price of Bitcoin immediately fell at the same rate.

[Rengga Jati]

Yes, I admit if Elon does have the power to manipulate the market and I hate this.
Although basically Crypto Market only depends on the market itself, it cannot be denied if the role of Elon is very large. The big-name of Elon is a reference for many people, especially new people in Crypto. So what is said by Elon will usually have an impact on them to buy or sell in large quantities.

[Shasha80]

Elon Musk does have the ability to manipulate the Bitcoin market, for him cryptocurrency is only considered a toy, through his twitter he can have
an effect on the Bitcoin market. In fact it wasn't only Bitcoin that he could play with, Dogecoin's price went up because of Elon Musk too. So we really
have to immediately realize that we should no longer be influenced by Elon Musk, because since spreading FUD about Bitcoin, It is increasingly clear
that Elon Musk's goal is to make a profit for himself.

[AndySt]

Yes, I admit if Elon does have the power to manipulate the market and I hate this.
Although basically Crypto Market only depends on the market itself, it cannot be denied if the role of Elon is very large. The big-name of Elon is a reference for many people, especially new people in Crypto. So what is said by Elon will usually have an impact on them to buy or sell in large quantities.

It's just that many market players need to focus on something and rely on their activities, so they are looking for a reason for euphoria or vice versa for profit-taking The cryptocurrency market has been moving too fast lately, so Tesla's actions and Elon Musk's tweets have laid seeds on fertile ground, provoking a correction in the market that at times looks more like a collapse. If your company has at its disposal one and a half billion dollars of funds invested in cryptocurrency, then even the most avid skeptics will at least listen to your words, let alone a bunch of small investors. Another question is that right now we will be able to see the real demand for cryptocurrencies, and not the hype demand for the growth of the asset before that.

[Obito]

If this forum is always discussing and talking about Elon Musk there will be no end, what happens will pass by itself and let it all happen because we don't know what will happen next.
all we have to do now is just HODL and be patient because it's not over yet and whether it's because of Elon Musk this industry will end, and whatever we talk about won't differentiate between the words the crowd has already spoken.
indeed many people were disappointed by his decision and but many also benefited after bitcoin, Dogecoin, and other cryptos hit all-time highs.

That's the problem, people won't stop talking about it and now it becomes a big deal. @bitzizzix is right that we should just hodl and carry on and not worry for something temporary.

[xSkylarx]

I don't know how this started and when he started to promote dogecoin on his twitter. But I think this began when his company Tesla bought a large amount of bitcoin and will accept also it as a payment to buy their car, Tesla is a big and popular company in the technology field and this attracted many people to get interested in cryptocurrencies, not just bitcoin. Then the dogecoin craze happened, it pumped more than 20 cents in less than 3 months that surprised many people in crypto. When he announced Tesla won't accept bitcoin anymore, many people started to panic selling. It's like he don't know at first before buying bitcoin how it is really mined. I'm sure he and his company is buying these dips and I hope people will stop listening to him anymore when he talks about crypto.

[(o)(o)ilikeboobs(o)(o)]

Or he used the market to earn. He has return Bitcoin to where it was. He pumped the the price. This price drop in money equivalent is Elon Musks salary for pumping Bitcoin and risking his reputation.

I see a lot of people complaining that Elon Musk crashed the market. I wonder why they did not sell their Bitcoin when the price was +$64k ? They had plenty of chances to do that. I think those who complain most, thought that the price of Bitcoin would only go up. That is a total wrong thinking.

When the market is in euphoria, people are less aware of the risks of trading and they often trust the charts and analysis of famous traders.
People were greedy and they took the consequences of the bear market.

This is morally so wrong. Elon Musk is obviously using his twitter reach to influence the crypto markets and profit of it. It is times like this that I wish we had some kind of global agency that would investigate such issues. The international community should not just roll over and let Elon Musk whatever he wants. I definitely lost my trust in Elon and will not follow his recommendations in the future.

Tesla stock is falling and the Crypto community is insulting him. It was the payoff for what he did.

Sometimes I wonder why we have to listen to Elon Musk and go into the market just for FOMO. We shouldn't continue to blame Elon Musk. We need to consider our responsibility in each investment when we have allowed a loss to happen.

[ethereumhunter]

Yes, I admit if Elon does have the power to manipulate the market and I hate this.
Although basically Crypto Market only depends on the market itself, it cannot be denied if the role of Elon is very large. The big-name of Elon is a reference for many people, especially new people in Crypto. So what is said by Elon will usually have an impact on them to buy or sell in large quantities.

Sooner or later, people will see that what Elon did is wrong, so they will not follow him anymore. The crypto market will not always follow what it says and will move by itself depending on its demands. Besides that, the crypto market will be back to normal situations, but we need to be careful because, in the future, many people like Elon will do the same thing as him. We can follow them, but we need to be careful and always analyze before we decide.

[VanDeinsberg12]

Right. Elon Musk is a bitcoin billionaire. Elon Musk has proven he has a lot of power with cryptocurrency. Every statement or tweet of this tech billionaire can 'turn the destiny' of digital currencies, making investors constantly heartbroken.

I think the fact that hes billionaire has little to do with the market manipulation but instead it's because many people have been overhyping elon due to tesla and spacex, you know all the space things like mars ,etc
making people really comfortable and respectful with elon but unfortunately elon himself disregard all the respect and try to make money from the people following him

he has been accused of market manipulation many times, he definitely gonna do it again

[bitterguy28]

Haha, just like I said in the previous post, Elon Musk really has the ability to manipulate the bitcoin market, just follow him at least for the moment. But this wouldn't last long; they started to hate him.
At least if you go short, you also have some money. In this market, the more you panic, the more you lose money.
https://medium.com/snapbots-news/snapbots-news-review-elon-musk-suggests-teslas-sale-of-bitcoin-market-drop-again-cb7078dc8f00

No he is not , it just happen that there are still tons of fool and stupid people inside crypto that's why Elon is successfully fooling them all.

But reality check ? Elon has no power such us to make the market shake if only people will understand the real situation.

[acener]

It isn't just Bitcoin but any cryptocurrency that he wants he had created FUD and FOMO in Bitcoin the top crypto and also a long time ignored project (DOGE) so for me he could do it on every crypto that he wants.
It is all up to his followers and believers if they would continue to move the way he wants them to be or learn to make their own choice and ignore his statements regarding to cryptocurrency so he would stop creating FUD and FOMO.

[dezoel]

the reason given by Tesla/Elon on why they will discontinue accepting crypto is very strange, they said it's for environmental issues and energy losses due to mining, which is kind of direct attack on the fundamental of Bitcoin itself. Technically, I think OP is right, Elon was probably manipulating all till now and have no vision on it for future, which is just my opinion though seeing their statements and analysing them.

What is more interesting is that Elon 100% knew how bitcoin and its mining works but he intentionally made the announcement that time just to gain attraction, maybe to sell his bitcoins at the best prices and now maybe he just wants to buy his coins and made that announcement and as expected the market dropped.

What happens to Bitcoin we purely relies on Elon? Elon Musk is influencer and his tweets impact on market heavily, that's pretty clear. I guess as long people keep on posting ELon shits there will be no changes. Those people might have ended their concern over Elon tweet now, and focus on investing. There no need to panic and care much about Elon. If you really know Bitcoin you don't give importance on Elon or what he tweets.

It's very sad to see a market made for everyone is now being controlled by a single entity and he is playing with everyone. Although we as traders are solely responsible for this because we are following him blindly and not using our own sense. People going mad about doge coins will soon fall hard and maybe then we start praising Musk for whatever he does.

[jaberwock]

I think the fact that hes billionaire has little to do with the market manipulation but instead it's because many people have been overhyping elon due to tesla and spacex, you know all the space things like mars ,etc
making people really comfortable and respectful with elon but unfortunately elon himself disregard all the respect and try to make money from the people following him

he has been accused of market manipulation many times, he definitely gonna do it again

We can't say "little to do", that is still one of the most major reasons. You think if Elon Musk was just a millionaire, or just a regular person there would be a chance he would still be listened? Or if he was CEO-Founder of Tesla but Tesla was a struggling company that barely worth anything and barely sold any cars he would still get attention?

I mean being the richest person in the world for a while and being second now I think definitely gives him the platform. I am sure there are other rich people and we do not care about any of them so that means being rich is not enough that's true, him being second richest person in the world is not the reason he has the power to manipulate crypto BUT that one is the reason why people saw what he says in the first place, after that it was all his weirdness that kept people with him but it was a requirement at the start.