Is Elon Musk manipulating the market?

[aprilnot]

of course, he is the one who created the current FUD and he is also the one who made the market soar high. he uses his huge following to manipulate the market. see since he said crypto mining is the cause of electricity problems, the impact of crypto prices, especially bitcoin, has decreased quite significantly. or when he says bitcoin can be used to buy tesla. everything he says is solely to control the market.

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[Abiky]

Isn't it obvious that Elon Musk is manipulating the Market? Everything he has done or said about any cryptocurrency is in a bid to make a profit. Everything about his support and eventually oppose of Bitcoin was market manipulation and all the Hype of Dogecoin too.

If Elon hadn't hype Dogecoin, this wouldn't have happened. Coinbase Pro opens up to dogecoin after cryptocurrency’s 6,000% gain this year

I want to believe that there are many more well-developed crypto projects than Dodecoins that could have been listed on Coinbase pro that is still not traded there now but open to Dogecoin. These are all market manipulation and are all interrelated.

We owe it all to Elon Musk. I mean, if he wouldn't had talked about Dogecoin, prices wouldn't be this high right now. Early DOGE adopters like myself have greatly benefitted from Elon Musk's shilling across Twitter. If he keeps doing what he's doing, crypto could go all the way to Mars! Imagine Dogecoin hitting $1 per coin, while Bitcoin goes all the way to $100k. You'll be able to double or triple your investment in no time!

Of course, the same way Elon Musk leads a crypto to glory, the same way he can destroy it. Consider what happened with Bitcoin's price after Elon Musk complained about Bitcoin's high energy consumption. The pioneer cryptocurrency (BTC) went all the way down from nearly $57k to just $33k in a matter of days. It seems to me that the market is too tied to Elon Musk, as investors and traders follow his footsteps. This is bad for crypto, because it puts the entire market in the hands of a single person. The moment Elon Musk becomes bored of crypto, will be such when prices will go all the way down the drain faster than you could've ever imagined. Let's hope crypto stays resilient no matter how the market is manipulated in the long term. Just my opinion

[fancy2973]

OP's question has its merits, but the real question is where do we draw the line? If Warren Buffet says he has sold a stock or he considers buying a stock, the normal reaction of people is to listen to these gurus who have proven their success at a scale beyond human imagination. Sure, what Elon does is a bit different than what Warren does, but the effect is kind of similar.

[Cling18]

He's manipulating the market yet people are now realizing that his words will only benefit him. Elon Musk could only manipulate the market completely ifost traders and investors would listen to him continuously. We shouldn't allow people like this to rule the market especially those who are spreading FUD.

[bison]

Yes, he is definitely manipulating. I think I'm starting to get hairy now. I used to respect him and his work. I guess I have less respect for him now.

Now almost some of the people who used to respect him don't like him anymore now, because it's been proven that he never cared about other people so that every job he did was only for himself.

Yes, people have finally realized that believing what other people are saying is a mistake, but very fortunately the people who have benefited from Elon are making actions that can pump up the doge, even though Elon is actually doing it all for his own benefit.

[Maslate]

Yes, he is definitely manipulating. I think I'm starting to get hairy now. I used to respect him and his work. I guess I have less respect for him now.

Now almost some of the people who used to respect him don't like him anymore now, because it's been proven that he never cared about other people so that every job he did was only for himself.

Yes, people have finally realized that believing what other people are saying is a mistake, but very fortunately the people who have benefited from Elon are making actions that can pump up the doge, even though Elon is actually doing it all for his own benefit.

Unfortunately, they'll learned it a hard way. It's not actually a total mistake if you believe in Elon as the coins tweeted had pumped, bitcoin and Dogecoin for instance, but the crucial stage here is knowing when to get out and especially on Dogecoin which is currently overvauled.

[distr@yopmail.com]

no really, I don't think it's unreasonable if he really controls the market with words from twitter, because Elon has only entered this industry for a short time, so my opinion is that whales or large asset holders take advantage of Elonmusk through his chatter on Twitter, and do as Elon predicted when he did fomo or fud against bitcoin.

not old folks or big-money investors swayed by Elon's tweets.
we know Elon is a new rich guy who has a lot of followers. he brought a lot of new people into the crypto market which made the adoption increase in the market. new people with little skills in investing and trading in the crypto market will certainly be very easily influenced and panicked.

[gadado]

Not directly manipulating the market but he is using his influence to the new comers and probably some traders who are easily manipulated and control market from that he also pump the doge and make a lot of tweets to it where it was the main focus of all people and suddenly buy a Bitcoin worth Billion of $ and after some time saying that they will not accept it now and goes back to doge again.

[jajorforce]

Yes, he is definitely manipulating. I think I'm starting to get hairy now. I used to respect him and his work. I guess I have less respect for him now.

Almost everyone is like that now, because when Elon Musk liked Bitcoin, everyone respected him, but when he said Dogecoin for everything, everyone started hating him because it could tear down the cryptocurrency market by selling Bitcoin to most investors.

Maybe without real life, "Elon Musk" ruined his reputation from cryptocurrency. I was surprised when I saw a tweet about meeting with Dogecoin dev, the price was 25 percent up! Even now, some people will invest because those investors need short term profit. We can block or unfollow him. Maybe in these ways he could lose our support. At least we can try to stop this manipulation.

[oscarftw]

I think Elon Musk couldn't earn a good profit from Bitcoin, so he shifted to Dogecoin and started tweets. His manipulation doesn't work in Bitcoin but literally works in Dogecoin. Even one of my friends earned from Dogecoin, I think he should sell the Dogecoin. I strongly believe that this manipulation won't last a very long time. Already we have seen so many haters of Elon Musk that's enough for us. In the future, he could realize the effects on Tesla stocks.

[hitsnorth]

Absolutely. And i don't understand how he's still doing this and why people are trust him. At least it makes opportunities to buy more coins with lower prices.

[OZmaster]

I think Elon Musk couldn't earn a good profit from Bitcoin, so he shifted to Dogecoin and started tweets. His manipulation doesn't work in Bitcoin but literally works in Dogecoin. Even one of my friends earned from Dogecoin, I think he should sell the Dogecoin. I strongly believe that this manipulation won't last a very long time. Already we have seen so many haters of Elon Musk that's enough for us. In the future, he could realize the effects on Tesla stocks.

I am not so sure if Elon Musk is in it for the money! Do you think a guy with $150 + billion in the bank feels like he should get into crypto to earn some good money? He hasn't even started yet with Solarcity, Tesla, Spacex etc.

[iTradeChips]

In my opinion, I think that Elon is doing some abracadabra stuff in manipulating the crypto markets, particularly Bitcoin and Dogecoin. All I can think of is the current situation right now where one false or negative news about crypto or false tweet about crypto would result to a mini crash of some sorts and price just goes terribly down. Now that is good news for buyers of crypto but bad news for those who want to sell theirs for a profit. I think Elons manipulation attempt might be over for now and hopefully it will stay that way.

[livingfree]

Again, with his tweet a few hours ago with bitcoin logo and a heart break, the market has plunged again. This is really manipulative in a sense that people are following whatever he tweets.

People has to learn that they shouldn't depend on Elon Musk's tweets because they're not helpful at all. All they follow is whatever he says and it gives value to him because they're giving that much reaction to the market.

[mr.robot8]

I still don't understand if Elon Musk is consciously influencing the market for his own personal gain or is just making outbursts taken by the enthusiasm for no profit, however unfortunately is true he is heavily manipulating the market

[domoy77]

Absolutely. And i don't understand how he's still doing this and why people are trust him. At least it makes opportunities to buy more coins with lower prices.

Don't be too surprised by this because basically everyone who does a job is to get a lot of profit through the trust of certain people, so don't be surprised if this kind of thing is still happening today.

[Henrobakkara]

no really, I don't think it's unreasonable if he really controls the market with words from twitter, because Elon has only entered this industry for a short time, so my opinion is that whales or large asset holders take advantage of Elonmusk through his chatter on Twitter, and do as Elon predicted when he did fomo or fud against bitcoin.

I think you are right because I don't want to believe most of what some people are saying that newbies are the ones with paper hands during times like this but like you said, I believe that most of the Whales and other large asset holders are the ones that quickly react to all these tweets by Elon and causing the market to dip because they all understand how it works, opportunity to buy more and we all have to be wise and move with the trend.  

[FaucetKING]

It's not our right to blame him because other people are following his ideas. Well he might be right about the power consumption issue but it would not mean that people should freak out. I have some doubts that Elon Musk is behind DogeCoin and some other cryptocurrencies because he Shibetoshi is always responding to his tweets, it's awkward but i won't say that he is manipulating the market. We want to get more sheap btc and we would do the same if we had the influential power that he got.

[marcous]

I am not so sure if Elon Musk is in it for the money! Do you think a guy with $150 + billion in the bank feels like he should get into crypto to earn some good money? He hasn't even started yet with Solarcity, Tesla, Spacex etc.

It's also very illogical if we start to think about it because Elon Musk is not a poor person who has to fight desperately in the crypto space, so it's very clear that he entered crypto just for fun while making additional profits.

[fancy2973]

It's not our right to blame him because other people are following his ideas. Well he might be right about the power consumption issue but it would not mean that people should freak out. I have some doubts that Elon Musk is behind DogeCoin and some other cryptocurrencies because he Shibetoshi is always responding to his tweets, it's awkward but i won't say that he is manipulating the market. We want to get more sheap btc and we would do the same if we had the influential power that he got.

That is a bit short-sighted. I think if a guy abuses his power and he exactly knows that he has the power to do that, you can't only blame the people following him. If you have power you are supposed to use it responsibly. Maybe he even does and we just don't know it yet. He pushed DOGE into the limelight and there may be good reasons for him that he just yet hasn't shared.