Markets pumped quick after CZ said this, but don't FOMO yet!

[2double0]

It's going to be a long winter, but Elon is bullish on BTC.
However, that was not the reason for the recent pump from $15796 to $16700. Below was the reason, some extra confidence was spread in the community by CZ:



This surely does not mean that the markets will revive so fast the way we saw during previous bull runs. Firstly Luna and then FTX have worsened everything, else we were going to see some great moves during November and December.

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[michellee]

And let's hope that it happens in November and December this year. It was a brave move from CZ to make such a tweet, especially since there were already two huge bad cases. But I'm still curious about what CZ meant and have questions about the tweet.

But right now, the bitcoin price has returned to the $16k mark, which seems to be strengthening for a while. Hopefully, the price will continue to strengthen to return to a higher price.

[NeuroticFish]

While this can indeed give some confidence to the investors, I think that this can easily become a poisoned gift, in the same way CZ took SBF's FTT to "use" as "emergency break" when the things become shitty (FTX too inflated, too dangerous for Binance).

However, let's not cheer for CZ and the current price level. The current price level doesn't deserve that and CZ clearly does all this for his cold calculations.

[Lucius]

It's incredible how people think and what they see as the reasons why the price changed by 1% and they still define it as a pump

If CZ and Mr. Mars published some apocalyptic statement today, would that mean that Bitcoin would die (again) and panic would reign? Saving projects that are otherwise strong is one of the biggest stupid things I've read, but if it makes sense to someone, be happy because the great savior has spoken to you with words of comfort.

[mk4]

That, and most probably as well as this:



https://twitter.com/elonmusk/status/1592043719645356034

Crazy how just a Tweet from specific people can move the markets so much.

[Baofeng]

I'm not seeing a pump though, although we might consider the price going like $15,9xx-$16,7xx again. Because it went low as that price in the last 8 hours and then suddenly get a good bounce.

Nevertheless, we will have see about this so called "industry recovery fund". If that is the case then maybe we will be like as centralized as the banking system and then CZ has so much control more than ever.

Will it do good for the market in the long run?

[Charles-Tim]

I hope people will not be taking what these celebrities like CZ are saying, their moves now could be what would later caused some panic in the bull runs to come. CZ was not there during Mt. Gox exchange hack, he was not there during many hacks, scam altcoins and manipulations in the past. There is nothing he is doing than to just dominate the crypto market. Without him doing anything, bitcoin price would pump when the right time comes. Stop listening to these people to avoid manipulation and control.

[batang_bitcoin]

So that's like an insurance policy term for those failed projects but based on their measurement, is a good one? I'd like to believe Elon this time if he says that bitcoin is going to make it because there's no other meaning to it and that's straight to the point that we all know.
Long bear market? Well, that's easy, we've been into it once, twice or many times for the others. It's no longer going to be hard way of dealing with this current long bear market.

[2double0]

That, and most probably as well as this:



https://twitter.com/elonmusk/status/1592043719645356034

Crazy how just a Tweet from specific people can move the markets so much.

Elon knew that him coming up when the market conditions are too shaky will embrace his ability to clown people and make them believe that he still holds his influence on the markets. However, all I see here is, these people are doing all this for their own business to profit.

[posi]

This is like both wanting to assert that they are dominating the market, their influence over the market is too great. I still don't know if this is good news for the market, when power is concentrated in one person. One who owns the world's largest exchange and one who owns the world's most popular social network, the two combined can control the market however they want. It is also possible that the demise of FTX was due to other reasons as well .

[stompix]

If CZ and Mr. Mars published some apocalyptic statement today, would that mean that Bitcoin would die (again) and panic would reign?

Mr. Mars did an interview a few days ago and I sincerely can't find any line where not to agree with him, especially the last line:
https://www.coindesk.com/business/2022/11/12/elon-musk-reveals-talks-with-sam-bankman-fried-my-bullshit-meter-was-redlining/

“I would reaffirm that, if you have crypto, you should have it in a directly-accessible cold wallet. Not in an exchange,” Musk said. “That would be wise.”

Apart from stating the obvious and not the SAFU things CZ is promoting, I liked how he characterized SBF, pretty much nailed it.

And I know my bullshit meter was redlining. It was like, this dude is bullshit – that was my impression

Too bad too many felt for his bullshit, but at least we don't have any contagion to bigger and more important companies so that the whole world would point fingers at crypto again like bitcoin would be to blame for!

Below was the reason, some extra confidence was spread in the community by CZ:

Yeah, the guy that triggered all this now spreads confidence, we got rid of all our competitors through shady deals and made a lot of people lose money, but now you're safe as I'm the only one in charge of everything.  Love how he has found all the ways to protect everyone AFTER the things he knew for months screwed eveyone.

[laurenB7742]

That, and most probably as well as this:



https://twitter.com/elonmusk/status/1592043719645356034

Crazy how just a Tweet from specific people can move the markets so much.

Elon knew that him coming up when the market conditions are too shaky will embrace his ability to clown people and make them believe that he still holds his influence on the markets. However, all I see here is, these people are doing all this for their own business to profit.

It looks like he is trying to find a way to cement his reputation and maybe he will wait for the right moment to manipulate the market again as he did with the 2021 bull season.

He is just like us, whether a believer in bitcoin or a strong believer in bitcoin, our goal is not too different, which is profit. That's why I never blamed him for his past manipulation or what he is doing with dogecoin. If we were in his position, I believe we would do so as long as it was profitable for us. But anyway since this tweet has given the market green, we should thank him.

[JoyMarsha]

I wouldn't say the bitcoin price increased because of CZ's tweet. Without his tweet or not, bitcoin will increase. This is just a mere tweet though but I do like the fact that CZ is always on the verge of building confidence back in crypto when there is a crisis. We saw how he restore hope in people's investment in luna, and now he's doing the same thing. 

[OgNasty]

I don’t think it’s good news. Binance is likely starting this because their peers are all failing and asking for help. CZ says he was contacted by 4 or 5 firms to get help. If that many exchanges are running to Binance to save them, you know the entire industry is in trouble. That’s why CZ is doing this. It might be good that he’s trying to find help to keep things afloat, but the fact it’s needed is definitely not a good thing.

[Woodie]

It's going to be a long winter, but Elon is bullish on BTC.
However, that was not the reason for the recent pump from $15796 to $16700.

I know Elon Musk can play both villain and good guy at times but on this one this is a confidence booster that the markets needed with all setbacks going on and this should be a "W" for us. Hope he shills BTC more to get the markets green again 

Below was the reason, some extra confidence was spread in the community by CZ:



This surely does not mean that the markets will revive so fast the way we saw during previous bull runs. Firstly Luna and then FTX have worsened everything, else we were going to see some great moves during November and December.

As much as we try to give praise to CZ, sadly he did play a part in the recent happening and this could be him feeling guilty for it... This is the ugly side of holding too much power in the crypto markets (monopoly) and nobody can do anything about it.

[bbc.reporter]

@2double0. We do not have a choice because we have no more money in our wallets hehe. Su Zhu, Do Kwon and Sam Bankrupt-Fried have scammed everything already hehehehe.

@Woodie. People like him have no guilty feelings over what they do in business because it was only business. He is only helping the cryptospace to only help himself. He will buy everything cheaply and it will also protect Binance because more dump from here will begin to have negative effects on them.

In any case, according to this article Binance has $70 billion in their reserve.



As per the details from Nansen, CZ’s exchange now holds $70,675,000,000 in its reserve, showing its commitment to transparency. The data shows that 32.99% of the assets are in BUSD, 22.92% in USDT, 10.22% in ETH, 8.97% in BTC, 8.60% in BNB, and 16.29% in other tokens.

Source https://watcher.guru/news/binance-holds-70675000000-in-its-reserve

[Fundamentals Of]

Is the market now in CZ's hands? If CZ declares the market is about to experience some turbulences, it will happen, and when he says he will form some kind of a fund to help projects in liquidity crisis, the market will also recover?

This is the most BS thing in the market. We couldn't get more centralized than this. I don't think we deserve any mercy if we all believe in this. We're now becoming members of the Doge cult army with Elon as our god.

Bitcoin has its fundamentals. The fundamentals of Bitcoin is far stronger than CZ, Elon, and everyone else combined. Even if all of these centralized exchanges including Binance will perish, Bitcoin's features remain convincing.

[adaseb]

It was defiantly CZ tweet that caused that massive pump yesterday. I saw the huge move and then checked Twitter and in that exact moment he tweeted.

This is proof that these markets are very thin. Very little liquidity on both ends hence you need to use stops or else you will have a long bag to hold.

[Lucius]

It was defiantly CZ tweet that caused that massive pump yesterday. I saw the huge move and then checked Twitter and in that exact moment he tweeted.

I don't know what kind of massive pump you are talking about, so the price changed only 1% or maybe slightly above that - and someone calls it a pump

Who is then responsible for the pump that happened on November 10 when we had a price increase from $15.7k to $18k? Did CZ burp after a hearty breakfast, or did Mr. Mars fart, was it some kind of el efecto mariposa?

[yhiaali3]

I'm a bit surprised, at first there was a lot of talk about Binance and CZ's role in the FTX exchange crisis, CZ's backtracking on the FTX deal was a merciful shot at FTX's death, now these statements by CZ come as a surprise to me, I hope His intentions are really good because there is some talk about CZ's dream of becoming an unrivaled Crypto Emperor.
November is the month of violent turmoil so hopefully things will end well and stability and prosperity will return to the crypto market.