Dogecoin has been a hype-driven cryptocurrency since the start of 2021. That was after Elon Musk promoted the meme coins through his tweets, claiming that the asset will become leading crypto in the future.
However, the executive seems to target Bitcoin at the moment. The CEO started as a crypto enthusiast. However, the BTC price reflected his optimism. Early this year, Tesla announced purchasing Bitcoins worth $1.5 billion, intending to accept BTC payments for its car deals. In March, Elon Musk tweeted that his company allows people to purchase vehicles using Bitcoin. However, Tesla suspended BTC undertakings later, citing the insane power needed to mine the leading coin.
Market players noted BTC price changes at each stage of Elon Musk’s involvement. Starting from supporting Bitcoin, Tesla buying BTC, and the prices that followed afterward, you would hardly deny that the billionaire influences the crypto market. The roller-coaster emotions by the CEO saw the market experience wild volatility over the past month.
However, do you have any evidence to suggest that Tesla executive manipulates the crypto market?
During an interview, Magda Wierzycka, Sygnia CEO, crtisized Elon Musk. The official stated that the current BTC price indicates price manipulation by an influential and powerful individual.
Nevertheless, Musk stepped up to call the information inaccurate. He added that his company sold 10% of its BTC holdings to check the possibility of liquidating the coin without impacting the market.
He further added that Tesla might resume BTC transactions as long as miners can confirm using around 50% green energy for a positive future.
Market players attribute the current BTC situation to China’s crypto crackdowns and the tweets from Elon Musk.
However, that made market players question Bitcoin’s correlation. With the recent market behavior, crypto fans concluded that individual tweets and industry decisions could drive the crypto market.
Thomas Lee stated that institutional investors have less impact on the crypto market price changes. The fluctuations by individuals and companies mean that the market is required to evolve more. What do you think about the above subject? Feel free to share your views.