Elon Musk’s penchant for influencing the crypto space was again demonstrated in Friday’s tweets when several coins lost 10% to 18% after Musk’s recent release of Bitcoin (BTC).
A tweet from Tesla boss showing a bitcoin sign next to a broken heart emoji could be interpreted as some kind of cryptocurrency, but after a few minutes the crypto market reacted by plunging into a sea of red, after which nearly $ 100 billion left the market. Global.
While industry leaders, worried about Musk’s impact on the cryptocurrency space, now hope that Bitcoin can escape the temptation. Greg Wiseman, CEO of payments network Mercurio, said Friday’s sale was actually an example, and noted that the recent drop was not as sharp as in the past.
“Bitcoin investors are mostly learning to ignore Elon Musk’s tweets, and this happened because the price drop was not as drastic as we saw before.” Bitcoin investors are trying to maintain a united front by limiting their panic selling, “Weizmann said. This is a good start for Bitcoin.
Traders are slowly gathering industry knowledge that will ultimately render Musk’s tweets irrelevant, Weisman said, adding that factors such as legal regulations will be a more accurate driver for the markets going forward.
“We’ve gotten to the point where cryptocurrency stakeholders will only interact on the basis of appropriate fundamentals. The cryptocurrency industry is approaching maturity and is largely driven by the accumulation of knowledge, ”said Wiseman.
“As market participants gain additional knowledge, they will learn to base their decisions on larger impacts such as regional regulations,” he added.
ZAP co-founder Nick Spanos agreed that Elon Musk’s previous tweets were more harmful to Bitcoin than those posted on Friday. This is a sign that traders are starting to ignore Musk’s influence, Spanos said.
“After today’s tweet about Elon Musk, who dropped bitcoin by about 5%, the coin is experiencing some kind of resistance. But despite the fall, Bitcoin is trading comfortably above the critical price level of $ 36,000, Spanos said.
He added: “Based on previous trends, the cryptocurrency as a whole has plummeted, but the current 6.83% rate is a sign that the market is unaware of the billionaire’s influence.”
Konstantin Anisimov, CEO of CEX.IO, shares the same view, noting that the entire cryptocurrency market cannot succumb to people like Musk any longer and that global regulation issues will soon come to the fore.
“I feel that at some point the cryptocurrency market will grow regardless of the influence of influencers such as Elon, regardless of the large fan base of Twitter, and just bow to the influence of regulators and events in the global and international market,” Anisimov said.