Every time Elon Musk talks positively about Dogecoin on Twitter, price per coin goes all the way to the moon. The contrary happens if he talks negatively about it. Most recently, Elon Musk criticized Bitcoin's high energy consumption stating that it's harmful to the environment. This caused Bitcoin's price to plunge all the way to $42k in an instant. It's up to this point, where Bitcoin hasn't recovered back to the $57k - $58k range.
It looks like people make decisions based on someone else's opinion instead of doing their own research about it. Most people follow Elon Musk closely, so anything he says (good or bad) can directly affect the whole crypto market in general. I believe Elon Musk's true intentions is to manipulate the market for his own financial benefit. Who knows if he bought more Bitcoin after prices went down because of his tweet?
What are your thoughts? Do you think Elon Musk is manipulating the crypto market? If not, why? Will crypto carry on as usual without Mr. Musk in play? Or is it too late? Your input will be greatly appreciated. Thank you.
Clearly, Elon is manipulating the market considering how big his assets are and how influential he is to persons who are A: under his relevant network in the crypto market or B: people who are new to the market and are lazy to do their own research and rely on big people like him for advice, well, in fact, they are fool into playing his strategies for his own good. But on the other hand, if those people have won through him, then I see no problem in a win-win situation. It's just a matter of our own judgement when it comes to trading, investing bitcoin and other coins connected.It looks like people make decisions based on someone else's opinion instead of doing their own research about it. Most people follow Elon Musk closely, so anything he says (good or bad) can directly affect the whole crypto market in general. I believe Elon Musk's true intentions is to manipulate the market for his own financial benefit. Who knows if he bought more Bitcoin after prices went down because of his tweet?
What are your thoughts? Do you think Elon Musk is manipulating the crypto market? If not, why? Will crypto carry on as usual without Mr. Musk in play? Or is it too late? Your input will be greatly appreciated. Thank you.
You are right, there are people who really benefited from the Elon Musk manipulation, just like the growth of DOGE, if they bought at a cheap price and sell at the right time, they are in big profit and they'll be so thankful to Elon Musk. Unfortunately, we have late comers who are not in the right timing, they accumulate DOGE at a high price, now they are holding and holding DOGE will bounce back and bring them some profit.