Cryptocurrency News, Cryptocurrency Price Analysis

Industry Pundits Are Associating BTC’s Friday Retreat With Elon’s Latest Tweet

What is there to be said about Tesla CEO and multi-billionaire Elon Musk, other than the fact that he has become one of the most controversial and talked about topics within the cryptocurrency industry and beyond in recent memory. Not only had Elon recently declared that Tesla would not accept payment in BTC due to issues relating to damaging the ecosystem and the massive energy consumption from BTC mining, but the billionaire’s words often have an adverse or positive impact on the market depending on what he feels like at any given moment.

To that point, the ‘diamond hands’ tweet had generated a buzz in the crypto community not too long ago, which led many to speculate that the billionaire may, in fact, still be holding Bitcoin (BTC), causing the digital asset’s price to go up. Now though, Elon has posted yet another tweet, this time posting an ‘in the end, it didn’t even matter’ meme with the caption ‘Bitcoin left me heartbroken.’ This led to a slight dip for the market, and BTC is now trading at a 5.4% decrease from its previous price recorded yesterday as a result. Many veteran investors have had enough of the billionaire’s antics and believe that this is all just one big game to Elon and that he is, in fact, least bothered with what happens to the cryptocurrency industry and its participants.

Market suffers

As a result of Elon’s cryptic tweet, not only did BTC suffer, but the altcoins took a slight hit as well. As of the time of this writing, BTC is trading at $36,631, ETH is trading at $2,614, BNB is trading at $369, and ADA is trading at $1.62. All of these prices are indicative of decreases from the last recorded prices 24 hours ago.

Although breakouts tend to follow these kinds of periods when it comes to sideways trading, there are some experts who warn of a possible ‘death cross’ for the long run due to the continuing downtrend.

Inexperienced traders at a loss

There had been many investors who had hoped that Elon’s latest tweet would not affect the market, thereby indicating the industry potentially moving on from being influenced by such behavior. Alas, this was not the case, as numerous inexperienced cryptocurrency traders and investors tend to treat Elon’s words as gospel (infallible and absolute), and so panic sells or buy whenever the billionaire says anything.

Also, veteran traders have therefore accused Musk of intentionally manipulating the market in this way in order to benefit Tesla and potentially fill his own pockets.

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