The price of bitcoin after Elon Musk’s tweet
BTC was temporarily back above $39,000 yesterday, but after Musk’s remark, it plummeted to roughly $37,500. It fell as low as $37,000 four hours later, before briefly stabilizing.
This was not, however, a real crash like the one that occurred a few weeks ago when Musk made similar tweets. In reality, the current price is the same as it was two days ago, thus the latest tweets from Tesla CEO Elon Musk have had little impact this time.
On the contrary, the current price is still higher than it was three days ago, indicating that the market has held up well to Musk’s declaration of his separation from Bitcoin this time.
However, many bitcoiners dislike Musk’s meddling these days, so his ultimate exit from the market would not be viewed as a negative by all.
Furthermore, it should be noted that the price of Dogecoin has not increased in any way. On the contrary, it has lost more than bitcoin in the last 24 hours: -12.4 percent versus -5.7 percent for Bitcoin.
When we consider that Tesla’s stock price is currently 35% down than its late-June highs, it’s clear that Elon Musk has lost his “magic touch,” which in recent months has caused the price of what he championed on Twitter to rise on the stock market. If that’s the case, it could be beneficial to everyone but himself, of course.