Topic: Elon Musk adds #Bitcoin to his Twitter bio - page 4. (Read 1310 times)

I am happy with the spike in exchange rates for Bitcoin, but at the same time I can't ignore the fact that Elon Musk has been accused of market manipulation before. He has tried to influence the stock markets in the past multiple times with his tweet. Here is a statement from the SEC regarding some of his tweets:

https://www.sec.gov/news/press-release/2018-219

And just a few months ago, he was again accused of doing the same:

https://www.theverge.com/2020/5/1/21244747/elon-musk-tesla-tweets-shares-sec-settlement-stock

Now there is a real possibility that he is doing the same with Bitcoin as well.

Of course, he is very successful, his company, his persona and aura so people are going to follow whatever he says. I would also like to think that there are cult followers of Elon Musk, LOL. So that tweet has something to do with with the quick BTC bitcoin in the last 24 hours.

And then we have the whole WSB hype as well, even coinmarketcap is displaying it on their site ahead of Bitcoin, but we all know that this is just a friendly joke on part of CZ. It was like crazy in the last 24 hours though, too many hype and frenzy to push the price as high as $38,000.

Well, you can't just say they are stupid, most of them might be following Elon Musk's investment ventures the reason why seeing this hashtag make them invest in bitcoin. I don't what should I feel but maybe he's just meme-ing or maybe he's just having a great time being invested during the pump that happened.

Pretty much sure its coinmarketcap just trolling the situation. First glance, I thought this was something real and then realized it's ranked "0". And then further investigation showed that they are doing it just for the "memes".
Click the coin and you will see a friendly warning that says that this is just a joke, that coin doesn't even exists and if you ever come across a coin like this, use your own "brains".

I figure it isn't astounding since Elon Musk richest person and its statement matters, But maybe he planning to invest more Bitcoin and may be paypal HODL more Bitcoin.They're lovely much the ones that fair let themselves get cleared by the wave, not truly considering around the haws of things. Not to say how there were very a Parcel of articles around Elon Musk fair tweeting stuff, and after that stocks of that specific company related to that tweet surges. It may be fair thought of as a coincidence, and may be other reason pump of Bitcoin.

Some people do not really know why they are into cryptocurrency, that's why they fall a prey of wrong choice because of following some so called influencer. Better to know what you are doing than waiting for what someone will tweet about. The time to humble everyone so coming.

The world's richest man. The smartest man of our generation. I just hope he takes some of his fiat and converts as well. A true believer. I'd hate to see Musk without at least a 10k+ BTC allocation.

"Just so if you were wondering about the sudden price spike:"

I think of writing a bot that buys everything mentioned by Musk There was a similar bot and year or two ago about shorting companies mentioned by Trump.

Aside from joking, this is good. A broader audience will get into the crypto world.

Bitcoin's value has suddenly surged today but we have seen this in the past as well without any announcment or hint from major investors. I agree to an extend about Doge coin's pump due to Elon Musk's tweet but I don't think it would have a lasting effect on Bitcoin because it has already got investment from other big players, Bitcoin doesn't need support from Elon Musk as it will only lead to more chaos when newbies who joined after announcement starts panic selling.

I can't tell if Elon Musk is buying Bitcoin because it suddenly pump but if he's just that too influential just because he adds #Bitcoin to his Twitter then what more if he suddenly buy thousands of Bitcoin? I think people are starting to FOMO after reading the news which is surprisingly good to let the market pump again yet after reaching $38k it's still not enough to break another ATH, I guess $41k is just the ATH for Bitcoin.

I cant imagine how Elon Musk be very influenced by people. By just his tweet, poor people start to believe in it and we can't deny about the tweeter hacked account last month is very effective to impressed people and invest, will I guess, they were trapped at this moment.

We had pros and cons here, people will I guess happy because of Elon Musk's tweet, but what if those people had to lose and become disappointed from their loss and, possible of a big dump soo, I can't blame my self to ask, what next?

To be fair, you sold low and the market didn't go your way. So you made a bad trade. This happens to traders all the time. It happens everyday. Can't blame these redditors/musk-ists pumping bitcoin for the fact that you made a bad trade. You were trying to play the volatility of the correction and sold ~23% below the high. Nothing wrong with that - might have gone your way, might have not gone your way, either way it was a somewhat risky move but you hoped it would drop more and it didn't. Selling low during a correction is always a risky move. Hell trying to beat the market is always a risky proposition for a trader. Sometimes you do, sometimes you don't. Can't blame it on anyone else though.

Well that's also funny if it was actually coinmarketcap just having fun with this stuff haha

This tweet didnt just fuck short sellers though who used leverage etc. this tweet wrecked those who have been playing the stock market waves.

Before we go any further, disclaimer: been in crypto since the early days, lost a tonne in deleted wallets, lost keys etc. I accept my stupidity wholeheartedly, whatever.

Started to build up my BTC stash once again somewhere around 2013. Satoshi by satoshi and managed to built up almost 0.5 BTC since then. I dont have much spare money to buy with but I have been playing on BTC exchange with the aim of building up my stash and managed to get myself some small gains in BTC. Before this morning I had
0.567569 from just under 0.5 from the end of last year.

This morning I was looking at the market trend and sold BTC as it was going down to rebuy it some hours later with some gains in BTC. The moment I sold @ 09:23:39 (32,116.45) the market went nuts... I had to buy it back @ 01-29 14:43:06 (37,747.84).

The story of this is that the tweet from Elon may just be to troll but it royally fucked normal people like myself. Since that tweet I have lost 0.09 ish BTC, which will take a very long time for me to build back.

Anyway... There is always collateral damage and it often affects anons like us.

Hacking is out of the question, it's just that Coinmarketcap has a good sense of humor, + Wallstreetbets is a subreddit where people discuss trading. Adding WSB to the top is a kind of subtle mockery of market volatility (with this gesture, CMC emphasized the fact that if ordinary traders unite, they can easily repulse financial institutions). People with WSB don't learn trading techniques, the community just sees trading as a thrill. BTW, GameStop was also discussed on this subreddit and Elon Musk did not miss the opportunity to Tweet about it.

Yeah I saw that earlier this morning on Coinmarketcap. I assume someone hacked into the site and put that there. Which is kind of hilarious.

Hmm, this is the third interesting news for today ...



Apparently, Elon simply did not have time to sell his coins at the peak (so he decided to push Bitcoin a little with his tweet). All in all, this is not the first time Musk has taken advantage of his position ... After his tweet, Etsy and GameStop stock prices jumped, I think the SEC investigation is not far off.

Looks like a combo of things. The main thing it seems is that when Robinhood was shutting down trading on the stuff the redditor wallstreetbetters were pumping they moved en masse to Coinbase, as I've seen being reported today, and pumped Bitcoin.

Combine that with Musk's #bitcoin - as we have seen millennials seem to have a bizarre allegiance to Musk and pump something anytime he tweets or makes reference to any investment.

There were also a ton of options expiring today, which was going to cause a short squeeze today as people were trying to short in the low 30s and high 20s. I would bet that some of the folks who had shorted Bitcoin and were about to lose money today anyways, saw the pump from redditors/musk-followers and bought back in last night to hedge the money they were about to lose today on the short squeeze.

Then of course on the pump a bunch of traders piled in to get in on the pump as well.




What will be interesting to see now is whether institutional buying picks back up. Looking at Grayscale, after enormous record setting buying in the middle of the month after Grayscale opened back up its Bitcoin fund, buying then died off once the double-spend fake news dropped bitcoin through support levels and institutions seem to have taken a wait and see approach since then with Grayscale inflow now at a tiny trickle, as several prominent Wall Streeters have claimed the bull run top is in and Bitcoin will be at $20k soon or lower soon.

Now that this reddit/Musk driven pump broke through a ton of resistance it'll be interesting to see if these pumpers dump or not, and if institutions start coming back in after the slow past week or so now that the price is back up and the possibility to see further sub-$30k prices seems to have possibly entirely evaporated. If the pumpers don't dump and Bitcoin can hold at least $35k through the weekend I think we'll see institutions start coming back in next week. At which point like a self-fulling prophecy Bitcoin will start heading towards new ATHs because institutions and retail market believes it is heading toward ATHs.

The flip side of course is that all these redditors dump Bitcoin and it heads back to low-$30's and institutional buying stays low and it takes a few more weeks to build back up out of this correction and back to new ATHs maybe a month from now.

Ah, yes... that would be it.

You can actually see him getting angry at short sellers in his preceding tweets, probably inspired by the Game Stop story trending.

Theory:
Last trading day of the month
Bitcoin was after dropping ~20%
Seemingly a lot of CME short sellers
Elon Musk doesnt actually say he bought BTC but does enough to erase short sellers by
adding #Bitcoin to his twitter and adds 4 words

Elon Musk is no stranger to short sellers, they tried to short TESLA to try and damage it.