How much power does Elon still have over the crypto markets?

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.

SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?

Then he did some more doge tweets making it go as high as 70 cents.

But then with just one simple tweet, he dumped the bitcoin price. HOW!?

But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

Previously it was true that the power of Elon Musk's tweets can affect the price of bitcoin and the price of meme coins, but lately if we look at the power of Elon Musk's tweets it has started to fade and no longer has the significant impact on the crypto market as it used to be, because I think almost half of the followers It was Elon Musk who depended on him who was disappointed and now they have started to forget about Elon Musk.
He is no longer a nobody in the cryptocurrency world.

Oasisman

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The power of Elon Musk to the crypto world is still strong because of so many people who followed him and still believing him of what he wants to say, it really gives hype on a coin. But for sure in the future, his power will be gone, there is no single person who can control the price of bitcoin in the future or once we all got full knowledge about cryptocurrency. Those people who keep on trusting that guy are those beginners who only rely on other people.

Who says he controls Bitcoin price?
He was trying to manipulate the market but he cannot control the market. Nobody can take control over Bitcoin.
However, Elon will never lose his influence towards cryptocurrency, because he has a lot of followers and not everyone of them are willing to understand the crypto market, they just want an easy money, a get rich overnight scheme.
Those who have learned will find their way to this community.

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Quote from: Tumanggor on June 20, 2021, 02:16:27 AM

people are fed up with Elon when he makes tweets related to Bitcoin

We are but there's still the power that Elon can manipulate the market especially for bitcoin. He's probably done with Dogecoin and just waiting to give some explosion for bitcoin but if that comes I hope that it's going to be the next bullish sentiment that we need for bitcoin. He just havet to tweet positively. Tongue

That's what I'm thinking right now and he might have changed already and understands that he doesn't have to think about green energy for bitcoin mining farms. There's more to take on than that.

thecodebear

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He definitely still has power to affect the market but it is waning.

After having Tesla jump in on Bitcoin he had lots of sway. But after then flip-flopping, and then going back and forth tweeting positive and negative things about Bitcoin, he has muddied his message and his effect. At this point I don't think anyone cares whether Tesla takes Bitcoin as payment, outside of the media who can write articles about it either way. Also the endless pumping of dogecoin has lost Musk lots of credibility, when combined with his flip-flopping on Bitcoin - it shows he is not serious and is just an attention seeker.

Musk's only clear message when it comes to crypto is to pump a shitcoin, so as he continues to flip-flop back and forth on Bitcoin his effect on the market will continue to grow smaller and smaller. The importance of Tesla onboard with Bitcoin was symbolic, but we're passed that now so nobody cares what Tesla does.

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

~

long ago, people needed someone who could enlighten them
At first, everything went well when Elon seemed interested in Bitcoin but that all changed when he tweeted something inappropriate

more than half of Elon's followers on Twitter must be crypto players
people are fed up with Elon when he makes tweets related to Bitcoin

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Because people are stupid , they are mostly believing in short term profiting but in the end they lose some .

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Whatever the reasons, are people done listening to him now or what?

at least were done here, Elon had already lose his trust from the previews decision he made.

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I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.

he did it on purpose like what he did in Bitcoin last week.

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SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?

Then he did some more doge tweets making it go as high as 70 cents.

But then with just one simple tweet, he dumped the bitcoin price. HOW!?

lol its not just His tweet but also the Banning from china about mining and some other issues that accomplished the situation.

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But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

He already number people and that is enough for us..

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

To me, Elon is just a natural born personality based on the nature of the market, he is still a crypto advocate with doge, bitcoin. Elon - He's on the right track with the power of a famous billionaire. It is not clear when he will do the opposite. But a series of drama explosions in the market are showing mistakes, for example mCuban - reclaim the regulation just because he lost money by polygon/titan,,, He is wrong. There are people who disguise themselves as gods only when he earns money. Lol

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Quote from: Issa56 on June 19, 2021, 04:06:58 PM

Elon musk have power over cryptocurrency market because he really have the money to pump any coin he wishes and the amount of Followers he is having on the social media which must of them believe in him and they believe if he post about any coin he has the ability to pump and coin and must people are really after money so they believe if they can buy the coin the coin will definitely pump. That's why Elon musk is having power over cryptocurrency market.

That's what Elon Musk before but after he made the market dumped, i think his power has just lowered because some of his followers have started to hate him because of manipulating the market into a negative situation.

For me, it's not really all that Elon Musk's fault. China has also contributed to the dump. And even the cryto market alone has also had its own time to dump because of the previous bull run wherein coins were overbought. But this Elon Musk has really got the power to manipulate the market in such a direction he wanted but probably, his power will be gone fully too in the days to come so let's not worry because the market will eventually recover in time.

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Elon musk have power over cryptocurrency market because he really have the money to pump any coin he wishes and the amount of Followers he is having on the social media which must of them believe in him and they believe if he post about any coin he has the ability to pump and coin and must people are really after money so they believe if they can buy the coin the coin will definitely pump. That's why Elon musk is having power over cryptocurrency market.

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Even with the last issue he had with us, we all can tell that his statements or future statements will still have impact with our decisions.

We couldn't change the fact that Elon Musk has all the resources needed to know better than us. His payroll is massive and connections are too much.

Bottomline is, Elon Musk still have the power with cryptocurrency market if he would choose to influence still. I just hope that soon the next thing he would do would positively impact our cryptocurrency market.

Similificator

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.

SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?

Then he did some more doge tweets making it go as high as 70 cents.

But then with just one simple tweet, he dumped the bitcoin price. HOW!?

But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

People reacted so much back then because it was during a bullish market and because of the fact that elon musk himself is a very successful individual with many eyes watching him both in and out of this industry, also the people are desperate for good investments due to the effects of the corona virus pandemic, people need something to believe in and Elon Musk had the best timing.

The people right now are divided. Some still believe in him, while others are stuck with useless bag of shitcoins. There are also others that don't care and just take advantage of the momentum driven by his tweets. And of course, there are those people who are tired of his crap and those that just don't care. Whichever the case, the public is maturing along with this industry which is why I think that in the next years to come, bitcoin will not be easily swayed by some FUD or Shilling anymore. But as of today, we will, time and time again still witness some volatility just because of some people's tweets.

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Quote from: masterrex on June 19, 2021, 11:26:50 AM

Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.
SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?
Then he did some more doge tweets making it go as high as 70 cents.
but then with just one simple tweet, he dumped the bitcoin price. HOW!?
But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

The previous events that you quoted are clear pronouncements on how the crypto market behaves, and it's dangerous, Elon's tweet is just simple there's nothing special about it. But the message depends on the one who reads it, suddenly many speculators and risk-takers are buying that 1 cents tweet driving the price of the "joke" to what is now.

it's part of the manipulation. i don't think the simply bitcoiner with just a fraction of BTC will start selling right after elon tweets negative about BTC. but when a big amount of BTC that moves the price is dumped, that's when the rest follows. its fun sometimes to just follow them as well. elon's tweet sometimes can be your trading signal.

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.

SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?

Then he did some more doge tweets making it go as high as 70 cents.

But then with just one simple tweet, he dumped the bitcoin price. HOW!?

But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

The previous events that you quoted are clear pronouncements on how the crypto market behaves, and for me it's dangerous, Elon's tweet is just simple there's nothing special about it. But the message of that tweet depends on the one who reads it. (interpretation) suddenly many speculators and risk-takers are buying that 1 cent tweet and driving the price of the corny "joke" to what is now. but sorry for those people who bought it on the peak.

nightxglow

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Why he could do that? Simple. That's because he has such a huge number of followers, and has a big influence, enough to make people do or follow what he said. He's well known as a figure related to bitcoin, and that's why people believed and put trust in him, especially those who don't really understand about crypto, and finding out about crypto from him. They will follow what he said, and make him like a rule. If he tweets good, they follow, he tweets bad, they also follow. That's how influencer works. But now many people are mad of him already, so maybe that's why his power are getting lessen already now.

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He isn't as powerful as before because some of his tweets failed to impress lots of crypto users. It was clearly for his own good which disappoints lots of investors who are following him. However, we can't hide the fact that there are still people who follow him because he's too influential.

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Elon Musk still has a huge influence on people that can make huge investments, but group of small investors or regular cryptocurrency holders (guys like us) have fewer fate in him that it was several months ago. He still creates hype, as we still see a lots of Elon Musk related topics here, but forum or regular users stopped to praise him. We no longer buy like hell immediately every alt he mention in his tweet. Trust is gone.

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.

SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?

Then he did some more doge tweets making it go as high as 70 cents.

But then with just one simple tweet, he dumped the bitcoin price. HOW!?

But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

I think he still has some sort of influence in the crypto industry but I don't think it's as strong as before. The moment he made Bitcoin dump because of this absurd research paper, the majority who follows him are probably staying away from him now as much as possible. I can't imagine people following him even though he made them lose a lot of money.

maxreish

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Lets say ELon is one of the most influencial person that everything he said has been recognized by his followers. There are tons of people who tend to believe in whatever he will tweet even those who are high profile and big investors are following his statement over cryptocurrency.

The fact that the crypto market moves whenever he talked about it seems he enjoyed to manipulate the market.

swiftbits

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There's a consequence in his influential move, the community trusts him.
He can't make up something not reflected on what really is going to happen in the market.
It would be detrimental to his reputation if people deemed him a fraud

Topic: How much power does Elon still have over the crypto markets? (Read 471 times)