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Topic: How much power does Elon still have over the crypto markets? - page 4. (Read 471 times)

sr. member
Activity: 1680
Merit: 259
After the crypto market fell, it's probably not a lot by now since those who bought doge and other crypto influenced by this tweets probably lost a lot of money in the process, and are still trapped in the current market situation waiting to get a good enough price to exit. Even if he's a billionaire and commands a lot of innovation at the palm of his hands, I think it isn't enough to sustain such kind of control in a market that he also helped bring down.

Indeed, I have seen lately that the effect of Elon presence on crypto is not too big. Even so, don't expect too much. We have to stop chasing him and focus on the growth of crypto based on the naturalism of cryptocurrency, just as crypto would have grown without him. followers may get bored and lose interest.

how not, in this year alone the gains and losses that have been incurred are almost comparable. let's go back to the natural world, and it educates us not to rely on tweets that only benefit the big holders. As small traders we must be consistent in our decisions and choices about crypto. because it is long term. we must be able to manage finances in crypto as well as possible for the sake of future continuity that is not carried away by FUD.
legendary
Activity: 3304
Merit: 1617
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I think his impact has less of an impact than his first few tweets made but if he starts rampantly tweeting more negative stuff about bitcoin then sadly, weak hands still are influenced & get shaken out.
newbie
Activity: 69
Merit: 0
pumping shitcoins is super easy. there are also a lot of pumping groups who are waiting for any excuse to pump these low shitcoins because the real profit is as it has always been in pump and dumping shitcoins. that is why we saw such a mssive DOGE pump when they had the "excuse" to pump it.

as for bitcoin, it was not Elon who crashed bitcoin. there were A LOT of reasons why bitcoin crashed. and since you are new i have to tell you that such crashes are very common during the bitcoin bull runs.

- the main reason was that bitcoin had gone up too much and too fast with only small corrections so it needed a "pause" before it co uld rise big again.
- the other reason was because the $65k-$70k prices were too hard to reach and after a couple of attempts they didn't break. so the correction starteed.
- the other reason which contributed a lot was a huge FUD campaign that fooled newcomes into selling their bitcoin by scaring them into thinking: bitcoin's energy consumption is huge (lie), some countries including China are banning bitcoin (another lie), FBI hacked bitcoin (another huge lie), and a lot of crap like that which they used to  keep it down this low.

yet people only see the "celebrity" and associate everything with them!!!
I absolutely agree with what you said. Celebrity or a country's influence will not cause such a price fall, Bitcoin is just reacting to market forces.
I don't get why people are quick to attribute bitcoin price to myths as if it's a stable coin.
copper member
Activity: 2142
Merit: 1305
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Elon is so much a like mcafee pumping shitcoins, but so much power since he's just one of the richest guy on this planet. But unlike mcafee this guy has focused only in doge which really is for memes where everyone is into it.

The whole crypto space is so much hype after elon start tweeting and even started to invest bitcoin, IIRC from 20k to 60k (there are lots of aspects not just from him though), but now since he take back that decision, almost everyone starting to hate the guy.
legendary
Activity: 2128
Merit: 1293
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pumping shitcoins is super easy. there are also a lot of pumping groups who are waiting for any excuse to pump these low shitcoins because the real profit is as it has always been in pump and dumping shitcoins. that is why we saw such a mssive DOGE pump when they had the "excuse" to pump it.

as for bitcoin, it was not Elon who crashed bitcoin. there were A LOT of reasons why bitcoin crashed. and since you are new i have to tell you that such crashes are very common during the bitcoin bull runs.

- the main reason was that bitcoin had gone up too much and too fast with only small corrections so it needed a "pause" before it co uld rise big again.
- the other reason was because the $65k-$70k prices were too hard to reach and after a couple of attempts they didn't break. so the correction starteed.
- the other reason which contributed a lot was a huge FUD campaign that fooled newcomes into selling their bitcoin by scaring them into thinking: bitcoin's energy consumption is huge (lie), some countries including China are banning bitcoin (another lie), FBI hacked bitcoin (another huge lie), and a lot of crap like that which they used to  keep it down this low.

yet people only see the "celebrity" and associate everything with them!!!
legendary
Activity: 3080
Merit: 1500
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 don't think people are done yet, but I believe we will soon overcone his influence over the crypto market. He has a large following in social media and he is also regarded as a visionary inventor of our time. So there are people who listens to him and react on his views. We used to react for Jamie Dimon and Warren Buffet as well. But eventually we have stopped listening to them. Same thing will happen with Elon in due course of time.
legendary
Activity: 3248
Merit: 1402
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I think that his impact is currently lower than, say, a month ago, but there are always people whose opinions matter to many other people in any area, and given how Bitcoin is unregulated in terms of price and supply, it's more susceptible to changes and such people can affect the price significantly. People seek for authoritative figures, so that they can put some responsibility on other people and simply listen to things instead of thinking themselves. I think we should just accept it that Bitcoin is volatile and that media coverage, regardless of whether it's FUD or some real troubles, can trigger major changes of the price. But eventually Bitcoin recovers, so it's not a big deal.
legendary
Activity: 3542
Merit: 1352
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After the crypto market fell, it's probably not a lot by now since those who bought doge and other crypto influenced by this tweets probably lost a lot of money in the process, and are still trapped in the current market situation waiting to get a good enough price to exit. Even if he's a billionaire and commands a lot of innovation at the palm of his hands, I think it isn't enough to sustain such kind of control in a market that he also helped bring down.
jr. member
Activity: 70
Merit: 2
Elon's influence over the crypto market comes from his large social media following and the fact that a lot of his followers believe in him almost religiously and will follow his whims blindly without questioning or taking the time to really research and understand it for themselves.
member
Activity: 173
Merit: 20
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?
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