Elon Musk the founder of Tesla and Space X, is a mover and shaker in the world of cryptocurrency. Elon Musk’s witty tweets on cryptocurrencies, specifically on Bitcoin and Dogecoin, influence the prices to soar or plunge.
Every tweet of Musk, who has over 55 million followers on Twitter, impacts the crypto market significantly. This is against the basic principle of a decentralized industry that always resists any one person’s influence.
In April, he tweeted saying Tesla would offload 10 percent of its stake in Bitcoin, setting panic amongst its investors. He was quick to say his bitcoin investment remains the same and he wanted to check its liquidity.
Bitcoin, ethereum and most major cryptocurrencies have fallen sharply over the last week as the crypto market roller coaster rolls on.
The bitcoin price has fallen almost 10% since last weekend despite rallying earlier this week amid
a slew of positive bitcoin and crypto headlines emanating from the annual Consensus conference. Ethereum, the second-largest cryptocurrency after bitcoin, has lost 50% of its value in two weeks after surging to an all-time high in mid-May.
Now, as bitcoin and entered extend their losses, Tesla TSLA -0.9%billionaire Elon Musk has called a tongue-in-cheek plan to harness the heat generated by mining dogecoin a "great idea"—helping the dogecoin price climb off its recent low.
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