— Elon Musk (@elonmusk) June 4, 2021
Despite the best efforts of many to ignore Musk in recent times, the Tesla boss today demonstrated his range of influence goes far beyond that of his critics.
Bitcoin Takes A Tumble
During the sell-off that followed, Bitcoin found support at $29.8k, leading to a strong bounce at that price level. But since then, it has been trading in a narrow band between $34.6k – $39k.
Source: BTCUSD on TradingView.com
Hopes of breakout were dashed in the early hours of today, GMT, as BTC fell 3% following Musk’s heartbreak tweet. The sell-off has continued into the morning, with Bitcoin sinking to $36.7k at the time of writing.
The Tesla boss has come under fire in recent times over what some deem market manipulation. In his latest tweet, Musk wrote #Bitcoin followed by a heartbreak emoji. This was accompanied by a meme referencing the Linkin Park song In The End.
True to form, the tweet leaves readers guessing the true message behind the communication.
Source: @elonmusk on Twitter.com
Musk Accused Of Market Manipulation
Given the strange circumstances around the Bitcoin U-turn and the events that followed, many have tried to theorize what is going on with Elon Musk.
Varney puts Musk in the same category of brilliance as Steve Jobs but questions his involvement with Dogecoin, which Varney points out is supposed to be a “joke Coin
‘ href=”https://www.newsbtc.com/dictionary/coin/”>coin, otherwise known as dogecoin?”
Varney goes on to say he’s worried about what Musk can do with financial markets. Adding that, the spin side of this point implies financial systems are unstable and exploitable. More so, we, as market participants, are easily manipulated.
“…he’s a natural-born showman and he uses his talent and his gigantic wealth to attract attention. He loves it. And it works.
It tells me that there is a lot of money out there right now, and we are easily manipulated.”
The billboard slogan reads, “Stick to space, Elon.”