When will bitcoin stop going down for every Musk tweet?  That moment may be closer than it seems

At the beginning of this 2021 it was unthinkable that in less than six months the CEO of Tesla, Elon Musk, was going to become the greatest enemy of bitcoin. Tesla had invested more than $ 1.5 billion in the token and decided to accept it as a form of payment. A few months later the billionaire denied the cryptocurrency due to the environmental impact of its mining and with each ‘tweet’ criticizing it, its price plummeted. The last time this past dawn.

A regular of cryptic tweets, Musk posted a emoji of a broken heart next to hashtag bitcoin by attaching a meme in which a couple argue. Immediately the price of the cryptocurrency fell and, after several days fighting for $ 39,000, rapidly pierced 37,000.

Beyond the originality and scorn shown by Musk, these setbacks of bitcoin in recent weeks for his ‘tweets’ have already become customary. His influence has also been made clear the times he has tried to qualify his criticisms, such as when he revealed that he had not sold his bitcoins despite the falls and they were contained.

This has served many critics of the cryptocurrency to ask what future has an asset that fluctuates like this with the opinions on social networks of an individual. However, the question that the followers of the token It is until when this ‘tweet’ verbiage from Musk will continue to weigh down bitcoin.

Different voices of the ‘crypto’ universe believe that this moment is closer than it seems and for this they cling to the fact that this latest attack from Musk to bitcoin has not caused such a severe bleeding as it happened in May to forget for the cryptocurrency.

Although he is one of the executives in the sector who is concerned about Musk’s influence on the price of cryptocurrencies, the director of operations of the Mercuryo payment network, Greg Waisman, precisely points out that this latest drop has not been as violent as previous.

“To a large extent, bitcoin investors are learning to ignore Musk’s tweets and this has become apparent as the price drop has not been as large as others we have seen before. Bitcoin investors strive to maintain a united front by limiting how they panic sell. This is a good start for bitcoin, “Waisman tells Cointelegraph.

Waisman also believes that traders are progressively accumulating industry knowledge that will eventually render Musk’s tweets irrelevant, adding that factors such as more regulation will have more relevance to pricing.

“We are getting to the point where cryptocurrency stakeholders will react only on the basis of relevant fundamentals. The cryptocurrency industry is growing towards maturity and, to a large extent, the accumulation of knowledge is taking center stage, “concludes Waisman.

For his part, Nick Spanos, co-founder of ZAP Protocol, agrees that Musk’s previous tweets have been more destructive to bitcoin than his last. Spanos also sees a sign here that operators were starting to ignore the influence of the Tesla founder.

Anissimov (CEX.IO): “At some point the crypto market will become independent from influencers like Elon and will only bow to the influence of regulators”

“After Musk’s ‘tweet’ today, which has sent the price of bitcoin down by about 5%, there is a kind of resistance of the currency. Despite its fall, bitcoin is comfortably trading above the critical level of $ 36,000, “says Spanos.

“Because of the previous trends, the cryptocurrency tends to suffer more pronounced crashes, but the current one is a sign that the market is showing not to take into account the influence of the billionaire,” he adds.

Konstantin Anissimov, CEO of CEX.IO, shares similar feelings and stresses that the vast cryptocurrency market cannot be subjected to mere individuals like Musk longer and regulatory measures will soon take center stage.

“I believe that at some point the crypto market will become independent from the influence of influencers like Elon, regardless of his large fan base on Twitter, and will only bow to the influence of regulators and developments in the global marketplace and international “, closes Anissimov.

SEC runs out of ammo to short-tie Musk on social media

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