Elon Musk inflicted another staggering wallop on Bitcoin (BTC) after hinting in a tweet that he’s out to sell his billion worth of Bitcoin holdings. This resulted in the virtual gold’s price to nosedive down to $42,000 a coin, which is the lowest since February this year.
‘Has not sold any Bitcoin’
Come Monday morning. However, Bitcoin prices surged anew at seven percent, and if you’ve guessed that this was yet again due to Elon’s new tweet, you’re right. In response to another Twitter post, Musk cleared things up that, albeit the hint, his electric car company “has not sold any Bitcoin.”
Crypto community noticing a pattern
Another Twitter user – Alex Krüger (@krugermacro) – is just one of those who noticed that there’s somewhat of a pattern on Musk’s tweets. He noted that the Tesla CEO “must be an outstanding technical analyst” as he pointed out that his (Musk) tweet about not selling any Bitcoin was posted exactly at the digital currency’s key technical level, which is 61.8 fib ($42,845). HOWEVER, the OP made it clear in his succeeding tweets that it was just a joke stating that the odds of it being a coincidence are close to one.
Albeit pointing that out, Krüger’s tweet has gained quite the traction, and other folks also stated that they, too, had noticed it. One tweeted, “every single major tweet he has done has been perfectly timed with charts.” Another one commented, stating that it regularly happens whenever the Dogecoin (DOGE) spikes, highlighting that Musk’s tweets are timed to perfection if one should look closely; Musk’s tweets “are timed to perfection.”
Krüger’s post over on Twitter sure did create a debate on the said social media platform. What are your thoughts on such observation?
According to Forbes, Bitcoin remains the top dog among all cryptocurrencies as its market cap is around $850 billion. This is double that of Ethereum’s. However, the market is still dazed from the recent price plunge of Bitcoin ($300 billion) after Musk announced that Tesla wouldn’t be accepting BTC as payment.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.