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Author: Admin | 2025-04-27
As Elon Musk tweets go, so goes the crypto market. The billionaire and Tesla CEO has been tweeting about crypto a lot, too, sending the price of bitcoin — as well as dogecoin — up and down with fewer than 280 characters.Musk’s cryptocurrency tweets in the past two months have been particularly impactful for bitcoin. Musk’s latest bitcoin tweet on Sunday night shot the price of the cryptocurrency up by nearly 10 percent.Musk’s tweets, while not necessarily posted for his own financial gain, can greatly affect investors in cryptocurrency. They also raise questions about the solidity of a market that can be so easily swayed, especially as retail investors increasingly flock to cryptocurrencies. In April, the cryptocurrency exchange platform Coinbase became the first major cryptocurrency company to go public in the US, signifying the mainstreaming of blockchain-based currencies like bitcoin, ethereum, and dogecoin.The current price roller coaster got started back in May. Musk tweeted that Tesla would no longer accept bitcoin as payment due to environmental concerns about its heavy energy use, a reversal of its acceptance of the marquee cryptocurrency just two months earlier. As a result, the price of bitcoin dropped around 15 percent.In a response to a tweet from someone with the handle @CryptoWhale, Musk a few days later suggested that Tesla would sell its cryptocurrency holdings — or may have already done so. That tweet made the price of bitcoin drop to its lowest level since February.On May 17, Musk said that Tesla has not sold bitcoin recently, which seemed to halt the drop and keep prices roughly around $45,000.A week later, Musk seemingly tried to address the issue of bitcoin’s environmental impact by calling North American bitcoin miners’ plan to publish renewable usage “potentially promising.” That sent the price up 4 percent.Musk didn’t stop there: On June 3, he tweeted a meme about breaking up with bitcoin, and the price of bitcoin declined 5 percent.Most recently, Musk tweeted that Tesla would again accept bitcoin once miners moved to “reasonable” clean energy usage. This tweet brought the cryptocurrency’s price up 8 percent and his tweets about bitcoin full circle.Musk’s crypto tweets aren’t isolated to bitcoin. The SpaceX CEO also sent dogecoin prices up 30 percent in May after tweeting that he was working with dogecoin developers to improve the currency’s efficiency. A similar tweet later in May also caused dogecoin prices to rise. Earlier in the month, SpaceX said it would accept the meme-inspired coin as payment for sending payload trips to the moon. The company also said it would be sending a 40-kilogram cube satellite named DOGE-1 to the moon. SpaceX executive Tom Ochinero said the satellite “will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”All of this is to say that Musk’s tweets greatly impact crypto prices. Here’s what his tweets look like against the bitcoin price over a few weeks in May and early June:“In cryptocurrencies, it’s as important to understand memes and the social layer
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