Crypto market need another Billioniare to minimize Musk impact
Hello lovely people of HIVE community. Hopefully you will be enjoying your life with good health and spirit. Friends, 1.5 Billion USD investment of Tesla owner Elon in BTC really pumped up the world top coin. Coin achieved all time high worth of 64,000 on 14 April 2021.
In just one month coin hit the lowest worth of 28,000 USD. The reason was Elon Musk series of tweet in which Tesla owner regret to accept BTC payment for selling electric vehicle. He showed great concern of fossil fuel used in BTC mining. He hinted out to sell his BTC asset. The other reason of big dip is Chinese government decided to ban crypto currency. After some time, Musk announced he was not in mood of selling BTC. This reveals the influence of person who hold 1.5 Billion USD BTC.
Current crypto global capitalization is 1620 Billion USD.1.5 Billion USD is a massive amount for alt coins but it is a peanut for coins like BTC which has market capitalization of 674 Billion USD. Despite a small share, Musk has a great influence over the market. One of the main reason of huge influence is his fame and wealth.
Unfortunately panic button triggers during fear, uncertainty, and disappointment. As a result, coin reduce worth. This is a common problem which can't be addressed only by saying HODL your asset. Crypto market need a influential and wealthy person who can challenge people like MUSK. Otherwise, people like MUSK will play the market and who knows TESLA earn make big profit by using this tactics. Let's see what happen next. Wish you all a very happy healthy and prosperous life ahead.
Posted Using LeoFinance Beta