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Musk Seems to Have Lost Market Moving Mojo in Crypto

It seems that Elon Musk has lost the golden touch to move the crypto markets. The markets have continued to trade sideways largely in the first week of July, 2021 – despite this tweet from Musk on the same day.

The full image is here. It suggests that crypto hodlers dream only of green candles to the moon. While Musk’s tweets are typically cryptic, this one at least implies optimistic hope. But it did nothing to the market.

In the full image below of the tweet, it suggests that the guy in the bed is more interested in pumping Dogecoin, than the lovely ladies sharing his bed. Further, the mention in the image of Polytopia – a world building game based around 16 tribes battling for supremacy – suggests Musk’s support for the “DOGE tribe” and that he merely views the entire crypto market as a game like Polytopia. 

Regardless of his intentions with these last two crypto-focused tweets – they have had zero impact on the cryptocurrency markets, as can be seen in the DailyCoin graphic below – based on TradingView.com’s crypto market cap chart over the past three months through July 7th. DailyCoin plotted a series of red dots on the graph to mark the last several crypto-specific tweets from Musk. 

The leftmost mark, notes his initial tweet on May 12th announcing that Tesla would no longer accept BTC as a payment option for Tesla vehicles. That tweet was a catalyst for an initial intra-day drop of more than 20% resulting in our current position, which is more than 50% off of all-time highs for the entire digital currency asset class.

Source: TradingView.com

However, since then, the chart shows much less volatility in response to Musk’s Twitter antics. As the last four dots start to line up with each other horizontally, a clear decline in Musk’s impact is emerging. So much so, that his two most recent tweets seem to have flatlined.

Perhaps these are signals that Musk’s ability to negatively influence the crypto-sphere has flatlined as well? We can only hope as much.

On the Flipside

  • While the charts suggest that Musk’s self-appointed role as master market manipulator is waning, there are plenty of other whales willing to step in. The recent announcement that billionaire George Soros is moving into the crypto space could be concerning.
  • Soros made his initial fortune by infamously manipulating the Bank of England. We can expect more of the same type of manipulation from him now that he’s focusing on cryptocurrencies. Lucky us!

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Tor Constantino is a former journalist, consultant and current corporate comms executive with an MBA degree and 25+ years of experience - writing about cryptocurrencies and blockchain since 2017. His writing has appeared across the web on Entrepreneur, Forbes, Fortune, CEOWorld and Yahoo!. Tor's views are his own and do not reflect those of his current employer.