The role of Elon Musk in the digital currency ecosystem is mixed. Those who have been following the billionaire’s activities on Twitter will attest to the fact that his tweets are not 100 percent bearish. The Chief Executive Officer of the world’s largest cryptocurrency exchange Binance Changpeng Zhao, known on Twitter as CZ, has responded to Elon Musk’s latest tweets about Bitcoin (BTC), suggesting HODLing. In the early hours of Thursday, the Tesla Inc (NASDAQ: TSLA) CEO posted a meme-based tweet about Bitcoin with heartbreak as the undertone.#Bitcoin ? pic.twitter.com/lNnEfMdtJf — Elon Musk (@elonmusk) June 4, 2021As usual, the price performance of Bitcoin is responding to the news, dragging the global cryptocurrency industry along with it. The global crypto market cap is currently
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The role of Elon Musk in the digital currency ecosystem is mixed. Those who have been following the billionaire’s activities on Twitter will attest to the fact that his tweets are not 100 percent bearish.
The Chief Executive Officer of the world’s largest cryptocurrency exchange Binance Changpeng Zhao, known on Twitter as CZ, has responded to Elon Musk’s latest tweets about Bitcoin (BTC), suggesting HODLing. In the early hours of Thursday, the Tesla Inc (NASDAQ: TSLA) CEO posted a meme-based tweet about Bitcoin with heartbreak as the undertone.
#Bitcoin ? pic.twitter.com/lNnEfMdtJf
— Elon Musk (@elonmusk) June 4, 2021
As usual, the price performance of Bitcoin is responding to the news, dragging the global cryptocurrency industry along with it. The global crypto market cap is currently worth $1.60 trillion, down 7.78% in the past 24 hours. Per the individual coin performances, BTC has shed 7.75% of its price and is currently exchanging hands at $35,824.34 according to CoinMarketCap.
Ethereum (ETH) was not spared from the plunge either as it lost 8.21% to $2,577.66. Binance Coin (BNB), Cardano (ADA), and Dogecoin (DOGE) slipped by 11.49%, 10.93%, and 13.83% at the time of writing.
Elon Musk Stirs a Confluence of Frowns and Smiles
The role of Elon Musk in the digital currency ecosystem is mixed. Those who have been following the billionaire’s activities on Twitter will attest to the fact that his tweets are not 100 percent bearish.
Elon Musk’s persistent comments targeted at the Shiba Inu-themed coin, DOGE has earned thousands of investors an enormous amount of money. One of these investors, Aziz McMahon, a former managing director at the London arm of investment banking giant Goldman Sachs Group Inc (NYSE: GS) has resigned from his job after making a huge sum through Dogecoin. The 13,500% growth of the cryptocurrency over the past year can be attributed in part to the Twitter activities and promotions from Elon Musk.
These tweets, however, have not been in the favour of Bitcoin in recent times as the Tesla boss has on more than one occasion criticized the energy usage of the premier digital currency. The criticism and social media fun targeted at BTC has notably impacted the price of the coin and caused enough losses for investors around the world.
CZ Suggesting HODLing
In the wake of the latest heartbreak tweet from Musk, CZ has responded, noting comments or “Tweets that hurt other people’s finances are not funny, and irresponsible.”
The very vocal crypto veteran has also advised those who panic to sell at every of Elon’s tweets not to be manipulated, suggesting HODLing, a practice in which crypto holdings are held for a long time irrespective of the current market outlook.
Don't be manipulated. #HODL
Not financial advice.
— CZ ? Binance (@cz_binance) June 4, 2021
While CZ is an advocate of keeping cryptocurrencies purchased or acquired for a long time, the market hardly stays resilient to fundamentals, comments, or tweets that breed sentiments, such as those from Elon Musk.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.