FX.co ★ Elon Musk stirred up the crypto market again

Elon Musk stirred up the crypto market again

Elon Musk stirred up the crypto market again

Digital assets began to demonstrate positive dynamics ahead of The B Word conference dedicated to cryptocurrencies. Billionaire Elon Musk was supposed to speak as one of the speakers at it.

As expected, the "Technoking" did not sink the main crypto coin in a difficult time for it. On Tuesday, the cryptocurrency dropped to $29.2 thousand. This happened for the first time since June 22, when the last market collapse occurred.

Speaking at the conference, Elon Musk, on the contrary, supported his old friend. He confirmed that he owns bitcoin himself and clarified that Tesla and SpaceX are also.

There have been rumors that SpaceX is among the ranks of BTC investors for a long time, but this information has only now received official confirmation.

Unlike Tesla, Musk's second company is not public, and therefore is not obliged to post information about its investments in public access.

Meanwhile, the billionaire admitted that he generally considers himself a supporter of cryptocurrencies, in particular bitcoin. He noted the high potential of the main digital coin, despite the potential environmental risks.

"One thing you do need to watch out for with crypto, especially bitcoin, using proof of work, using energy that's a bit too much and not necessarily good for the environment," the billionaire said.

At the same time, Musk drew attention to positive developments in this issue. The energy consumption of bitcoin is beginning to gradually decrease due to the use of renewable sources. If the share of the latter in mining exceeds 50%, Tesla will resume accepting BTC as a means of payment, the company's CEO said.

It can be recalled that in May, the manufacturer of electric cars announced that it was suspending transactions involving bitcoin. The reason for this was the negative impact that the mining of the global cryptocurrency has on the environment. The decision of the head of Tesla immediately had a negative impact on the quotes of bitcoin and other tokens.

Elon Musk does not deny that he has a great influence on the crypto market, but at the same time denies his involvement in the manipulative increase in exchange rates.

"If the price of bitcoin goes down I lose money. I might pump but I don't dump... I definitely do not believe in getting the price high and selling or anything like that. I would like to see bitcoin succeed," the influencer commented

In addition to this, Elon noticed that he has been holding his bitcoins for a long time. Also during the conference, the billionaire mentioned that, in addition to BTC, he owns two more cryptocurrencies: Dogecoin and Ethereum.

The market reacted to Musk's speech with rapid growth. The quotes of almost all cryptocurrencies that are in the top 10 by market capitalization have jumped.

Moreover, the greatest dynamics was shown by Elon's favorite coin -- Dogecoin. At one point, its value increased by 18%, to $0.2. However, today the token has already gone down and fell to $0.19.

On Thursday morning, the price of bitcoin is trading above the $32 thousand mark.

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Elon Musk stirred up the crypto market again

Ethereum, which was able to reach $2 thousand after the comments of the head of Tesla, fell again. At the time of preparation of the material, it costs $1,986.

Elon Musk's speech also provoked an increase in the total capitalization of all cryptocurrencies. The indicator jumped by almost 8% and amounted to $1.3 trillion.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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