Last week was so busy for Elon Musk After Twitter accept his offer Elon Musk became the sole owner of the company.
However, we know how Elon Musk is connected with the Stock and Crypto Market. His single tweet is enough to change the market upside down. He can change bull to bearish, bearish to bull just in a few minutes.
Deep In To The Matter
So just leave about Elon Musk for a while. Now just see what’s going on with Bitcoin.
Isn’t it just volatile or highly volatile? Yes, normally Crypto’s are more dangerous and risky than stock and a fixed deposit, but you can clearly see Bitcoin is just moving around the $35,000- $48,000 price mark. If it’s down last week, next week you can clearly see an uptrend again.
Somehow after Elon’s take over of Twitter except for dogecoin all the other cryptocurrencies fell by a significant amount including Bitcoin. So without a direct fundamental reason, why is this Bitcoin not bouncing back.
So recently most people think it is caused by crypto fanatic Elon Musk. We all know Elon’s inspiration for the Crypto market. His straight relationship with meme coins is so famous. So actually did he create this chaos in Bitcoin and Crypto market?
What’s the big deal with To Elon Musk Twitter?
Well, we don’t have clear straight evidence for that, but because of some of Elon’s activities market is clearly infected. Twitter is so connected with the cryptocurrency market. Many professionals and investors use this Twitter for the Cryptocurrency market. Even before buying Twitter Elon was so keen to make difference in Twitter.
So with all of this stuff, everyone knows after buying Twitter Elon surely will make a big difference in the Twitter platform. Both technical and human changes will happen. So with all these pre activities and after activities there has been created a huge drama. It has struck the stock market along with the crypto market and even the political society.
So with all of these hypes, Charles Hoskinson came up with the idea of creating a decentralized media platform.
Charles Hoskinson the creator of the Cardano and the co-founder of Ethereum blockchain platforms came up with this idea as a result of an unconfirmed, unverified rumor of most web services are tackling removing Twitter from the app store.
After Elon made his bid on April 14, Charles Hoskinson tweeted that if Twitter refuses Elon’s bid he will build him a decentralized platform
And yet again yesterday Charles Hoskinson said the same thing.
So for this discussion, there have been critics. especially funny critics This is what blockchain Chief Architect Douglas Horn said.
This was another point of view,
Even though most people see this as a joke what if Elon Musk changes it into a such platform?
Nobody knows, Elon always says he will give the user freedom of speech. In a recent interview, Elon Musk said he is looking forward to using an end-to-end encryption method for Twitter to make using Twitter users’ privacy and freedom safe. He was so clear about that decision even he tweeted about it.
Blockchain and decentralized technology are also safe based on their mechanism. However, Elon is a man who tries new things to change the world. The technology of Twitter will clearly be changed. So what will he use for it?
What will free speech lead to
Elon always creates criticism and hot news and many statements often. He was so upset with the people who criticized him for buying Twitter.
So some say this may be over the law at certain points. With Elon’s free speech statement some countries are going to regulate social media apps how they should be.
So sometimes free speech may be attacked in some situations but it depends on the country’s freedom. Especially some Asian countries like India, Sri Lanka, Pakistan, and Bangladesh have recently blocked social media platforms on several occasions regarding protests in the country.
It was mainly done to stop hate speech and misleading information spreads. So under free speech, anyone can tell anything it may be hateful or peaceful. However, Elon mentioned that free speech will be under the law.
Still, the drama continues as many people share their critics based on this Twitter and free speech chaos. Even Elon joined the party blaming a political view.
We are not going to spread political views or agendas here so it’s up to you but this political critics’ fight is recently going so viral.
However now all the attention is here on Twitter despite the stock and crypto market is crashing slowly. Especially the day twitter accept Elon’s Bid, Elon’s Tesla stocks crashed. The dogecoin was so high as it reached the $0.16 mark in Twitter hype but now it is trading at a low $0.13 mark according to coinmarketcap.com.
Even with all this stuff, Elon sold out $8Bn worth of Tesla stocks this week. Furthermore, he stated that he won’t sell anymore.
Selling pressure is now created in both Stock and Crypto markets. Especially crypto whales are moving their assets from one wallet to another wallet.
So some experts say Elon is crashing the market for his future plans.
So Really what is Pulling Down the Market?
So there is no clear evidence to say so but it may have certain points. It’s up to you to figure out. Elon can make any cryptocurrency bull or bearish with a single statement. As per many reports, he supports meme coins so much as well as bitcoin.
His Tesla is holding bitcoin. The company’s balance sheet shows $1.261 billion in digital assets in the first quarter of 2022. Especially most the countries are suffering from their economies so many countries have increased their interest rates. Based on that normally when the interest rates are high stocks and other markets crash.
Inflation has risen in many countries. Especially poor countries with high inflation rates are mostly accepting Cryptocurrencies to escape the matter.
As well as US dollar Currency Index ( DXY) hits a 52-week high of 103.93 and also affected the market.US dollar currency index means (USDX) as a measure of the value of the U.S. dollar relative to a basket of foreign currencies. So historically this US dollar currency index and Bitcoin (Cryptocurrency market) and the Gold market is always connected.
With the US dollar, those other two markets always have an inverse trend. It always happens consistently. When US Dollar gains momentum Bitcoin underperforms.
So just remember the market is so volatile recently. We can’t predict the Fundamentals. Anything is possible. Specially Elon is in a position recently to create many fundamental facts. What if Twitter accepts Cryptocurrecny payments? Anything can happen. Some experts predict Bitcoin may reach the $35,000 mark.
Because it is all set to go to a price like that. Last week Bitcoin was not able to break its resistance level so now with the pressure it is heading towards the support level. So you should be very careful before investing, do your research, and make sure of the market after that make your move.