The crypto market presently is being bossed around by so-called influencers and what they have to say. This shouldn’t be a problem, but it has become one as the personal thoughts and opinions of these influencers have been affecting the price of the crypto assets, which is not great or helpful in any capacity. Just randomly tweeting about something gets mainstreamed in a matter of minutes, and its repercussions can be seen on the crypto market. Elon Musk has been among the list of these so-called influencers and has never had a positive influence on the crypto market.
Dan Held, the growth lead at the Kraken in a podcast, said how the crypto market had welcomed Musk with open arms, but he didn’t value this kindled behavior and trashed it. Musk’s tweets about Bitcoin literally used to spike or bring down the price of the Bitcoin in the past, and the same is true for Dogecoin now, the very personal project of Elon Musk at the moment after jumping the Bitcoin ship.
The Crypto Market is Finally out of Musk’s Charms and will not be Taking his Tweets Seriously
The host of the podcast did add his personal opinion that influential crypto personalities such as Adam Back should have been able to influence the market rather than Musk, who clearly doesn’t know what he is doing. As far as the outcome of the ideas discussed in this podcast is concerned, it seems that the crypto market is now finally out of Elon’s charming spell and is not falling for it anytime sooner.
This means that the majority of people and traders might not be giving any value to Musk’s tweets about Bitcoin or anything at all remotely associated with cryptocurrency. Others are also sick of this attitude and demand that this needs to stop right away; this kind of influence is not healthy and definitely doesn’t points towards a healthy propagation of the crypto market.