• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Monday, January 30, 2023
Galveston County News Online
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home Technology Crytpocurrency

Elon Musk Tweet Moves Crypto Market, But He’s Wrong This Time – Motley Fool

elon-musk-tweet-moves-crypto-market,-but-he’s-wrong-this-time-–-motley-fool
Share on FacebookShare on Twitter

What happened

Being a decentralized market, and generally outside of the purview of regulators, the crypto market is one that’s perhaps more susceptible to hysteria. Sentiment drives a significant portion of the returns crypto investors have seen of late. Up to now, capital has mostly flowed in the direction of this sentiment.

However, a recent tweet by Elon Musk calling out the web3 crowd appears to have struck a nerve yet again.

Elon Musk Tweet.

Image Source: Twitter.

Early Saturday morning, the crypto market tanked, sending most major cryptocurrencies lower. 

This price action did not spare top web3 cryptocurrencies such as Polkadot ( DOT -3.74% ), Filecoin ( FIL -2.35% ), and Kusama ( KSM ). Each of these tokens were down more than 10% as of 9:30pm ET.

Various cubes on a plane.

Image source: Getty Images.

So what

Elon Musk’s Twitter account currently has more than 65 million followers. While the Tesla CEO claims he doesn’t advertise, one might argue that social media has provided more than enough publicity for the richest man in the world.

This year, Mr. Musk has diverted much of his social media attention to the crypto world. Previous shiba inu-related tweets drove the price of Dogecoin and Shiba Inu into the top-10 cryptocurrencies by market capitalization, until this recent drop.

This recent jab at web3 folks comes in stark contrast to his previous tweets, which could be taken as supportive of the overall crypto movement (at least in the meme token space).

Now what

One can debate whether Mr. Musk is walking a fine line with his market-moving tweets, or simply asserting his right to free speech. That’s a fun discussion for another time.

It’s also debatable to what degree Elon Musk affected the valuations of these web3 cryptocurrencies with his tweets. After all, many larger cryptocurrencies were down significantly more than Polkadot, Filecoin and Kusama today.

However, the fact that Musk has taken a shot at web3 folks, while also (intentionally or unintentionally) pumping the valuations of dog-themed cryptocurrencies, could be a very dangerous take for investors.

In this case, it’s probably better to look at Musk’s recent tweets as rambling opinions, rather than speculative buying opportunities. Let’s give him the benefit of the doubt that he’s not actively attempting to manipulate digital asset prices.

Sentiment has driven much of the price action in the crypto space thus far. However, a shift appears to be underway, with capital focusing on higher-value projects, such as those in the web3 space.

Accordingly, it’s probably best to ignore the noise and carry on. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis – even one of our own – helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

Galveston County News Online

© 2021 Galveston County News Online

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Galveston County News Online

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT