Musk's comments spark cryptocurrency storm
Musk's words instantly stirred up the cryptocurrency market. Dogecoin soared 260 times in half a year, Shiba Inucoin soared 100,000 times in just three months, and another altcoin CSPR soared 2,213 times overnight. This series of surges is astonishing, and the cryptocurrency circle seems to have staged a miracle of "a thousand miles a day".
However, with Musk's announcement that Tesla would stop accepting Bitcoin payments, the market suddenly changed direction. This decision stemmed from concerns about the impact on the mining environment, and the prices of cryptocurrencies such as Bitcoin plummeted. Bitcoin once plummeted by more than $10,000, with a 24-hour drop of nearly 15%. Other mainstream cryptocurrencies also plunged. In this round of market adjustment, more than 300,000 people were liquidated, with losses exceeding 23.8 billion yuan.
Musk explained on Twitter that Tesla will not sell any Bitcoin and looks forward to resuming Bitcoin mining after the transition to more sustainable energy. Although his remarks boosted market sentiment for a short time, Bitcoin prices still fell sharply. Previously, Musk had also launched a vote on Twitter, asking netizens whether they support Tesla accepting Dogecoin payments, and nearly 80% of netizens expressed support.
Musk's public support for cryptocurrencies has undoubtedly boosted the market's prosperity, but it has also sparked market concerns and controversy. Some investors believe that he uses his social media influence to manipulate the market, and the U.S. Securities and Exchange Commission has accused him of securities fraud. Although the future of the cryptocurrency market is full of uncertainty, Musk's influence cannot be ignored.
In the "crazy" cryptocurrency world, a variety of altcoins emerge one after another, often relying on celebrity effects and social media hype to achieve skyrocketing prices. However, such skyrocketing prices are often accompanied by huge risks, and investors should be cautious. The future of the cryptocurrency market still needs time to observe, and Musk's every move will undoubtedly continue to affect market trends.
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