Cryptocurrency now rises despite Elon Musk tweets. Could the Tesla CEO, whose tweets have been popular for moving the markets, be losing his power when it comes to cryptocurrency?
Elon Musk Tweets About Crypto
The peculiar thing is that on June 4, when Elon Musk tweeted out an image with #Bitcoin and a broken heart emoji, the price of the cryptocurrency went down yet again. However, it did not stay down for too long. In fact, the prices of both Bitcoin and Tron were almost identical as both of them appreciated just shortly after.
Elon Musk has been popular for his remarks on cryptocurrency, especially about a particular currency called Dogecoin. While a lot of people were able to make money off of $DOGE, some investors are now stuck as the performance of the currency was not able to hit the estimated $1.00.
Instead, the coin only reached $0.68 and Elon Musk talked about the coin less and less. Now, The Tesla CEO is talking about Bitcoin. A lot of people raised an eyebrow when Elon Musk announced that Tesla will no longer be accepting $BTC. The confusion was added later on when the CEO noted that the company, however, did not sell any of their $BTC holdings as what some people thought.
The CEO pinpointed environmental reasons for them choosing to shy away from $BTC, then rebutted by Mavericks' owner Mark Cuban. Elon Musk had then shortly announced that he had talked with some Bitcoin miners to look for an environmentally friendly solution for mining the cryptocurrency.
$BTC and $TRX Price Recovery
This, once again, caused the price of $BTC to slowly appreciate. Yet again, the currency has been met with another Elon Musk tweet and saw a drop in price at June 4, 2021 at exactly 23:14:00 when the price of Bitcoin fell to around $36,500 from its' $37,150 just a few minutes earlier at 23:05:00 the same date.
When looking at the chart on Binance, crypto traders can see the exact same thing happen to TRON at exactly the same time frames. $TRX went from 0.07825 on June 4, 2021 at 23:04:00 all the way down to 0.07650 at 23:13:00 just a few minutes apart. The prices of both Bitcoin and Tron somehow went together and easily went bullish again after a few bearish drops.
Crypto Whales Move
The reason why Bitcoin and Tron are very similar as of the moment is because a number of crypto whales have been moving massively in three different cryptocurrencies namely Bitcoin, Ethereum, and lately, TRON. There is still no rationale as to why Tron is now one of the picks for large whales but if there is something secret going on, the whales probably know about it.
It's hard to tell for sure which currency is going up and which is going down. However, if the whales are onto something, traders can potentially follow the whales instead.
This article is owned by Tech Times
Written by Urian B.