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Musk's remarks caused Dogecoin and Bitcoin to fluctuate sharply.Is it suspected of market manipulation?



Original title: Musk and Dogecoin, Bitcoin Advance and Retreat "Yang Conspiracy"

Musk's actions and remarks about the withdrawal of Bitcoin continue.

After Musk suddenly announced last week that due to the high pollution of Bitcoin from mining to trading, Tesla stopped the payment method of Bitcoin to buy cars, last Sunday, a netizen predicted, "When a Bitcoin investor The former will be extremely regretful after finding out that Tesla sells its holdings of Bitcoin in the next quarter," Musk responded affirmatively.

This reply immediately ignited the fragile nerves of cryptocurrency, and the price of Bitcoin, which was already in the downward channel, accelerated and fell sharply. The price of each coin fell below 43,000 US dollars at one point, falling more than 6,000 US dollars from the intraday high, all the way to the lowest level since February this year. . Although the price of Bitcoin rebounded after Musk's subsequent clarification, it has evaporated by about US$20,000 compared to the US$60,000 per coin during the peak period in April.

As of 20:03 on May 17, Beijing time, the price of Bitcoin was $45,661.75, a drop of 7.11% within 24 hours.

The changes in the cryptocurrency market such as Bitcoin last week were extremely "bright".

"Bitcoin investors will be extremely regretful when they find out that Tesla is dumping its holdings in the next quarter."

Changpeng Zhao: The price of Twitter may be slightly higher, no matter what decision Musk makes, he will support it: Golden Finance News, Binance CEO Changpeng Zhao said in a social media reply to netizens that the price of Twitter may be slightly higher. But no matter what Musk decides, he will support it. [2022/7/24 2:34:08]

On May 16, local time, a netizen with the account name "cryptowhale" said so on social media.

This seemingly unremarkable message would not stand out among the many remarks made by Musk's group of Bitcoin supporters last week, but after Musk's reply of "really", the market exploded.

Bitcoin, which has always been swayed by Musk, immediately intensified its decline. It fell below $45,000 for the first time in the past three months, and continued to fall to break through $45,000 and $44,000, setting a record for the lowest price since February this year. 8%.

On May 17, Musk made another statement to clarify, "Tesla did not sell any bitcoins, so as to clarify."

As a result, Bitcoin temporarily stabilized its decline.

This volatility happened just after Tesla's attitude towards Bitcoin changed suddenly.

On May 12 local time, Musk said that Tesla would suspend the payment method for bitcoin car purchases due to concerns about the massive use of fossil fuels, especially coal energy, in the process of bitcoin mining and transactions. The original words are, "We believe that cryptocurrencies have great potential in many ways, but this cannot be at the expense of polluting the environment. Tesla will not sell any bitcoins, and after it switches to a more environmentally friendly way At the same time, we are also looking for other cryptocurrencies that consume less than 1% of Bitcoin’s energy consumption.”

Musk is recruiting partners for the acquisition of Twitter in order to organize a group acquisition of Twitter: On April 16, Tesla CEO Musk is said to be looking for (multiple) potential investors in order to form a group to acquire Twitter, which may be in New acquisition plans have been announced in recent days. One possibility is that Musk partnered with Silver Lake (Silver Lake). (Financial Associated Press) [2022/4/16 14:27:51]

Sure enough, the price of Bitcoin plunged immediately, and the price of each coin plummeted to around $50,000, a drop of 11%. The decline has continued to this day, during which it once touched $43,000 per coin.

Under the above-mentioned set of psychedelic operations, it is Musk's attitude towards Dogecoin, changing his flag and changing his flag.

On May 8, local time, Musk launched a "popularization" of "Dogecoin" and the principles behind it in his debut show "Saturday Night Live". Isn’t it a scam?” After the rhetorical question, the former suddenly admitted, “Yes, I think it’s a scam.”

Dogecoin, which once rushed to $0.7376 per coin, turned sharply down, and the decline expanded all the way, from the intraday high of $0.72 to $0.41, a drop of 24.85% within 24 hours. Dogecoin supporters panicked and left messages under Musk’s account, hoping to get Musk’s blessing again. The expectation seemed to come true. Shortly after the late-night show, SpaceX was the first to say that it would accept Dogecoin as an exclusive payment method for launching the lunar satellite DOGE-1. Musk then took advantage of the heat to hold an online public vote on "Whether you want to buy Tesla with Dogecoin". More than 2.5 million fans participated in it, and 77% expressed their willingness to pay for Tesla with Dogecoin . Two consecutive rounds of operations have boosted the price of Dogecoin, and the price of Dogecoin is currently hovering in the range of 0.496-0.502.

Musk tweeted or mocked music NFT: On December 30, Musk tweeted or mocked music NFT. It is reported that the picture is the "Demon Days" music album created by the virtual band Gorillaz, and the text on the picture says "Can NFT be made into an album?" "Impossible".

Note: "Demon Days" is a music album released by the virtual band Gorillaz on May 27, 2005. Produced by Damon Albarn and Danger Mouse, the album contains 15 songs. In 2006, the album producer Danger Mouse was nominated for the 48th Grammy Award for Best Non-Classical Producer of the Year with the album, and the album track "Feel Good Inc." was nominated for the Best Record of the Year. [2021/12/30 8:14:29]

What is even more exciting to Dogecoin fans is that just one day after Tesla announced that it would stop bitcoin payment methods, Musk claimed that he was working with Doge developers to improve transaction efficiency.

Tony Sycamore, a senior analyst at GAIN Capital Group, explained to the 21st Century Business Herald reporter that for new investors, it is difficult for Bitcoin to experience a thousand-fold surge. Therefore, altcoins such as Dogecoin may become the next sustenance. Recently, there are many investors who have sold Bitcoin and switched to Ethereum, the second child in the currency circle, and Dogecoin is also a popular choice.

Musk opposes Nvidia's ARM acquisition plan: According to news on August 29, Tesla CEO Elon Musk has recently been reported to be joining the camp against Nvidia's acquisition of the British chip giant ARM. Earlier this year, the Federal Trade Commission, the U.S. antitrust watchdog, opened an investigation into the deal and is expected to announce its findings in the coming weeks. Both Amazon and Samsung have expressed their objections to US authorities. (Golden Ten) [2021/8/29 22:44:25]

Tony Sycamore believes, "Bitcoin's dominance is hard to shake. The current cryptocurrency market is in a bull market, so various altcoins generally rise, which in turn lowers the market share of Bitcoin. The market will enter a bear market in the future. The share will increase again.”

In an interview with a reporter from the 21st Century Business Herald, Yu Jianing, the rotating chairman of the Blockchain Special Committee of the China Communications Industry Association and the president of Huobi University, pointed out that in view of the sharp rise in the price of Bitcoin in the short term, along with the "animal currency" The upsurge has led to a certain degree of market bubbles, and Bitcoin has cooled to a certain extent.

"Currently the market is in the stalemate period of traditional institutional allocation of encrypted assets, the good news of Coinbase's listing, and the Federal Reserve's vacillation on interest rate hikes. Except for Musk's personal influence on Bitcoin and Dogecoin and other animal coins, the hot spots in the market are ebbing , The short-term rush is weak, so there is bound to be a temporary correction", Yu Jianing said, "But in the medium and long term, the current encrypted asset market may be at the stage corresponding to July and August 2017, and outsiders have not yet greatly Scale entry. It was only in May this year that we entered a real bull market. Off-market funds continued to enter the market, and the market sentiment was extremely excited. However, at the same time, there were serious differences in the judgment and selection of assets in the entire market. Therefore, the next few months may be a bull market In the middle of the market, Bitcoin and other mainstream assets still have room to continue to rise, but only a small number of emerging assets can go through bulls and bears and become valuable assets in the future.”

MicroStrategy CEO: Contacted Musk about energy use: Business intelligence company MicroStrategy CEO Michael Saylor said he contacted Tesla CEO Elon Musk about energy use. The focus now is on how best to report energy usage. Will meet with bitcoin miners. (Golden Ten) [2021/5/26 22:44:12]

Obviously, behind Musk’s repeated seemingly “temporary” remarks on the virtual currency market, is it really as he explained, “It’s not surprising that people like me who can send SpaceX to the moon say so.” ", or some other human considerations? Did Tesla Sell All Its Remaining Bitcoins? And has Musk operated on the bitcoins he holds?

Dating back to April 26 local time, Tesla Inc. released its quarterly financial report showing that it bought $1.2 billion in bitcoin in the first quarter, while selling bitcoin earned $101 million. In the earnings conference call, Tesla Chief Financial Officer Zachary Kirkhorn reiterated his belief in the long-term value of Bitcoin and insisted on its commitment as a payment method.

In just over half a month, Musk launched the highly polluting empty remarks of Bitcoin. Musk, who is good at technology and has been active-zce in the field of cryptocurrency for a long time, should have suddenly realized the pollution caused by Bitcoin recently. If not, why did you "swear so much" in the first place?

But so far, there has been no news about Musk's personal bitcoin holdings.

Yu Jianing believes that the reason why Musk can have such a great impact on encrypted assets such as Bitcoin and Dogecoin through himself is that the encrypted asset market has long been eager to integrate into mainstream finance. "Whether it is Musk, or Buffett, Charlie Munger, Bill Gates and other traditional financial capital representatives, their views on Bitcoin will have an impact on the confidence of the market as a whole. Compared with Buffett, Charlie Munger Or Bill Gates, their attitude towards Bitcoin has never changed significantly, and investors have psychological expectations. Only Musk has been promoting Bitcoin and Dogecoin on social media day after day since this year, Use his status as a social influencer to assign value to Bitcoin and Dogecoin, and drive retail investors who follow him to invest and even chase the price.”

But a further question is, when the U.S. Securities and Exchange Commission (SEC) is tightening the regulation of cryptocurrencies, can its completely contradictory remarks under the nose of the SEC be classified as market manipulation?

The SEC's definition of market manipulation is a deliberate act of deception, that is, to deceive investors by controlling or artificially influencing prices; or deliberately interfering with free supply and demand in the market, thereby artificially guiding stock price changes. Market manipulation usually takes the form of pump and dump and hype and dump.

A lawyer told the 21st Century Business Herald reporter that market manipulation is unique to the securities market, and Bitcoin is not a security token. constitute market manipulation.

"I think that a professional organization should come forward to investigate whether he has the intention to manipulate the market and can actually make a profit in this way. If an organization finds evidence that Musk deliberately manipulated the market and made a profit in the future, Musk is very It is possible that they will be punished by the U.S. securities regulators. There is a precedent for American celebrities who were punished for "calling orders" for certain encrypted assets." Yu Jianing said.

Matt Weller, global research director of GAIN Capital Group, told the 21st Century Business Herald reporter that for Musk, if he sings more cryptocurrencies one-sidedly, he may be targeted by regulation. "After Musk sang about Dogecoin, he was invited to 'drink tea' by the supervision, and at one point he disabled social media, and Musk began to restrain himself. The most important thing is that at this stage of development, Musk needs Pay attention to the opinions of large institutional investors, and the hype of Bitcoin has disgusted many institutions.”

Matt Weller also believes that “Tesla’s high ESG rating is due to the help of the ‘opportunity of clean technology’. Maybe Musk doesn’t want Bitcoin to drag him down now. From a technical point of view, Tesla’s stock price is positive. Trading near the lower track of the half-year range, the potential support is at the 200-day exponential moving average at 580, the previous support at 540, and the resistance-turned support at 500."

Author: Hu Tianjiao Editor: Li Yilin


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