SpaceX owns bitcoins. Why the market ignored SpaceX’s?
Not a trigger anymore. ” Why the market ignored SpaceX’s Bitcoin purchase
On Wednesday, July 21, SpaceX CEO Elon Musk announced that the space company owns bitcoins. But the businessman’s statement had almost no effect on the quotes.
On the evening of July 21, SpaceX and Tesla CEO Elon Musk announced at The B Word that SpaceX had invested in bitcoin. The businessman also confirmed plans to return the first cryptocurrency as a means of payment for Tesla. Musk acknowledged that Bitcoin mining is becoming more sustainable.
SpaceX owns Bitcoin. Bitcoin going to the moon, confirmed.
— Documenting Bitcoin ? (@DocumentingBTC) July 21, 2021
The market practically did not react to the businessman’s statement. At the moment, the rate of the main cryptocurrency rose to the level of $ 32.8 thousand, and then dropped again to $ 32 thousand. As of July 22 bitcoin is traded at a price of $ 31.8 thousand.
In early February of this year, when Tesla announced the purchase of bitcoin for $ 1.5 billion, the rate of the first cryptocurrency updated to a maximum of $ 46.7 thousand, having risen in price by $ 8 thousand per day. Experts explained why this time the news of SpaceX’s Bitcoin purchase did not trigger the same rise.
No longer a trigger.
The role of Elon Musk and his influence in the cryptoindustry decreases with each of his statements. In his opinion, market participants are disappointed that after Musk’s comments, assets are not growing significantly, so they gradually stop paying attention to the businessman’s statements.
“The participation of Elon Musk’s business in the crypto market is no longer perceived as a trigger for an impulse: now it is not so much the name of the institution that has entered the cryptocurrency that is important, but the volume of positions and the purposes for which assets are acquired,” the analyst noted.
The participation of Musk and his affiliated companies in the crypto market is already included in the price and is not a factor that can have a significant impact on the rate, Pershikov explained. He also noted that at the moment Musk is a toxic market player who, with his statements, carries risks for short-term investors.
Vaccination from the Bitcoin owner SpaceX
After Musk has demonstrated his ambivalent position on cryptocurrencies, investors are less violently reacting to his statements, so no one can guarantee that tomorrow the billionaire will not announce the closure of all investment positions in Bitcoin at SpaceX.
“Market participants have, in a sense, been vaccinated against Musk’s verbal interventions. Nevertheless, this news itself is very positive and in the long term creates a solid foundation for the growth of bitcoin, ”the analyst predicted.
In May, Elon Musk criticized bitcoin several times. The businessman questioned the decentralization of the first cryptocurrency and expressed concerns about the non-environmentally friendly way of mining bitcoin.
Now the crypto market lacks something more emotional and explosive. He recalled that Musk has already said that his companies will return to bitcoin as soon as the mining industry turns green, so this information is not new. Also, according to the analyst, the cryptocurrency market for further growth does not have enough trading volumes and demand for bitcoin.
Amid statements by Mask about selling cars for bitcoins and owning SpaceX’s bitcoin, Twitter announced the integration of bitcoins on social media. According to the founder of the company Jack Dorsey, bitcoin is the best candidate for the role of the global currency of the Internet and will be integrated into the products and services of the social network.
A Twitter rep confirmed this is the first time that Jack Dorsey has spoken publicly about how Twitter could integrate #bitcoin into its product lineup.
— Documenting Bitcoin ? (@DocumentingBTC) July 23, 2021
Twitter ? #bitcoinhttps://t.co/V72fAmhSb9
Twitter founder Jack Dorsey said the social network will support Bitcoin, TechCrunch reports. The first cryptocurrency will be integrated into Twitter’s existing products and services, including paid subscriptions, commerce, and the ability to support authors, Dorsey said.
“There is an obvious need for this. I think an open standard that is native to the internet is the right way to go. Therefore, our focus will ultimately be on bitcoin, ”said the founder of Twitter.
The founder himself, on the eve of the Olympics, made a tweet in support of Etherium. And the #Bitcoin tag is set in the profile description
Great to see @jack and the crypto community supporting the #ETH athletes! ?
— Olympics (@Olympics) July 22, 2021
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