When Elon Musk tweets, there is often a rally on the stock exchanges. Now Musk has changed his Twitter biography – and the Bitcoin price soared.
The price volatility seen in connection with Twitter mentions by billionaire and Tesla boss Elon Musk continues. On Friday, the price of the internet currency Bitcoin shot up several thousand US dollars within a few minutes.
Observers blamed the simple hashtag “#Bitcoin”, which Musk placed on his Twitter page without explanation, to be responsible. On the Bitstamp trading platform, Bitcoin rose by around twenty percent to around 38,000 US dollars. Most recently it was trading at $ 36,000.
Elon Musks Twitterprofil: “#Bitcoin”. (Quelle: t-online)
In the past few weeks, Musk had commented on numerous price capers in the financial markets on Twitter. One example is the dramatic price rally by the game retailer Gamestop.
In several tweets, Musk opposed shortsellers who bet on the price drop of the Gamestop share. They were the target of an initiative launched by small investors via the Reddit platform.
In addition, a tweet from Musk is blamed for a sharp jump in the price of the digital currency Dogecoin. Musk had shared a cover photo of a similar-sounding dog magazine (“Douge”) on his Twitter page. The logo of the digital currency Doge also depicts a dog. The Dogecoin rate jumped massively by several hundred percent on Friday.
Strong exchange rate fluctuations are not uncommon for digital currencies. Course jumps on the scale and in such a short time as on Friday are not common.
Bitcoin had risen dramatically in the past year, rising to a record high of $ 42,000 in early 2021. In the end it went down again after the euphoria seemed to have subsided a bit.
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