When will Elon Musk’s influence on Bitcoin end?

On Friday, the trend of Elon Musk swinging the cryptocurrency field with desperate tweets reappeared, because after Musk’s latest Bitcoin, many coins lost 10% to 18% (Bitcoin) Memes.

Tesla CEO’s tweet The display of the Bitcoin logo next to the heartbroken emoji may be interpreted as quite mysterious, but within a few minutes, the cryptocurrency market’s reaction was to plunge into a sea of ​​red, and nearly $100 billion left the global market value.

Although industry executives are worried about Musk’s influence on the encryption field, they increasingly hope that Bitcoin can get rid of his gravity. Greg Waisman, chief operating officer of payment network Mercuryo, said Friday’s sell-off was actually an example, and he pointed out that the recent decline has not been as violent as in the past.

“To a large extent, Bitcoin investors are learning to ignore Elon Musk’s tweets. This is obvious because the price drop is not as big as we have seen before. Bitcoin investors are trying to limit panic selling. Maintain a united front. This is a good start for Bitcoin,” Weisman said.

Waisman said that traders are slowly accumulating industry knowledge, which will eventually make Musk’s tweets irrelevant, adding that factors such as jurisdictional regulations will Become a more accurate driver The market of the future.

“We have reached a point where crypto stakeholders will only respond based on relevant fundamentals. The cryptocurrency industry is maturing, and to a large extent, knowledge accumulation is taking center stage,” Weisman said.

“As market stakeholders gain more knowledge, they will learn to make decisions based on the most important influences, such as regional regulations,” he added.

Nick Spanos, the co-founder of the ZAP protocol, agrees, and Elon Musk’s previous tweets have proved More destructive Than the Bitcoin released last Friday. Spanos said that this shows that traders are beginning to ignore Musk’s influence.

“After today’s Elon Musk’s tweet pushed the price of Bitcoin down by approximately 5%, there was some resistance in the token. However, despite the decline, Bitcoin’s trading price is still above the key price level of $36,000. “Spanos said.

“From previous trends, cryptocurrencies usually see larger plunges, but the current 6.83% shows that the market has proven that the market is indifferent to the impact of billionaires,” he added.

Konstantin Anissimov, executive director of CEX.IO, has a similar view. He pointed out that the entire cryptocurrency market cannot be succumbed to individuals like Musk for a long time, and global regulatory issues are very serious. It will soon become the focus.

Anissimov said: “I feel that at some point, the crypto market will be independent of the influence of influential people such as Elon, regardless of how many followers they have on Twitter, and will only succumb to the influence of regulators and global and international markets. What happened on