Elon Musk’s recent Tweets might yield Double-Digit profit for Doge and Bitcoin
Mr. Billionaire who is also Tesla’s head has had some activity on his account which has caused a lot of debate and on top of that unusual volumes of trading observed as well as double-digit returns.
Recently, Tesla’s CEO with over 45.5m followers on Twitter, Elon Musk, has been manipulating the crypto market with his many ideas about them. For instance, he called DOGE “people’s crypto” and help it grow bigger;
In an attempt to measure Mr. CEO’s social media impact on the price of certain assets, Lennart Ante who is a BRL researcher looked into 6 of Musk’s crypto-related activities (2 posts about BTC and 4 for DOGE) posted in the last 2 years. He used two models of cumulative abnormal return (CAR) and cumulative abnormal trading volume (ATV) and found out that Bitcoin and Dogecoin had returns of 18.99% and 17.31%, respectively.
Out of the 6 Twitter activities, 4 seem to have not had a meaningful impact on the market and any kind of increase has been for other reasons, however, the remaining 2 that had significant returns for the coins are adding “#bitcoin” to his bio and the other is his one-word “Tweet”.
While changing the bio to #bitcoin seemed to be a sign of Musk’s support for Bitcoin, the tweet for Dogecoin was certainly a joke as Musk admitted this fact.
Well, it goes without saying that these influencers whether rich or famous or both could have negative effects on certain cryptocurrencies and their returns. They could have short-term impacts and pumps and dumps which might cause sudden changes in the price of certain coins and alter the lives and investments of many.
NFT and NFC tech to combine in digital postage stamps
The Austrian post intends to integrate near-field communication to its non-fungible token postage stamps. ...
MAY 27, 2021
SDK is Polygon’s new tool to deploy Ethereum-compatible standalone chains
To empower themselves to build Ethereum-compatible standalone chains and layer-two protocols, the Polygon team is going to launch SDK or software development ki ...
MAY 26, 2021
Whales accumulate 122.5K BTC while crypto market is a bloodbath
Last week, the market experienced a collapse and the whole market suffered except for some big holders who bought the dip and added 122.5K BTC to their portfoli ...
MAY 23, 2021
Bitcoin mining yields in Iran may exceed $1B annually
Bitcoin has turned into a way of bypassing the oil sanction by the Iranian government and a payment method for their imports. ...
MAY 21, 2021