Musk vs Market: Who is Manipulating Bitcoin?

“The crypto market is going through a rollercoaster ride and those who stay put and remain strong shall survive!”. This seemed to be true in the past when cryptocurrencies were imagined to be decentralized and the concept itself envisaged that the power shall not lie in the hands of the few. The recent acquisitions of market manipulations, strong opinions of the Sovereign banks and regulatory bodies across the world, vested interests of large corporates in crypto, and Elon Musk’s voiced opinions, through his randomly timed tweets, tell a different story.

On June 19, 2022, Elon Musk, who has been vocal about Dogecoin, Bitcoin, and other cryptocurrencies, tweeted through his official Twitter handle that he shall continue to support Dogecoin despite a bearish trend in the market.

He also replied to a comment and wrote that he shall continue to buy Dogecoin. According to CoinGecko, Dogecoin\’s price saw a bump of 8% right after Elon Musk posted this tweet.

Elon Musk’s attitude made the world of crypto swing in 2021. His tweets have been powerful enough to pump the market to unprecedented levels and also trigger a crypto winter. After connecting the dots, one can easily interpret that such authority over the masses and the crypto market is contagious and hence it makes the market more volatile than ever instead of making the market safer and more reliable for the investors. What is clearly visible is that whenever Elon Musk tweets in support of crypto, the market bounces back and whenever Elon Musk had lashed out at crypto, the market has suffered. It seems as if Dogecoin gets to decide which way the Bitcoin will go!

What should not come as a surprise is that each bearish market has made large investors accumulate more assets and eventually ended up squeezing more money out of the market. What is interesting is that Bitcoin and cryptocurrencies in general were a type of investment that kept the corporates away for a long time. But now the tables have turned, corporates are investing big in crypto and making sure that the world knows where they have sunk in their teeth. This makes the masses believe more in the market which most of them do not even understand and finally ends up being a victim of a well-planned and executed trap if accusations of market manipulation hold any ground.