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Elon Musk, CEO of Tesla▶ Click here to enlarge the view
The bitcoin market is on the move after Elon Musk, the CEO of Tesla, an electric car maker in the United States, said that the price of bitcoins appears to be high.
On the 22nd (local time) On the 22nd (local time), CNBC’s broadcast of the US economic media cited data from CoinMatrix, a cryptocurrency data provider, and the price per bitcoin once fell below $ 50,000 (55.6 million won) and $ 47,700 (It reported that it had dropped to 53 million won).
The broadcast read: “After Musk said the price of bitcoin looked high, the price of bitcoin fell and stopped.”
Musk on Twitter on the 20th refuted Euro Pacific Capital CEO Peter Sipper’s view that investments in gold are better than Bitcoin, but said that the cryptocurrency Bitcoin and Ethereum “seem like the price is high.”
Bloomberg News said: “Bitcoin once fell 17% compared to the previous day and then reduced the drop to 8%.”
Bitcoin is trading at $ 52,000 (57 million won) each, which is an 8% decline compared to 24 hours ago, and Ethereum is trading at $ 1,700 (1.89 million won), which is less than 12%.
According to CoinDesk, a cryptocurrency site, bitcoin peaked at $ 58,000 (64 million won) a piece on the 21st after Musk’s comments, but showed great volatility, turning lower on the 22nd.
Cryptocurrency Bitcoin Image▶ Click here to enlarge the view
In response, Bloomberg said, “Bitcoin prices have risen nearly 50% when Musk adopted the cryptocurrency earlier this month, but Musk is coldly damaging and (again) his biggest digital asset (Bitcoin).”
Musk publicly announced that he was a “Bitcoin supporter” on Day 2, and Tesla kicked off the rally by revealing his purchase of $ 1.5 billion worth of Bitcoin on Day 8.
“Whatever Musk does, he will dominate the news flow,” said Edward Moa, chief analyst at US forex brokerage Oanda.
An analysis was also raised that Musk’s remarks that the bitcoin price seems high had an effect on investors from cryptocurrency institutions that resumed operations that day.
The Bloomberg news agency said: “Musk said on Saturday (20) ‘The price of Bitcoin appears to be high.’ Unlike individual investors, institutional investors who followed normal business hours responded to Musk’s tweet on Monday (22 ) and the price fell, a possibility that it would fall ”, he analyzed.
In addition to Musk’s comments, there were warnings that price volatility would increase despite the small news, as bitcoin’s liquidity is limited.
JPMorgan Chase strategist Nicolaos Panageasoglu said in an investment memo that “the liquidity of digital currencies is less than that of the S&P 500 or gold, so it can have a big impact on the price of small flowcharts. “said Neil Wilson, Market.com chief analyst. “Investors should be prepared for bitcoin volatility, such as sharp price fluctuations,” he advised.
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