Elon Musk moves (slightly) the prices of Bitcoin, Ethereum and Dogecoin

Elon Musk will not sell his Bitcoin, Ethereum and Dogecoin and the three cryptocurrencies are expressing their gratitude, as their prices show slight gains. 

At a time when the market is having a tough time, even a few positive points seem to do a lot.

Elon Musk: I am not selling Bitcoin, Ethereum and Dogecoin

It all started with the comments made by the CEO of Tesla via Twitter. After commenting on the inflation trend in the United States, he received a reply from pro-Bitcoin Michael Saylor. Elon Musk replied in turn that during periods of inflation, it is better to own real estate or shares in companies you are sure of. For what his view is worth, he will not sell his Bitcoin or his ETH, let alone his DOGE. 

These statements had the power to give the market a small bump. After all, Elon Musk is still the richest man in the world, so his investment forecasts are never to be ignored. 

However, the resounding pump effects he was able to generate just a few months ago with his tweets seem a distant memory. 

The prices of Bitcoin, Ethereum and Dogecoin

Bitcoin

Bitcoin closed the day on 14 March with a gain of around 4%, returning to around $39,600. BTC’s day was actually up and down. It started off not exactly under the best auspices, then Elon Musk’s tweet gave the price an initial boost, taking it to just under $39,000. Bitcoin’s highs and lows came as late as midnight CET, when it was again below $40,000. 

Ethereum

Ethereum also experienced an up-and-down day. The most important spike of the day occurred in connection with the tweet by Tesla’s CEO. Ethereum closed 14 March with a gain of around 3% at around $2,580. The words of the world’s richest man failed to make ETH drop from $2,500, despite performing well. 

Dogecoin

Dogecoin’s gain was less sharp, closing yesterday’s session up 2.5% to $0.11. Elon Musk’s tweet caused a price spike which was not enough to bring Dogecoin to 12 cents. Dogecoin seems to have failed to capitalize on the confidence of the CEO of Tesla. 

A more mature market

The phase in which a tweet from Elon Musk sent the crypto market flying seems to have ended. Just a few months ago, the continued appreciation shown to Dogecoin allowed the crypto born as a joke to fly, reaching a record 70 cents in value in May 2021. 

Bitcoin also benefited from Musk’s actions and Tesla’s investment, so much so that in February 2021 the electric car maker’s maxi BTC purchase was among the reasons that contributed to the bull run culminating in the $64,000 record touched in April (and then beaten in November 2021). 

But all this seems to be a memory. Could it be that the market is now mature enough not to be carried away by one man? Perhaps, but confirmation could only come if Tesla’s CEO publicly announces that he is divesting his crypto assets. Panic selling will show that investors are far too attached to the shares of the man who leads the list of the world’s richest people.