New day, new Musk tweet and another manipulation of the crypto market! Amidst the Bitcoin crash, Elon Musk tweeted Tesla has ‘diamond hands’. SpaceX boss and Tesla Inc.’s CEO has been awarded an unsaid Internet award, where the variations of prices in the crypto market have been accredited to him.
His reach, however, is often more than crypto – space and technology geeks hang to every word he posts on his Twitter account. His tweets on social media managing to create variation in prices of real-world things now have got a new term: ‘The Musk Effect’. As Bitcoin prices crashed late on Wednesday, Elon again tried to wreak havoc: all with a tweet.
Prices for the virtual asset plunged 12% to about $38,000 in New York. It’s now dropped around 40% from its record of almost $65,000 set in April. The largest crypto worldwide has erased all the profits it clocked up after Tesla Inc.’s announcement made on February 8. The announcement said that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles. Now traders are strengthening for more pain as the token breaks a key technical level.
On Tuesday, a statement from the People’s Bank of China reiterating that virtual currency can’t be used as a mode of payment added to the selloff.
Amidst all this, Musk posted a tweet: 2 emojis and 2 hands. ‘Tesla has diamond hands’.
The tweet implies that the company won’t be parting with its $1.5 billion stakes in bitcoin. ‘Diamond hands’ refers to ‘traders who believe in the eventual profitability of their stocks and securities and keep holding them while their prices drop’.
‘Diamond hands’ is a meme pulled right away from the ‘WallStreetBets’ Reddit forum. The jargon is a mix of traditional investing jargon with internet culture jargon, like ‘diamond hands’.Share & like