“What saddens me is the way the weak hands and recent buyers see Elon Musk as a prophet, powerhouse and decisive figure in bitcoin,” said one trader.
Will the man who forecast bitcoin's price rise to $50K last year be heeded or ignored?
Elon Musk is a person of considerable influence. Is it big enough to get bitcoin to go green?
Elon Musk's tweets aside, bitcoin remains vulnerable to rising odds of a Fed Reserve rate hike.
Musk's about-face on the leading cryptocurrency put to flight a market already in a nervous mood.
However, Tesla will not be selling any of its bitcoin anytime soon.
Dogecoin is too dependent on the personality cult of one man to ever become truly viable, like, say, Bitcoin.
The scammers reportedly hijacked verified Twitter accounts to promote a fake giveaway by the Tesla CEO.
The most important impact for the investing market overall: It's a reminder that Bitcoin is a technology. Plus: What's next for dogecoin?
Dogecoin has risen 130-fold this year, for a market capitalization of about $80 billion, on par with France's largest bank.
The Tesla CEO referred to himself as “The Dogefather” ahead of his SNL appearance on May 8.
Elon Musk's tweets keep sending dogecoin into the stratosphere, now with a market capitalization over $8 billion.
By embracing bitcoiners, Tesla is likely to make more sales among that crowd even if they pay in fiat. Any extra BTC the carmaker gets is gravy.
The difficulty underscores how even in a roaring bull market, crypto still struggles to gain widespread acceptance as a payment method.
Tesla got the market excited briefly, but bitcoin is still in consolidation mode.