August 10, 2021
Bitcoin Buyers Lost Their Memory
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Bitcoin Buyers Lost Their Memory

Bitcoin Buyers Lost Their Memory; Elon Musk controls mass sentiment

In line with Wallebi, Bitcoin price surged 20 % a few days ago due to Elon Musk recent tweet. In fact, Elon Musk changed his twitter profile bio to #Bitcoin. Additionally, he tweeted a mysterious sentence which didn’t have any specific meaning. However, his fans related this sentence to bitcoin and picked it up as a sign that Elon Musk invested in Bitcoin. As a result, majority of his fans started to buy Bitcoin aggressively and respectively the price pumped 20%. However, it seems that Bitcoin buyers lost their memory.


It is not the first and last time

It is not the first time that Elon stimulates his fans emotions. Previously, he supported Dogecoin by changing his twitter bio to CEO of Dogecoin. Consequently, majority of his fans started to buy Dogecoin and its price pumped significantly just in a few hours. Although there is not any clear reason behind Elon’s actions, he controls his fans’ sentiment and impact the crypto market as well. However, it is not just about tweeting or changing bio, he also talked about cryptos in his interviews, which resulted in significant changes in the market.

Traders and investors lost their memory

Just few days after this mass excitement, Bitcoin market backed to its normal days. Apparently, all traders and investors already forgot about everything happened in the past few days. It seems that the majority of those, who became greedy about crypto market, now lost their memory. As a result, the Bitcoin market cooled down and everything backed into normal days. For that reason, Bitcoin declined as below as $32000.

Bitcoin Buyers Lost Their Memory; Investors cooled down Bitcoin market

For the reason mentioned above, Bitcoin price pumped from $32200 to $38400 just in few hours and then declined to $34000. However, the price decline was continuous and fell as below as $32229. Now, Bitcoin is trading around $33800. Therefore, it seems that Bitcoin market is backed to its normal days and mass sentiment is cooled down.

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