Musk, who is "not focused on his main business," has gone further down the road of the cryptocurrency market.
Tesla, which frequently encounters trouble, has been unable to keep up with Musk's speculative activities. Now, every comment Musk makes about the cryptocurrency market and every tweet has become the catalyst for significant fluctuations in the digital currency market.
On May 17th, Musk hinted in a tweet that Tesla may have sold its remaining holdings of Bitcoin. $Tesla (TSLA.US)$The price of Bitcoin immediately plummeted by 10%, and then Musk clarified in another tweet that Tesla $Bitcoin (BTC.CC)$Suddenly, the price of bitcoin dropped by 10%, and then Musk clarified his statement in a tweet. $Bitcoin SV (BSV.CC)$In the short term, it rose by $2000.
On May 19th, the 'earthquake' in the cryptocurrency market has fully revealed the enormous crisis in this market.
As the leader of the world's largest car company, Musk's behavior in the cryptocurrency market is somewhat perplexing, with his challenge to the traditional financial system, but it's others who foot the bill.
Affected by his statements, the extreme volatility in the cryptocurrency market has become the norm, with hundreds of thousands of people being liquidated, involving amounts easily surpassing hundreds of billions of dollars.
As for Musk himself, he may have made a fortune in the extreme volatility of the cryptocurrency market.
The skyrocketing reputation of the cryptocurrency market has overshadowed many underlying issues. Since Tesla reached its peak of $900.4 per share on January 25th, its stock price has fallen by over 35% in less than four months. $Tesla (TSLA.US)$