How Elon Musk Used Twitter to Manipulate Cryptos

Posted Apr 27, 2022, 1:54 PMUpdated on Apr 27, 2022, 2:37 PM

“A great victory for freedom of expression”. This is how Brian Armstrong, the leader of the main American cryptocurrency platform Coinbase, welcomed the takeover of Twitter by Elon Musk for 44 billion dollars. Because. Elon Musk’s tweets about the various cryptos rarely go unnoticed. They drive up volumes, and crypto exchanges, whose commissions are rising, are the primary beneficiaries of the crypto guru’s volubility.

Elon Musk, who defines himself as a “realistic optimist”, praises or mocks cryptocurrencies, like bitcoin, depending on his mood. His interventions on Twitter generally have a short-term impact, between a few minutes and a few hours. It has more influence on smaller cryptos, like Dogecoin but generally much less on bitcoin. The market leader is more difficult to manipulate.

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