In Musk’s profound word, bitcoin’flops’… “Looking back, it was inevitable”

Elon Musk, CEO of Tesla, an electric vehicle company in the US, is poised to expand the war against short selling forces into the bitcoin market.

This is because Musk suddenly changed the self-introduction section of his Twitter account to `#bitcoin` (#bitcoin) on the 28th (local time).

He said, “Looking back, it was inevitable.”

In Musk’s words, the bitcoin market slumped.

Investors judged by Buy Shin-Sohra entered the market, and the price soared to $38,000 each (4246 million won).

Reuters said, “Investors responded to Musk’s words. After Musk’s tweet, the price of cryptocurrency has soared 14%.”

Yahoo Finance analyzed that in major cryptocurrency exchanges, short-selling investors have hastily liquidated the sales volume of 387 million dollars (432.4 billion won) to prevent losses. Short selling is allowed in the cryptocurrency market like the stock market.

Yahoo Finance further analyzed that “Musk may not have intended to liquidate the bitcoin short sale, but from his point of view, who did not hide his aversion to the short sale, he may have burst a bottle of champagne after seeing the short sale massacre brought by his tweet.”

Meanwhile, Dan Lane, an analyst at FreeTrade, a stock information provider, suggested that “Musk moves the market by attacking short-selling forces, so we have to discuss whether it is justified.”

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