Bitcoin and cryptocurrency markets lie and wake up with Elon Musk’s tweets. Thanks to Elon Musk’s tweets, it affects the prices of cryptocurrencies, especially Bitcoin and Dogecoin, in the desired direction.
“Bitcoin regulations are coming in 30 days because of Elon Musk”
Elon Musk can manipulate the cryptocurrency markets in any direction he wants thanks to his tweets.. Manipulating stock prices in regulated securities markets is a criminal offense. However, the fact that crypto money markets are not yet regulated leaves serious gaps in manipulations.. For this reason, there can be extraordinary manipulation and speculation in prices.
Tesla buys $1.5 billion worth of Bitcoin when Bitcoin prices are at $30,000.. 7-10 days after this purchase, Elon Musk announces that Tesla bought Bitcoin via twitter.. After this tweet, the BTC / USD parity exceeds 60 thousand dollars. Thus, Elon Musk manipulates Bitcoin prices for his own personal benefit.
The name of Scott Galloway, a professor at New York University, was among the top 50 economists in 2012.. Professor Galloway drew attention to the manipulation that Elon Musk has caused in the crypto money markets in the last few months and stated that the US Securities and Exchange Commission (SEC) will intervene in this situation in 30 days.. According to Galloway, the SEC will regulate cryptocurrency markets for up to 30 days.
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Professor Galloway describes a healthy market as one that is unaffected by one person or group. He states that investors can enter the markets that provide such confidence and invest with confidence.. However, it is very difficult to see the similar situation in the crypto money markets.. Individuals or groups are highly influential on Bitcoin and cryptocurrency markets.. The SEC cannot tolerate this situation any longer.
Bitcoin is not on the SEC’s radar for manipulations because it is not included in the securities classification.. Bitcoin is in the “commodity” classification. However, fluctuations in Bitcoin and crypto money markets also affect the US financial markets.. Therefore, according to Professor Galloway, the SEC will implement a regulation within 30 days that will fill the gap on Bitcoin manipulations.
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