Consultants reply: How does Elon Musk have an effect on crypto house?

“Musk’s tweets and the ensuing results definitely might have damage crypto within the eyes of some institutional traders. Whereas a great deal of traders already think about Musk a little bit of a clown and aren’t making funding selections based mostly on his opinions, it raises issues concerning the maturity of crypto markets that an errant tweet can erase a whole lot of billions of {dollars} in market cap in only a few days.

The entire Dogecoin affair, typically, is just not serving to crypto’s picture both. Many thought that 2021 was the 12 months that cryptocurrencies would start gaining mainstream acceptance as an asset class, however seeing a meme canine coin hit an $80 billion market cap after which crash 50% is just not perfect for crypto to be taken significantly.

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