Elon Musk continues to excite the cryptocurrency markets.

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Everyone knows the phrase "What do you think, Elon Musk?". It is usually used in comical situations to emphasize the weakness or wretchedness of an event or action. However, in the last couple of weeks, it seems that it is Musk who is asking the whole world: "How do you like this?". Yesterday, Elon Musk was asked what the name of his own cryptocurrency would be called. There were even two possible answers: Eloncoin and Marscoin. Mask liked the second option that he did not forget to mention. Interestingly, there is already a cryptocurrency called Marscoin in the world which immediately began to rise in price as soon as it learned that the owner of Tesla liked its name. The price for a few hours soared from $ 0.1 per coin to $ 2.5. And now we deal with what happened, laugh and draw conclusions. That is, the Marscoin cryptocurrency has risen in price simply because Elon Musk would call his own cryptocurrency "Marscoin". He is not going to invest in an unknown Marscoin, but just a word from Musk leads to the fact that the markets begin to buy the digital asset in bags and wagons, if it could be put in a bag or in a wagon.

It is worth recalling that this is not the first time that Elon Musk's comments and tweets lead to a strong movement in the cryptocurrency market. He has even been accused of deliberately manipulating the markets and his individual cryptocurrencies. But whose fault is it if the market (that is, the totality of a huge number of traders and investors who make their own decisions) tracks Musk's tweets and comments from morning to night, considering them as an ideal signal to enter the market for a particular digital asset? Imagine the following situation: Bill Gates declares that his company is not going to make payments in the European currency and the euro immediately falls twice against the dollar. Fantastic? Yes it is, but not in the cryptocurrency market. Thus, Musk has put his hand to the growth of at least three cryptocurrencies, each of which should say "thank you very much" to him. It remains to be seen how much longer the market will react to the statements of the owner of Tesla and SpaceX? But while reacting, it seems that it is Elon Musk who will play the role of the central bank for the cryptocurrency market. It is his comments that will play a significant role for bitcoin and its "brothers". It is his word that will reward or kill this or that cryptocurrency. Meanwhile, bitcoin reached $ 52,000 per coin, ether - $ 1,900, and litecoin - $ 240 per coin.

The material has been provided by InstaForex Company - www.instaforex.com

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