Crypto regulation: Here’s how Elon Musk can manipulate the cryptocurrency markets

In 2021, Elon Musk published several tweets that led to strong fluctuations in the crypto markets, in particular Bitcoin and Bitcoin. Dogecoin. His tweets sent shockwaves through the cryptocurrency community and played a role in the dramatic drop in the value of the cryptocurrency. Bitcoin in May 2021 after he pointed out its environmental impact. In the same order, its support for Dogecoin has led to its price increase.

#AMF punishes little carriers for much less than that 🤔 what are we waiting for to make him pay a good fine for price manipulation 😠 “Musk’s joke sends Manchester U. and related cryptos flying despite the denial”

One might wonder whether all these interventions constitute market manipulation. Musk has already been sanctioned in well-regulated equity markets. Due to tweets deemed misleading to investors on Tesla shareshe was ordered to pay $20 million in 2018 by the Securities and Exchange Commission (SEC) in the USA.

Memecoins and shitcoins still targets

If Bitcoin and Dogecoin no longer really react to Elon Musk’s tweets, new memecoins and Shitcoins can fluctuate wildly after his tweets.

More recently, when the world’s richest man tweeted that he was going to acquire Premier League team Manchester United, the price of a cryptocurrency bearing the name Manchester United Fan Token (MUFC) rose by nearly 3000%. Musk then added that he was joking!

A joke by Elon Musk brings back to life a dead Manchester United fan token. The coin surged 3000% after Tesla’s CEO tweeted he intended to buy the soccer club.

Yet the cryptocurrency in question has nothing to do with the football team. Manchester United has officially joined forces with Tezos to get started with Web3 technology, but has not yet launched any Fan Token like PSG did.

We can thus see that Elon Musk can send any shitcoin to the moon by tweeting about it or about a phenomenon attached to the token.

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