Elon Musk has been conducting a market manipulation scheme for months now and it has to stop. Since July 2020 Mr.Musk has been pumping Dogecoin and also manipulate Bitcoin prices. His latest manipulation of Bitcoin prices happened 4th of June 2021 just after Bitcoin finally broke the declining trend. Timing of his tweets and the overall effect it has on the cryptocurrency market can’t be ignored. But due to the decentralized nature of the market, there is no institution to reprimand Mr.Musk. I believe this is the reason for his behavior.
But The U.S. Securities and Exchange Commission should intervene with Mr.Musk’s blatant practices of market manipulation due to the high correlation with 19 stocks and the cryptocurrency market. Stocks such as Marathon Digital Holdings (MARA), Riot Blockchain (RIOT), MicroStrategy (MSTR), Silvergate Capital (SI), Square (SQ), PayPal Holdings (PYPL), Overstock.com (OSTK), Nvidia (NVDA), Investview (INVU), Ideanomics (IDEX), Tesla (TSLA), JPMorgan Chase (JPM), Visa (V), Bank of New York Mellon (BK), Facebook (FB), Mastercard (MA), Broadridge Financial Solutions (BR), IBM (IBM), and Coinbase Global (COIN) has high correlation and some form of connection to cryptocurrencies. According to a scale prepared by Goldman Sachs which oscillates between one and nine. The first seven scored the highest score possible, Nvidia scored a seven and the rest scored six.
Due to this high correlation, Mr.Musk committing market manipulation on these companies when he tweets out about cryptocurrencies. When you take Mr.Musk’s history on these matters I believe he should be reprimanded for his actions and Twitter should consider muzzle or at least screen his reach on their platform. #stopelon
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