Musk is back on the cryptocurrency scene again
Today, Elon Musk is back on the scene once again with his supportive words for the crypto market, but this time the support was not directed at his favorite currency, the Dogecoin , but rather the bitcoin .Elon Musk, the new head of Twitter, said that after Binance CEO Sheng Peng Zhao announced the creation of the Crypto Industry Recovery Fund to get the crypto market back on track, Elon Musk responded with a tweet that he was bullish on Bitcoin.
American businessman Jason Calacanis, known as a nice investor in the market, responded to a tweet yesterday asking a question on Twitter about the status of Bitcoin in a year. While Elon Musk indicated that he is bullish on Bitcoin, he warned that there could be a long winter in the crypto markets.
Will the important names of the cryptocurrency industry be able to bring the markets back to previous levels?
Cheng Peng Zhao's announcement that he will establish a recovery fund to aid the recovery of crypto companies that have a strong long-term outlook but are suffering from short-term liquidity pressures, Elon Musk's positive comment on Bitcoin after more than a year has invigorated the markets.Bitcoin and altcoins have seen a rebound after dropping to their lowest levels in the year. While Bitcoin is up more than 5% to the $ 16,800 range with morning buying and has been moving sideways at that level in the past few hours.
Meanwhile, Elon Musk's other affiliate, Tesla (NASDAQ: TSLA ), was noted to continue to hold bitcoin on its latest balance sheet. The point of interest in Musk's latest tweet was that the world's richest person had not made a statement about the largest cryptocurrency for over a year.
Elon Musk recently focused on his favorite cryptocurrency, Dogecoin . Additionally, after Musk's purchase of Twitter, there was a rally in the Doji market in the last week of October. With the outbreak of the FTX crisis, the Doji rebounded and regained a large portion of its gains, but fell to $0.07 earlier today.
While the impact of the recovery in the cryptocurrency market has so far been limited, nearly $200 billion left the market last week.