Famous tweets that caused a stir in the crypto markets

cnbctv18.com:

Cryptocurrencies are highly volatile. Prices of even the most popular cryptos like Bitcoin and Ether can fluctuate wildly in a matter of hours.

This is because these assets do not have any inherent value. Instead, their price action is dictated by what people are willing to pay for them.

Therefore, any sort of hype, excitement, and fear around a cryptocurrency can lead to a change in its price.For that matter, even something as small as a 280-character tweet can influence prices in a big way, making investors very rich or very sad in a very short period of time. While this may seem hard to believe, it has actually happened on more than one occasion in the last few years.Here’s a look at some of these tweets:El Salvador President Nayib BukeleIn September of 2021, El Salvador became the first country to adopt Bitcoin as a legal tender.

This was a monumental shift for the cryptocurrency movement as most countries at that time were still figuring out how to regulate this asset class.Also Read: Popstar Daler Mehndi buys land in metaverse. Here’s how you can be his neighbourPresident Naybi Bukele, an avid bitcoin enthusiast, took to Twitter to announce the news.

He sent out a series of tweets, starting with an announcement that El Salvador had purchased 200 bitcoins and culminating with a tweet that read, “in 3 minutes we make history”.Following the tweets, the price of Bitcoin temporarily increased by 1.49 percent, reaching a high of $52,680 on the day (7th September 2021).Elon Musk - Bitcoin rallyTesla CEO Elon Musk's influence on the crypto market through his countless tweets has been unbelievable. Musk has often tweeted about bitcoin and dogecoin, resulting in soaring and falling price actions.At the start of 2021, Musk