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Research Shows Elon Musk is Having a Significant Impact on Crypto Prices

Amy Liu

Summary: New research shows that Tesla and SpaceX CEO Elon Musk is having a significant impact on the price of cryptoassets. According to a paper published recently by Blockchain Research Lab, Elon Musk’s random musings on Bitcoin and Dogecoin (DOGE) have had profound effects on the market. The paper, titled “How Elon Musk’s Twitter activity moves ...

New research shows that Tesla and SpaceX CEO Elon Musk is having a significant impact on the price of cryptoassets. According to a paper published recently by Blockchain Research Lab, Elon Musk’s random musings on Bitcoin and Dogecoin (DOGE) have had profound effects on the market.

The paper, titled “How Elon Musk’s Twitter activity moves cryptocurrency markets”, evaluated six occasions in the past year during which Musk tweeted about cryptocurrency.

Four of the six tweets were related to Dogecoin, with the other two commenting on Bitcoin. All six tweets had a significant impact on the trading of both cryptoassets, with a substantial boost in trading volume.

By Amy Liu

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