Analysis: Musk's mention of crypto assets on Twitter has a significant impact on market prices and trading volumes
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Research shows that Tesla and SpaceX CEO Elon Musk has a significant impact on the prices of crypto assets. According to a recent research paper published by Blockchain Research Lab, Musk's random musings on Bitcoin and Dogecoin (DOGE) have a profound impact on the market. The paper evaluated six tweets Musk posted about cryptocurrencies on Twitter over the past year. The researchers looked at the resulting impact of the mentioned coins on trading volume and spot prices. Four of the six tweets were about Dogecoin, while the other two commented on Bitcoin. All six tweets had a significant impact on the two crypto assets, with a significant increase in trading volume as a result. |
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