BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTMarketsNews

Early Bitcoin Investors Are Becoming HODLers Thanks To Elon Musk

Elon Musk appears to be influencing the Bitcoin market in many ways. Since his electric vehicle company Tesla officially arrived in the crypto market in February, Musk’s influence, dubbed “the Elon Effect” by many, has played a significant role in shaping the market movement.

There’s the usual price pump that is recorded after the Billionaire makes tweets about some cryptocurrencies—mostly Dogecoin and Bitcoin—and they usually either skyrocket for a few days before peaking or slightly drop depending on whether his tweets are amplifying bullish or bearish sentiments.

However, on a more crucial note, Musk has influenced early investors in the market to press pause on their traditional selling habits. Usually, as on-chain analyst Willy Woo recounts in a tweet, early investors are fond of offsetting their accumulated Bitcoins in sales, just midway into the Bitcoin rally. But this time, things are beginning to take a different turn.

“Early investors like to take profit by selling their coins (which carry more dormancy) into every rally, then this guy called Elonmusk comes along and decides to buy, now they HODL like the rest of us.” He tweeted.

Elon Musk’s arrival has caused the big bodies to remain calm, just like the others. Perhaps, forcing them to keep an eye out for when a major turnaround is recorded.

Since the market is only a few months into the bull run, selling may not be the most effective move for these investors.

From the Chart showing the “Average Coin …
Story continues on Zycrypto

Related posts
BitcoinBTCbtcusdBTCUSDTCryptocurrenciesdollardollar currency indexDXYfiatforexUSDXBTxbtusd

The Dollar Regains Lost Ground, But Bitcoin Yet To React

Bitcoin price is once again approaching current record highs, and now that the momentum is back in favor of bulls, new all-time highs could soon be just ahead. While this is mostly nothing new for the leading cryptocurrency by market…
AltcoinsDeFiNewsNews 1SocialTrading View

This is why a new ATH may be coming soon for Cardano

Cardano [ADA] has been trading above $1 for over a month now, with the altcoin registering consistent gains in price every week. In fact, this week alone, ADA’s value was up by over 7% at press time. The post This…
articlesBitcoincryptocurrencyFinanceTaxes

Do you need to pay tax on crypto?

Wherever you are in the world, there’s a good chance that you’re expected to pay tax on any money you’ve made from buying and trading cryptocurrencies. You might even be surprised to find that your government wants you to pay…