The crypto market is now being manipulated

Dogecoin is pumping again - and Musk is accused of market manipulation

The late realization by Elon Musk that Bitcoin mining does require a lot of energy (and also some from coal-fired power plants) caused greater turbulence in the crypto markets on Thursday. For this reason, Tesla no longer wants to accept BTC payments in the future, but the bitcoins worth 2 billion dollars still remain in the carmaker's possession.

The boss of the most valuable car manufacturer in the world and the second richest man in the world is still involved in the crypto business. Because he is looking for a coin or token that needs much less electricity than Bitcoin in order to possibly use it as a means of payment at Tesla. That brought the two Ethereum alternatives Cardano and Polkadot price gains on Thursday, while the rest of the market collapsed (Trending Topics reported).

Elon Musk: The crypto market is far too dependent on a rich man

But, big surprise, which crypto asset does Musk turn to a few hours later after the explosive report about the withdrawal from Bitcoin payments? Exactly, the fun currency Dogecoin (DOGE). “Work with Doge developers to improve the efficiency of system transactions. Potentially promising, ”Musk lets the world know via Twitter. DOGE works just like Bitcoin and Ethereum on the basis of Proof of Work (PoS), i.e. mining. Solving arithmetic problems creates new coins.

Coinbase is jumping on the bandwagon

Again this tweet lets the Dogecoin price explode again, the market capitalization grows from about 40 to now about 65 billion dollars. After all, Coinbase, the leading crypto trader in the USA, also wants to miss this fireworks display. CEO Brian Armstrong announces that he will start trading with DOGE in the next six to eight weeks. Currently, the fun currency is mainly traded with Coinbase's main rivals, i.e. Binance, Huobi and Kraken - and brings the Exchanges good trading fees.

While traders are celebrating the Dogecoin fireworks recently triggered by Musk, there is also the first loud criticism. “Stop manipulating the market”, a Twitter user wrote in response to him, many others spoke up with similar opinions:

This content is hidden for data protection reasons. The embedding of external content can be activated in the data protection settings:

This content is hidden for data protection reasons. The embedding of external content can be activated in the data protection settings:

This content is hidden for data protection reasons. The embedding of external content can be activated in the data protection settings:

This content is hidden for data protection reasons. The embedding of external content can be activated in the data protection settings:

The fact that Musk constantly supports Dogecoin is now also countered from a technical point of view. As reported several times, it is an outdated spin-off from Litecoin and was started as a persfilage on Bitcoin. The crypto asset is not really being worked on, as a look at Github reveals - the further developments of the software are manageable.

Musk's tweets that could influence the market have been the subject of investigations by the US Securities and Exchange Commission. In 2018, he claimed in a short message that he had secured billions in financing for the privatization of Tesla - Musk was eventually fined $ 20 million. The multi-billionaire should not have regretted it. "It was worth it," Musk later tweeted about the punishment.

Tether: Stablecoin mostly backed by bonds - only 3% cash