What could be the reason for this down trend in hive and the whole crypto market?. It all started just this Thursday, I was up late at night trying to write something on hive when I got a notification from 
At one point in time I was surprised because bitcoin has been on a support level of $ 29,000 and we were all expecting an uptrend. A bullish market is what I was waiting for but unfortunately a bearish market is what took place.
Well, I thought to myself, that is just a break and bitcoin will be up again in just some few hours or days time.
I even saw it as an entry point to make some
profit. Then just within that same Thursday around there was another huge loss in value of bitcoin making it drop from $ 28,500 all the way down to $26, 000 causing Altcoins to join in the trend. That is when I tried to get the reason behind. I went online to do diligent research into what was happening. Then I realized the crypto market had been liquidated for a total amount of $769, 000, 000.00 within just 30 minutes.
The shocking news is that our genius Elon Musk’s SpaceX was part of this liquidation. It has made a total withdrawal of $373,000,000.00 from bitcoin. Tha was very harsh of them to do but I know Elon Musk is very smart and surely he is up to something. It could also be that he has had enough of the bad market trend in the crypto market. Maybe he has lost enough and doesn't want anything to do with crypto anymore. But wait, come to think of it, Elon Musk never gives up. He is definitely up to something. We are all aware of the transformation Elon Musk has made to twitter, now called X.
After he changed the name of twitter to X, there is this crypto coin called X Coin which rumors claim he is the brain behind. From what & heard, he even made tweets about X Coin and since then this coin has been performing very well on the market. It has gained a profit of 350% over a space period of
Elon Musk has pulled out of bitcoin, why would he do that? This is what I would like to share with you. Just my personal thoughts. This could be beneficial to someone here.
It is possible that he wants to invest into the X Coin. That is if indeed he is the brain behind the creation of the coin. The question is, if he has something to do with this coin then why is their twitter page down? There are a lot of mysteries to solve there. But if that be the case then he is also betraying dogecoin or maybe he wants to make X Coin the sister coin of Dogecoin.
It could also be that he needs it to work on X formally twitter. Just some few hours ago I came across a tweet where he made this statement on the changes he wish to apply to X for a better look.
From this tweet, we can see he wants to make massive changes to X. This means more funds needed looking at the projection he made and wants to achieve. I believe Elon backing out of bitcoin has a link to these three and we should watch out for a great pump in X Coin or Dogecoin. It could also be that he wants to invest into X. Do your own research before taking any move on these projects. Whatever I say in this content is my own research and conclusion drawn from my findings.
Hope this content was usually to someone out there. Please feel free to share your thoughts and contributions. See you in my next publications.
Gracias.
