Tesla CEO Elon Musk has become the most influential figure of our time. Just a couple of hours ago, he changed his twitter bio to one word “Bitcoin,” and that led to a surge in Bitcoin’s value a few minutes afterwards.
Musk’s twitter Bio update managed to pump the bitcoin price up from $32,000 to $38,000 which resulted in short sellers being squeezed out.
Serial crypto investors are convinced that Musk has the Midas touch. Whatever the man touches turns to gold.
When Elon Musk endorsed bitcoin on his twitter bio to his 43.9 million followers, the asset spiked from $32,000 level and exceeding $37,000 level in less than 30 minutes. This means that a lot of people made a lot of money from this move.
Crypto Binance Traders were severely affected losing almost $105 million in shorts after Musk Changed his bio to “Bitcoin”.
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Those who accessed capital to bet on the falling prices to make profit were on the wrong side of the fence and failed to collect their profits with the price efflux subsequently leading to their liquidation. This means an automatic shutdown of positions when the prices reach the pre-established levels by traders.
Reports from Bybt confirms that Bitcoin to the value of $350 million have been liquidated in the past 2 hours with 57 million racking in the first ten minutes.
Elon Musk has been a business and opportunity magnet of the decade. Elon Musk is now ranked the richest person in the world accumulating $150 billion in just 12 months. This has been said to be the quickest accumulation of wealth ever recorded in history.