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① Iran 1. Libav was re-elected Speaker of the Iranian Islamic Parliament. 2. Twenty airports across Iran have resumed operations. 3. Iran announced it will deploy a new air defense system. 4. Air raid sirens sounded over Qeshm Island, Iran. 5. According to Iranian media reports, Iran activated its new "Arash Archers" system in recent hours, successfully shooting down an enemy drone over the strategic waters of the Persian Gulf. 6. Iranian media, citing Kermanpour, head of public relations at the Iranian Ministry of Health, reported on the 25th that Irans Supreme Leader Mojtaba had previously received treatment in a hospital and was discharged on March 1st. 7. Iranian media: The Iranian president has ordered the restoration of international internet access. 8. Continuous explosions were heard in Bandar Abbas, Iran; media reports say there is no need to worry. ③ Israel 1. Foreign ministers from eight countries jointly condemned the Israeli Minister of State Security. 2. Israeli Prime Minister Netanyahu testified again in court regarding his corruption case. ④ Strait of Hormuz 1. Iran announced it will charge "navigation service fees" to ships passing through the Strait of Hormuz. 2. Qatari media: The Strait of Hormuz will be opened in phases. 3. Iranian Revolutionary Guard Navy: In the past 24 hours, 32 ships, including oil tankers, container ships, and other merchant vessels, have passed through the Strait of Hormuz after obtaining permission. 4. The first Japanese oil tanker to arrive in Japan via the Strait of Hormuz since the start of the Iranian conflict. ⑤ Ceasefire Negotiations 1. US Secretary of State: The US and Iran have a “credible solution” on opening the Strait and the Iranian nuclear issue. 2. Irans Tasnim News Agency: Iran and the US have not yet reached a final memorandum of understanding. 3. Iranian media: Neither Iran nor the US made any commitments on the nuclear issue in the draft agreement. 4. Iranian Foreign Ministry Spokesperson: We have reached a framework, but no one can assert that the US and Iran will reach an agreement soon. The potential memorandum of understanding does not contain specific details on the management of the Strait of Hormuz. There are currently no plans to send a delegation to Pakistan. 5. Trump said negotiations with Iran are progressing well. 6. Qatar confirmed that a high-level Iranian delegation will travel to Doha for talks. 7. US media: The US and Iran are working to resolve differences in wording regarding the nuclear issue and sanctions. 8. Nikkei: Iran will open the Strait of Hormuz within 30 days of the agreement being reached, and the ceasefire agreement will be extended for 60 days. 9. Arab media reports that a draft agreement between the US and Iran has been reached. 10. Al Jazeera: The US and Iran have reached an understanding on frozen Iranian assets; the agreement may be announced tomorrow. ⑥ Other situations: 1. One Israeli soldier killed and one seriously wounded in southern Lebanon. 2. US and Saudi companies jointly developed a copy of an Iranian drone. 3. Israeli Prime Minister Netanyahu: Will intensify the crackdown on Hezbollah in Lebanon. 4. Trump called on several Middle Eastern countries to join the Abraham Accords; Saudi sources: Saudi Arabias position remains unchanged. 5. According to Axios: A senior US official revealed that the Trump administration will support Israel in intensifying its military strikes against Hezbollah. 6. Israel Defense Forces: On Monday, they struck more than 70 Hezbollah infrastructure targets in Lebanon, using approximately 85 rounds of ammunition to eliminate the threat.On May 26, the Financial Times reported that the EU ambassador to Kyiv, facing the latest threats from Russia, stated that she and other diplomats were "not going anywhere!" "What Russia wants is fear, panic, and the isolation of Ukraine. This will not succeed." The report stated that several other embassies, including those of G7 countries, confirmed that ambassadors and diplomats remain in Kyiv and have not evacuated.On May 26, Al Jazeera reported on May 25 that a source familiar with the talks between the high-level Iranian delegation in Doha stated that, with Qatars mediation, the United States and Iran have reached an understanding on the issue of frozen Iranian financial assets. The source said that because the frozen financial assets are crucial to Iran, the two sides are "very likely" to announce an agreement tomorrow.Maximo Pacheco, chairman of Chiles state-owned copper company, announced his resignation.According to Al Arabiya, Ibrahim Aziz, chairman of the Iranian parliaments National Security Committee, said that any agreement between Iran and the United States would not mark the end of the confrontation between the two countries, and called the conflict "fundamental and existential" for Tehran.

The Elon Musk Effect Has Come to an End

Jimmy Khan

Jul 25, 2022 15:06

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The CEO of Tesla Inc. (TSLA) and SpaceX, Elon Musk, has long been a supporter of Bitcoin (BTC) and meme currencies like Dogecoin and Shiba Inu Coin (SHIB).


The price changes of BTC, DOGE, and SHIB, in particular, have been referenced regularly on the Musk Twitter account, with both Tesla and SpaceX serving as pawns.


In the end, encouraging tweets, Tesla and SpaceX corporate announcements, and interviews have sparked concern and prompted inquiries about whether Elon Musk's comments resemble market manipulation.


More importantly, the most recent corporate news raises the possibility that there has been a change in attitude toward cryptocurrencies or perhaps that the crypto industry has been targeted.

Without prior notice, Tesla Inc. sells its bitcoin holdings

The revelation that Tesla was selling off 75% of its cryptocurrency holdings broke on Wednesday. Elon Musk mentioned worries about his company's overall liquidity as the reason for the sale, according to Reuters.


One year after investing $1.5 billion at or around the peak of the market, Tesla sold $936 million equivalent of BTC in Q2.


Elon Musk explained the issues with liquidity by saying, "It was crucial for us to optimize our financial position. This should not be interpreted as a judgment on bitcoin since we are very open to growing our holdings in the future. Simply put, we have some concerns about the company's overall liquidity.


Musk did affirm, however, that the business did not sell its Dogecoin (DOGE) holdings.


The news of Tesla's $1.5 billion bitcoin acquisition broke on February 8, 2021. Tesla flooded the market with a significant chunk of the 2021 investment, in contrast to other long-term BTC hodlers, often known as Bitcoin Whales, which contributed to the decline in BTC and the wider crypto market.


Although Musk emphasized that DOGE did not have the same outcome as SHIB, DOGE and SHIB currently face comparable possibilities. Both DOGE and SHIB have failed to show pricing consistency to support preferential treatment.


The crypto market responded to the news, demonstrating The Musk Effect.


From a day high of $24,276 the price of bitcoin dropped by 5.45 percent before finding support and finishing the day down 0.76 percent. In contrast, DOGE performed well, increasing by 1.59 percent to defy the day's general market trend.


The mentions of DOGE holdings might be seen as price manipulation. Speaking to Bloomberg TV in June 2022, Musk mentioned his support for DOGE. Musk responded to requests from DOGE investors to reaffirm his support for the meme currencies.


Regarding Tesla and SpaceX, Musk said in the interview that the BTC holdings were negligible in comparison to the cash assets.


The fact that Musk offered his support despite a $258 billion lawsuit being filed against him, SpaceX, and Tesla Inc. for saying that "Dogecoin is a legitimate investment when it has no value at all" is more noteworthy.

The Major Mistakes by Elon Musk Before Tesla and SpaceX

With sales revenues of more than $18 billion, Tesla Inc. has shown itself to be a successful automaker after a rocky start. Although SpaceX is more secure, Musk has a murky background. A succession of failures dulls the cv's appeal.


A failed job application at Netscape, being fired as CEO of Zip2, being fired from PayPal, and a spate of disastrous rocket launches are some well-known Musk events to forget.


The decision to sell off 75% of Tesla's BTC holdings serves as a caution to holders of DOGE and SHIB for investors hoping to profit from Musk's popularity.


Elon Musk said in June that the BTC holdings paled in comparison to cash assets. Should Musk sell his DOGE shares, Dogecoin may have a similar outcome. Musk may even stop accepting DOGE for Tesla and SpaceX purchases.


On January 29, 2021, Dogecoin had its defining moment when DOGE surged by 166 percent on reports that Elon Musk had bought DOGE. Musk made no mention of his acquisition of DOGE. Despite this, DOGE rose to an all-time high of 0.7398 on August 5, 2021 before plummeting to a year-to-date low of $0.0491 on June 18, 2022.


Despite Musk's repeated attempts to provide DOGE bounces, buyers who bought at roughly August 2021 prices will be disappointed. It is easy to see Musk's price increases while looking at the DOGE daily price chart. Since August 2021, they haven't managed to stop the decreasing trend.


In a June interview with Bloomberg TV, Elon Musk said something that should be remembered by cryptocurrency investors.


"I have never advocated for cryptocurrency investments"