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A fire has broken out at an oil refinery in Russias Bashkortostan and firefighting is underway, with the production site suffering minor damage, the regional governor said.British retailer Sainsburys confirmed it is in discussions to sell its Argos subsidiary to JD.com (JD.O).The Cyberspace Administration of China is soliciting public opinions on the "Regulations on Promoting and Standardizing the Application of Electronic Documents (Draft for Comments)".On September 13th, Trump released a letter to all NATO nations and the world. He stated, "I am ready to impose significant sanctions on Russia when all NATO nations agree and begin taking the same actions, and all NATO nations stop buying Russian oil." As you know, NATOs commitment to "winning this war" is far from 100%, yet some countries are still buying Russian oil, which is truly shocking! This significantly weakens their negotiating position and leverage with Russia. This is not Trumps war (if I were president, this war would never have happened!), but Biden and Zelenskys war. My sole purpose is to help end this war and save tens of thousands of Russian and Ukrainian lives. If NATO does what I say, this war will end quickly, and all these lives will be saved!On September 13, Russian Permanent Representative to the United Nations Vasily Nebenzya revealed on the 12th that Poland acknowledged that a drone that recently entered Polish airspace may have originated from Ukrainian territory, stating that it was no secret that Ukraine "has been attempting to expand the geographical scope of the Russia-Ukraine conflict." This statement further complicates the Polish version of the Russian drones entry into Polish airspace. Several European and American experts, scholars, and politicians speculated that there may be a hidden story behind this incident.

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"