Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

How Elon Musk, Michael Saylor, Peter Schiff etc. React to Bitcoin’s Correction

How Elon Musk, Michael Saylor, Peter Schiff etc. React to Bitcoin’s Correction

Cryptocurrencies went through a massive correction today before a small rebound, and reactionary tweets flew all over Twitter as sentiments bubbled high.

The correction, catalyzed by Elon Musk’s tweets criticizing Bitcoin’s energy consumption, was exacerbated by several factors, including China, reiterating its anti-Bitcoin stance, a large short position on Bitfinex, and the necessity of a general correction in the overbought crypto space.

Crypto-related hashtags are trending across the world, including #crypto, #buythedip, and #altseason2021.

Bears Attack

Bitcoin skeptics and critics felt vindicated today as BTC temporarily plunged under $30K. Peter Schiff, a long-term Bitcoin antagonist having missed the early opportunity to buy Bitcoin, declared that today’s event “settles the debate”, proving that Bitcoin is not a safe haven nor a hedge against inflation – it’s merely a speculative asset that follows other high-risk assets (as it tanked alongside stocks).

Zhu Su, the CEO of Three Arrows Capital, played a very interesting move, seemingly shorting heavily on FTX. Today, his account was the #1 by PNL on the platform.

Slightly over a week ago, Su called for price targets over double what we are at now – making one wonder whether his tweet was sincere and that his thesis had changed since, or whether it was an attempt at manipulation to secure a more favorable short position.

Traders Determined to Resume Cycle

Swing traders and permabulls alike are not convinced that this correction is enough to stop the music. Loomdart, a very popular cryptocurrency trader, announced his rebuy of BTC at 36500. CZ, the founder of Binance, stated in a tweet: ‘if you panic sell, you won’t be crypto rich,’ reaffirming his bullish sentiment.

An unexpected hero arose from the carnage: Elon Musk, the potential first cause of the crash, restated that Tesla has diamond hands, implying that they would not be selling their BTC holdings.

Michael Saylor, the founder of MicroStrategy, also confirmed that he was ramping up his Bitcoin buys and has not sold a satoshi, reconfirming his long-held bullish thesis. Justin Sun, the founder of TRON, also announced a whopping $150 million bitcoin buy.

As BTC bounces back from one of its worst crashes in history, proponents from both sides cheer on from the sidelines: although the market is bearish, sentiment from large players is overwhelmingly bullish. If history is any indicator, a dip of this magnitude could provide an opportunity to scale into a net long position.

Source: How Elon Musk, Michael Saylor, Peter Schiff etc. React to Bitcoin’s Correction – Fintechs.fi

Follow Fintechs.fi on Twitter and Facebook!

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×