Elon Musk Tweets Tesla Has "Diamond Hands" As Cryptos Plunge

Musk tries to stabilize the crypto market with Tweets.
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Diamond Hands

Diamond Hands Meaning

On Reddit, Twitter and Stocktwits, users will sometimes post the diamond emoji and the hands emoji together instead of actually typing out the phrase. When posted together, the diamond emoji and the hands emoji mean “diamond hands”. Essentially, people with diamond hands are risk takers.

Cryptos Taking a Dive Today

Cryptos took a big dive today and it appears Musk is attempting to stabilize the market.

Musk's Tweets will work until they don't.

Crypto Whipsaw

Cryptos took traders on a Wild Ride today, plunging then recovering most of the loss.

Bitcoin took investors on a wild ride Wednesday, plunging as much as 31% before cutting the drop by two-thirds in a bout of volatility that drew attention across Wall Street and social media.

The extreme price swings in an asset known for its turbulence caused outages on major crypto exchanges and at one point brought Bitcoin’s market value down $500 billion from its peak last month. The tumult elicited a tweet from Elon Musk and signaled a “capitulation” on Cathie Wood’s crypto monitors.

At its worst moment Wednesday, Bitcoin plunged to within a whisker of $30,000, leaving it down more than 50% from its April 14 record of almost $65,000.

The coin pared its loss to 10% as of 12:40 p.m. in New York, up $8,000 from its lows. It has erased all the gains it clocked up following Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles. Ether, the second-biggest coin, sank more than 40%, while joke-token Dogecoin lost 45%.

Outages

The crypto panic caused outages on some of the biggest exchanges including Coinbase Global Inc. and Binance. 

Coinbase apologized for the outage that left dip buyers in a tizzy. 

Long-time HODLers have been through this before and are mostly immune to such reactions.

They will remain immune until the bitter end when cryptos go gown and stay down.

Mish

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