Elon Musk, CEO of Tesla and SpaceX and the most popular crypto influencer, has once again shared a cryptic tweet on the microblogging site, Twitter. Elon has posted the tweet regarding the most popular cryptocurrency, Bitcoin, with a reference to its founder Satoshi Nakamoto. This has started speculations that the cryptonight tweet will give rise to a sell-off season for Bitcoin in this highly volatile cryptocurrency market.
Yes, no one in the cryptocurrency market knows about the real identity of the Bitcoin Founder, Satoshi Nakamoto and there are different conspiracy theories related to the owner. Elon posted the tweet that consisted of four different popular tech companies such as Samsung, Toshiba, Nakamichi, and Motorola—- SA TOSHI NAKA MOTO. This has created a storm on Twitter with more than 5.4 lakh likes and is still increasing.
Recently, Elon again posted on Twitter with just the word "cryptonight". Cryptonight is known as an algorithm used in cryptocurrency mining for the Proof-of-Work blockchain. It was introduced to the cryptocurrency market with the launch of Bytecoin. There are a number of blockchain projects that have leveraged Cryptonight. It has helped to gain more than 130 million in the domain of digital currencies.
Cryptonight hashing algorithms are used for undetectable transactions as well as the ASIC resistance. It was designed mainly for data privacy concerns with a solution for exchanging sufficient and relevant private blockchain transactions. It also helps to decrease the ASIC mining rigs with cryptocurrency mining.
Elon shared the tweet as a reaction to the steep sell-off of the popular cryptocurrency, Bitcoin, which has hit an all-time low since December 2020. He is determined not to sell his share of Bitcoin as a sell-off strategy. Recently, the cryptocurrency sell-off is getting intense with Bitcoin reaching US$20K. The sell-off has increased due to the hedge fund Three Arrow with its collateral liquidated by BlockFi.
Crypto investors must be careful about dealing with the investment related to Bitcoin. Long-term investors are tense whereas short-term investors are looking at it as the buy the dip zone to drive profit in the future. Elon can be the crypto influencer but one needs to be careful about making smart decisions about the sell-off of Bitcoin in the current market scenario. Indian crypto investors are considering the decision as the huge sell-off continues to thrive in the market. The global cryptocurrency market has wiped off US$1 trillion with the decline in the market cap by 14.75%.
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