How Elon Musk's Tweets Move the Cryptocurrency Market

Significant price fluctuations are common in the famously volatile cryptocurrency market, but there's a curious trend emerging over the last year or so: whenever Tesla and SpaceX CEO Elon Musk tweets about a crypto coin, the price often shoots to the sky or sinks like a stone.

Musk has embraced the cryptocurrency community with open arms, positioning himself as the world's best-known Dogecoin (CRYPTO: DOGE) fan and briefly boosting the fortunes of Bitcoin (CRYPTO: BTC). The market is susceptible to the changing winds of social media sentiment, and Musk has become the face of that up-and-down action thanks to his expansive reach, including 57 million Twitter followers.

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Source Fool.com