Musk Breaks Silence On Crypto, Latest Tweet Allegedly Suggests He Wants To Pump Up Prices

Dogecoin enthusiast and Tesla CEO Elon Musk has finally broken his silence on the crypto space in a bid to make some miracle in the industry where investors are facing a tough time amid extreme volatility and high selling pressure.

Musk has been silent about the cryptocurrency industry for a while and many find it unusual given the Tesla CEO's inclination to react to things happening in the crypto space. Several times, investors have witnessed how Musk's tweets helped prices of crypto assets surge or plummet.

On Tuesday, the Tesla CEO tweeted the word "Cryptonight," which some of his followers immediately interpreted as the billionaire's description of the current crypto market while several others speculate Musk wants to pump the price so he could sell. Whatever it means, Bitcoin saw an abrupt price spike of 1.72 percent from $21822.25 to $22195.84 following the tweet.

Dogecoin, Musk's favorite cryptocurrency, also saw a brief price surge of 1.91 percent from $0.05498 to $0.05603 within an hour after the billionaire's cryptic tweet as per the latest data from CoinMarketCap.

The bearish crypto market makes it extremely hard to hold crypto investments. Musk's Tesla holds 43,200 Bitcoin, which it bought during the 2021 bull market. Its cost basis was around $1.5 billion but since the bloodbath is now worth around $1 billion, down to nearly $500 million, based on the data from Bitcointreasuries.net.

Meanwhile, Dogecoin has lost around 92.7 percent of its all-time high price of $0.72 in May last year, trading only at $0.05241. DOGE holders hoped Musk would pull another "Saturday Night Live" miracle to spike the meme coin's price.

The tech billionaire is set to address Twitter employees Thursday for the first time since he offered $44 billion to buy the platform.

DOGE was trading down 4.69 percent at $0.05239 with a 24-hour volume of $712,375,571 while BTC was trading down 4.20 percent at $21,091.18 with a 24-hour volume of $42,646,191,732 as of 12:52 a.m. ET on Wednesday based on the data from CoinMarketCap.