You are certainly no stranger to the name Elon Musk. He is the owner of the electric car company Tesla and the space company SpaceX. He is also one of the richest people in the world.
For crypto asset traders, you must also often hear that Elon Musk often makes Bitcoin prices go up and down through Twitter posts. In fact, he also popularized the DOGE crypto asset.
Now he has revealed that he is also investing in Ethereum. Interestingly, as a result of that, Ethereum was up 12% in one day. Where the rise in one day to that high, is rare.
How Elon Musk Raised the Price of Ethereum?
Elon Musk has revealed that he owns Ethereum privately. Although he did not say how many. This was revealed at the Th B World Conference on July 21, 2021.
The statement was immediately followed by many people and prompted massive buying action. Until the price increases. Because one of the factors that makes the price of crypto assets increase is high demand.
This is what happens if he posts about Bitcoin and Dogecoin on his Twitter, some time ago. Because he has a number of followers that reaches 58 million accounts, he makes high demand. So the price of Bitcoin and Dogecoin increases.
Elon Musk Denies Pump and Dump
Not only about owning Ethereum, Elon Musk has also revealed that he has denied pumping and dumping the price of Bitcoin.
Elon admitted that he would indeed increase the price of Bitcoin because he lost a lot of money when the price of Bitcoin fell. However, when the price dropped, he never sold Bitcoin.
Ethereum London Hardfork to Execute August 4, 2021
Interestingly, news of Elon Musk owning Ethereum will also be greeted with an Ethereum upgrade in two weeks.
The upgrade this time, is to burn or destroy part of Ethereum. This upgrade is called the Ethereum London Hard Fork which is also contained in the EIP-1559 proposal.
This reduction is to increase efficiency and speed on the already congested Ethereum network. If some of Ethereum is destroyed, then the network has a large capacity and can speed up its performance.
In fact, burning can also increase the price of Ethereum. Because it will reduce the supply of Ethereum, so Ethereum becomes more scarce. Because if supply decreases and demand increases, then the price of Ethereum will increase.
Until now, Ethereum is still the number 2 most popular crypto asset worldwide. Just lose to Bitcoin.
How to Buy Ethereum on Indodax
For those of you who want to buy Ethereum, the best place is only at Indodax. You can follow the following method:
- For those of you who are not yet an Indodax member, you can register here.
- Login to your Indodax Account.
- Make a deposit if you don’t have a balance.
- Open the marketplace and search for Ethereum, or you can click the link here.
- After that, you look for the sell column, enter the Ethereum price you want and the balance. You can use the instant method or the limit method.
- You can also immediately place a sell order at what price you want to sell Ethereum after you have ETH. Make sure the price increases.