Musk's tweets have a "strong impact on the markets," says the former labor secretary

Former Labor Secretary Robert Reich spoke about Elon Musk and his social media activities. The latest to criticize Tesla's CEO for his impact on the cryptocurrency market.

The professor. Reich shared his opinion on Musk's social activities on Twitter on June 5, saying that "they are not funny".

“His tweets are having a strong impact on the markets. It's just another example of how billionaires manage to manipulate the markets without responsibility ”.

It alludes to Musk's series of social media updates, in which he supports certain cryptocurrencies. In particular DOGE, which has seen unprecedented growth this year as a result. Recently, Musk also started supporting CUMMIES, CumRocket's native token.

This also resulted in a price hike on June 5th, which, according to data, hit a 24-hour high of $ 0,219. More than three times the price at the start of the day, which was around $ 0,06.

DOGE's streak of all-time highs in April and early May has also been attributed to Musk's tweets. The altcoin reached its current ATH of $ 0,73 prior to the Tesla CEO's appearance on Saturday Night Live on May 8.

In addition to his caustic opinion on the CEO, prof. Reich also linked to a June 1 Wall Street Journal article. The article reported that representatives from the United States Securities and Exchange Commission (SEC) alleged that Musk had violated a court order with his tweet on two occasions.

Musk receives an anonymous threat

On June 5, reports emerged revealing that international cyber activist group Anonymous had posted a video directed at Elon Musk. The group expressed their frustration with the CEO's attitude towards cryptocurrency and "the average working person".

They said that many investors are counting on their cryptocurrency holdings to improve their lives and that Musk's tweets, which have such a noticeable and profound effect on the price of digital assets, liquidate the dreams of hard-working people. The group also accused the CEO of mocking ordinary people with memes he publishes "from one of his million dollar mansions."

This video came shortly after a series of tweets from Musk, interpreted as his recent escape from the cryptocurrency market leader bitcoin (quotation BTC), dropped its price by 7%. Anonymous finally sent a veiled threat to Musk, telling him to "wait for them".

Not all is bad for BTC

It may seem like a low point for BTC at the moment, but the big picture is much more positive. While it is now nowhere near as close to last month's highs, BTC is still substantially up from last year's position. According to the data, the price of BTC has risen by nearly 26% since the beginning of 2021. And over 275% since June 2020.