Elon Musk losing cryptocurrency investors influence: his latest tweets fail to boost dogecoin or bitcoin - What has come to be called the "Elon Musk Effect" is losing strength. This phenomenon is based on the fact that with a simple tweet from the billionaire the cryptocurrency market is completely revolutionized, causing the prices of tokens to skyrocket or fall.

The founder of Tesla has been a key player in the volatility of cryptocurrencies such as bitcoin and dogecoin, for example when he announced Tesla's investment in bitcoins worth 1.5 billion dollars (just over 1.2 billion euros), which catapulted their value. He then helped the value of bitcoin drop, when he announced that Tesla would no longer accept payments with it because it was too polluting.

In recent months he has praised the potential of dogecoin, the cryptocurrency of the meme dog, but this second half of 2021 it seems that Musk's opinions no longer have as much influence. Last Thursday he posted a couple of tweets promoting dogecoin, which went up 7%, far from the hikes he experienced until recently. On Friday he launched a new tweet in which a man appeared focusing with a laser on this cryptocurrency born of a joke.

Elon Musk losing cryptocurrency investors influence

Last May Dogecoin went up 20% after the founder of Space X did a survey on Twitter asking his followers if they wanted Tesla to accept payments with the dog cryptocurrency.

"It seems that investors are no longer listening to him as much and are finally realizing that a man's tweets should not be the deciding factor in buying or selling his assets," points out Alexandra Clark, sales commercial for British cryptocurrency trading platform GlobalBlock.

Elon Musk losing cryptocurrency investors influence: As of Friday, the price of dogecoin had fallen by around 65% to about 24 cents (just over 20 cents) from its peak of 68 cents in May. This Monday its price was still about 24 cents (about 0.57 euros).

Several dogecoin investors via the Robinhood platform, pointed out Thursday that the meme cryptocurrency had accounted for 34% of all their cryptocurrency revenues during the first quarter of the year. The company, however, has warned that its business could be affected if demand for dogecoin dropped and interest was not replaced by other cryptocurrencies.'

Elon Musk losing cryptocurrency investors influence

Some voices have criticized Musk for his bursts of tweets, which cause prices to experience a roller coaster, and accused him of manipulating the market. With millions of people investing in cryptocurrencies around the world, Musk's influence is potentially dangerous, encouraging decision-making based on minimal or no research.

Elon Musk losing cryptocurrency investors influence: Since Musk announced its break with bitcoin, the world's most popular cryptocurrency has gone through a kind of truce. He did not have a strong reaction when the Tesla boss predicted a "promising" future for dogecoin if the asset became more environmentally friendly, nor when he pointed out that his electric vehicle company would accept it again as payment if miners showed they were using 50% "clean" energy to get the cryptocurrency.

Elon Musk losing cryptocurrency investors influence

Bitcoin was trading on Friday at about $ 33,000 (about 28,000 euros), almost half as high as it was at its April peak. Even so, it has risen 15% so far this year.

Cryptocurrency investors are finding it increasingly difficult to be quick but balanced in decision-making amid the flow of information from a voice as relevant as Musk's. However, it seems that investors are getting tired of Musk's tweets and could make his influence little more than a passing fad.

Elon Musk losing cryptocurrency investors influence

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Spain, among the European countries in which the risk of poverty rate increased in 2020

Spanish households continue to notice the two sides of a pandemic that has ramified its impact in very different ways.

The statistics published by the Statistical Office of the European Union (Eurostat) on July 5 show that the savings rate of families in the euro zone has grown to 21.5% during the first quarter of 2021, but also that the risk of poverty rate in our country grew during 2020.

A country's at-risk-of-poverty rate is the percentage of people with a disposable income below the defined poverty line. This threshold is set at 60% of the average annual income "per consumption unit", and in Spain the National Institute of Statistics establishes it in its latest data offered, of 2019, at 9,009 euros per year for a household of one person.

This indicator, details Eurostat, does not measure the country's wealth or poverty: it shows the percentage of low incomes compared to other residents of the country. That is to say, in a country of contrasts like Spain, there may be more savings, but at the same time less part of the population with the capacity to achieve it.

Spain is one of the Western countries where savings have grown the most during the pandemic. Moody's ranked our economy as the fourth country with the most family savings in 2020 and the National Institute of Statistics revealed at the beginning of 2021 that, in the previous year as a whole, the savings rate of national households was estimated at 14.8% of their disposable income.

Various experts have attributed this saving capacity to the lack of consumption options resulting from the confinement and closure of many economic activities.

Faced with the impossibility of spending that the pandemic has caused, many Spaniards have taken their savings and been making piggy banks. This trend has continued throughout the euro zone, composed of 19 countries, during the beginning of 2021.

The savings rate of continental households in the first quarter of 2021 has reached 21.5%. This figure represents an increase of 2% compared to the last quarter of 2020, and is also the highest value recorded since the monitoring of the statistics began in 1999.

This milestone has been achieved despite a 7.2% drop in average wage earnings across the euro area, mainly due to the "unprecedented rise in the number of workers absent from work or working reduced hours", according to Eurostat.

The European statistical agency assures that household income has remained stable throughout the European Union, but also warns that the working population that ended 2020 at risk of poverty has increased significantly in Spain, Portugal, Greece, Italy, Ireland, Slovenia, Bulgaria, Austria and Sweden.

The Government's 2050 plan states that Spain is the fourth country with the largest population at risk of poverty in the European Union, with average figures between 2015 and 2019 of 22%. It also ranks the country as the third among all partners with the highest income inequality.

The executive's intention is to reduce that percentage to 18% by 2030, and to 10% by 2050. For the time being, the figures provided by Eurostat reflect the way ahead to correct the current course.