On Monday, Elon Musk suggested Tesla could sell its stake in Bitcoin prompting a massive selloff and an acceleration of the Bitcoin narrative in U.S. media. So far this week, 68 sources have amplified more than 100 narratives related to Bitcoin, 79 of which contained the phrase Elon Musk. CNBC and Bloomberg are the most active publishers of relevant content, while Bloomberg journalists represent the leading amplifiers.
Both the media and market responses to Musk’s comments indicate sustained volatility in cryptocurrency prices. Despite increased attention due to people like Musk getting involved in large cryptocurrency transactions, it appears little headway has been made in stabilizing Bitcoin’s perceived value.
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Every hour, Kudzu analyzes thousands of pieces of content from national media outlets and business editorials to provide analytical insights on key trends and narrative frameworks affecting the marketplace.