The bitcoin market slumped in a tweet by Elon Musk, CEO of Tesla, an American electric vehicle company.
Some analysts say that Musk's Twitter has expanded the war against short selling forces into the Bitcoin market.
Musk suddenly changed the self-introduction section of his Twitter account to'#bitcoin' on the 28th local time, reported by Reuters and Yahoo Finance.
Musk even made a strange comment on Twitter: "Looking back, it was inevitable."
Musk's tweet caused an immediate reaction to the Bitcoin market.
Investors interpreted Musk's tweet as a signal to buy bitcoin and jumped into the market, and the price soared to $38,000 each and 42.4 million won in our money.
Reuters reported, "'Papa Musk' is seducing bitcoin investors," and "after Musk's tweet, the price of cryptocurrency has soared 14%."
'Papa Musk' is a nickname used by members of Reddit, an online stock forum that led the ant rebellion in the US stock market, to call Musk.
As the price of bitcoin soared, major cryptocurrency exchanges such as Binance and Bitfinex hurriedly liquidated the selling volume of $387 million and KRW 432.4 billion of our money in order to prevent losses.
Short selling is allowed in the cryptocurrency market like the stock market. Investors who expect a decline in the bitcoin price can borrow and sell bitcoin and then buy it at a lower price later to repay the bitcoin.
However, if the price of bitcoin suddenly rises, short-selling investors liquidate short-selling orders and buy bitcoin again, further inducing the price spike.
Yahoo Finance said, "Musk may not have intended to liquidate the bitcoin short sale, but Musk, who did not hide his aversion to the short sale, may have burst a bottle of champagne after seeing the short sale massacre brought by his tweet."
Musk's tweets aimed at short selling continue this week.
Musk triggered a surge in stock prices by posting tweets referring to specific companies such as'Game Stop' and'CD Project' where ants and short selling forces met, and directly attacked hedge funds, saying, "Short selling is a fraud."
As the stock price of certain stocks surged with Musk tweets and the bitcoin market was shaken, there were voices saying that regulators should intervene, CNBC broadcaster said.
Dan Lane, an analyst with stock information provider FreeTrade, suggested that "Musk moves the market by attacking short-selling forces, and we have to discuss whether it is justified."
Tech investor Rich Flees also pointed out that "Musk is an innovator, but he doesn't mean he's above the law."