One might see the entire crypto market going red and some exchanges experience server issues. And if you check social media people several users reporting Elon musk’s tweet destroying crypto. Is this true? Does one tweet could do that much damage. Well, no and let’s see how it’s a No.

On May 13, Elon Musk shared an image contains information about the cancellation of Bitcoin Payments for his Tesla cars citing pollution caused by the miners to produce Bitcoins. This results in downtime for BTC but other altcoins were doing good like ADA and MATIC.

So, what causes the crash. The crash was not just seen on the crypto market but also seen in stock markets. When most people don’t know exactly what happens during the crash, some speculations have been made to match with the crash. One of the widely spread is the rumor that China’s govt bans crypto practices. But actually, it was not a ban just an upgrade in their cryptocurrency regulations in the country. But how does this affects the server exchanges server crash?

But some believed the flash loan exploit that happened in the pancakeswap a famous Defi exchange may result in the hacker who got a loan from the exchange through BNB and dumped it into the market earring him worth 3 million of crypto. The pancakeswap said this is a financial exploit that the hacker used and the site completely safe with them. But still, it’s unclear what caused the entire market crash as of now. We know one thing for sure, Elon’s tweet didn’t damage the entire market, and there could be several other reasons that lead to the crash. 

Also, after the crash happened on May 20, we are still seeing a crash again though it raised a bit after the crash. As Greenpeace organization refuses donations through Bitcoin payment citing the energy issues behind Bitcoin mining. Although many research studies show Bitcoin mining does not consume energy like any other establishments, the speculations behind Bitcoin's mining energy is still brought whenever an individual or institution wanna shut the door for Bitcoin. However, in the long run, so far we have seen the growth of cryptocurrencies and this is not the first time the crypto market gets slammed down. The downtime in the short run may not hurt these cryptocurrencies in the long run and it does not depend on the individual tweets.