Elon Musk, CEO of Tesla and owner of X (formerly Twitter), recently announced his desire to step down from his political role alongside Donald Trump for the first time since winning the US presidency in 2024.
This change sparked widespread controversy in the crypto market, where Musk is considered an unconventional player who has moved the market on more than one occasion, most notably when he pushed Dogecoin up by more than 8,000% in 2021. His indirect support for Bitcoin also contributed to its crossing the $60,000 threshold for the first time.
Today, with his apparent market intervention declining, there has been a calming effect on the volatility of some of the coins associated with his personality, such as DOGE and PEPE.
But more importantly, the entry and exit of politics could redraw the map of influence. Will we witness a more mature and independent market? Or is crypto still searching for its "charismatic leader"?
The coming days may hold the answer...
