On January 29, 2021,Elon Musk, around then most extravagant individual on the planet (Kalashnikov, 2021),unexpectedly changed the bio1of his Twitter record to #bitcoin.The cost of Bitcoin rose from about $32,000 to more than $38,000 surprisingly fast, expanding its market capitalization by$111 billion.The significance of Musk's tweets for financial markets has effectively gotten clear in other contexts.His tweet "considering taking Tesla private at $420"(Musk, 2018)resulted in an extortion charge and punishment of$40 million (U.S. Protections and Exchange Commission, 2018). Musk's support cryptocurrency informing administration Signal(Musk, 2021a)led to financial backers buying the unrelated Signal Advance stock, expanding the last's market valuation from $55 million to more than $3 billion (DeCambre, 2021).

2In a new chat via web-based media stage Clubhouse, Musk expressed that Bitcoins "very nearly getting expansive acknowledgment" and uncovered that he is "late to the party but [...] an ally of Bitcoin"(Krishnan et al., 2021). This is in accordance with a tweet from May 2020where Musk conceded to "just own[ing] 0.25 Bitcoins"(Musk, 2020a). In the discussion, he asserted that his tweets about the digital money Doctrinaire just jokes(Krishnan et al., 2021). Regardless of whether they aremeant jokingly or decisively, Musk's tweets appear to have an sway on the cryptocurrency market.Therefore, it is of interest to acquire an understanding of the degree to which these tweets resulted in short-term changes of value ortradingvolume.We conduct an occasion study to research six Twitter occasions where Musk alluded to digital currency—explicitly Bitcoin or Dogecoin—and break down how much these occasions influenced return and exchanging volume of the relating digital money the accompanying minutes and hours.The study adds to the writing on the impact and role of web-based media, explicitly Twitter, and the impact of sentiment and financial backer attention on cryptographic money markets. Different investigations have broke down the association between cryptocurrency marketsandTwitter activity.An expansion in the quantity of related tweets result in transient liquidity increments of Bitcoin (Choi, 2020), the quantity of Bitcoin-related tweet scan clarify Bitcoin exchanging volume or returns(Philippa's et al., 2019; Shen et al., 2019)and Twitter slant can foresee returns of cryptographic forms of money (Kraaijeveld and De Smelt, 2020; Naeem et al., 2020; Steiner and Herff, 2018). Mai et al. (2018)show that online media clients with relatively lower movement drive consequences for digital currencies, which bodes well: their activities are strange or unexpected.if Elon Musk were to tweet about cryptographic money a few times each day, the market would probably decipher this as commotion in the medium term.While studies have examined the effect of individual tweets on securities exchange returns(Bran's and Schoolmates, 2020; Ge et al., 2019; the two articles study tweets of Donald Trump), as far as anyone is concerned, no examination has broke down the effect of individual tweets on the returns and exchanging volumes of cryptocurrencies.

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#Twitter; #Bitcoin; #Dogecoin; #Event_study; #Social_media

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