Bitcoin, the leading cryptocurrency, has bounced again to the 39,707 dollar level. This was a consequence of the market recovery. And it happened after the crypto market crisis. The Chinese administration’s crypto ban caused the market to collapse. After the collapse, the price of a single Bitcoin dropped to 30,000 dollars. The price of its peers Ether and Binance also took a serious hit. This has been Bitcoin’s most severe setback so far this year. Bitcoin Secret the best trading bot used by millions of investors check it out
Besides the market drop, Elon Musk’s Twitter posts slamming Bitcoin’s energy use worked as a catalyst for further decline. Tesla Inc is stopping Bitcoin payments, according to his tweet. This surprised investors, leading to more questions about the legality of using cryptocurrency.
How Elon Musk’s Tweet Affected Bitcoin?
Elon Musk has been posting aggressive tweets against Btc on his Twitter handle for the past several days. This is one of the main reasons for the recent drop in Bitcoin’s price. Judging by his tweets on Bitcoin, it’s evident that he’s not a fan of the core cryptocurrency that got it all started. Elon Musk sees Dogecoin as a possible Bitcoin substitute. Crypto professionals and investors have reacted to Elon’s remarks on Twitter.
The whole thing starts with Tesla. They declared that they bought one and a half million dollars of BTC for long-term storage. Then Elon revealed that Tesla would accept Bitcoin payments. The value of Bitcoin increased as a result of these events. Tesla also published a report claiming that their stock ownership gained them a lot of money. Tesla earned more money from their BTC investment than they did by selling cars in the first quarter of 2021. This was revealed by a Wall Street journal article.
Then Elon Musk declares on the 13th of May that Tesla will no longer accept Bitcoin payments. Bitcoin’s price has dropped since then. It fell from 55 thousand dollars to around 45 thousand dollars till the date of publishing this post. The price of Bitcoin continues to decline as a result of Elon Musk’s harsh statements about it. Many common people who put their money on Bitcoin have suffered from a big loss. They are requesting for the SEC to investigate Elon Musk. Because of obvious market manipulation.
BTC On The Edge Of A Positive Signal
After a global crisis Bitcoin was able to come up this week. Bitcoin’s comeback aligns with a rise in Asian stock markets. The rumors that key Chinese counties have begun to relax coronavirus bans after days of restrictions.
The comeback to the shape of Asian markets after 8 weeks of deficits appears to be the day’s main macro concern. “BTC on the edge of a massive positive signal,” JCL Capital founder Jordan Lindsey tweeted. Crypto trader Tony is a crypto expert. He pointed out that BTC is still trading in a similar range. It needs to clear several critical levels for being declared to be on a firm path.
BTC is still concentrated. And the coin may need considerable time to meet its full strength. For the previous few weeks, the bellwether coin has traded around 28 thousand dollars and 29 thousand dollars.
Santiment data is an on-chain data platform. It predicts the crypto market to rise in price in the next few weeks. Bitcoin found firm support at 29 thousand dollars. It is a figure which has been checked many times in recent weeks, according to the report.
BTC is the first and most widely used cryptocurrency. Bitcoin is now known to be a “virtual gold” by loyal investors. It has evolved as a global store of wealth and investment alternative for lots of individuals. Over the last decade, the value of BTC has dropped many times. Many individuals have also claimed that Btc has truly crashed. But every time Bitcoin tends to recover thanks to a loyal community that backs it up. Bitcoin’s price is almost certain to grow soon.
Bitcoin is currently worth half of what it was in mid-April. It was when it hit a high of 65 thousand dollars. Some investors are only interested in making short-term ventures. long-term traders believe in Bitcoin’s potential. As per information from many cryptocurrency data sites, Bitcoin is slowly but steadily recovering. Although the cryptocurrency still has a significant path to go until it hits or surpasses its every-time record. Many people are keeping a close eye on its progress. If you have the funds, Bitcoin is your best chance if you want to invest in cryptocurrencies right now.