Tesla CEO Elon Musk’s tweet shook Bitcoin over the weekend.
Elon Musk shook Bitcoin but did not wash it, BTC resists!
Elon Musk’s tweet caused the crypto market to collapse, causing Bitcoin to drop by $7,000.
Bitcoin lost more than 10% on Sunday alone. BTC fell to the level of 42 thousand dollars with the Asian markets that opened in the first hours of Monday.. However, with the opening of the European markets, BTC went up to $ 45,400.. BTC was trading above $50,000 at the beginning of last week.
Bitcoin hit an all-time high on April 14.. BTC has lost 35% of its value since then.. Bitcoin needs to manage to stay above $40,000. In the absence of this, the entire crypto market may face the danger of entering a bear trend.. As it is known, Elon Musk announced that Tesla purchased $1.5 billion worth of BTC in February, and Bitcoin skyrocketed to $43,000.
Is there an asset destroyed by a bit tweet?
On Sunday, a crypto phenomenon named “CryptoWhale” and Twitter user wrote that Tesla sold their Bitcoins, and Elon Musk responded by saying “really” to this tweet.
Then. Tweets came in which Musk made references to the crypto community, Bitcoin, and even MicroStrategy CEO Michael Saylor. While raising question marks, it also damaged its credibility in crypto circles.
Bitcoin’s fall with Musk’s “u-turn”. Yılmaz also gave opportunity to crypto opponents. Gold investor Peter Schiff, who voiced his opposition to Bitcoin at every opportunity, did not miss this opportunity.
If a single @elonmusk tweet #Bitcoin price How can you seriously think it’s money if it can have such a big impact on you?. How can Bitcoin, risked by a one-word tweet, be a safe haven? By now it should be clear that buying Bitcoin is gambling, not investing.
Peter Schiff (@PeterSchiff) May 17, 2021
Schiff’s, a single tweet (or What he says that the panic of someone outraged) shouldn’t have such an effect on markets as a whole is undoubtedly true.. What Schiff doesn’t say, however, is that all investment instruments are essentially gambling alike.. The difference between the assets is only the risk ratios.
Bitcoin is trading over 44 thousand at the time of writing and is trying to heal the wounds of the weekend decline.
BTC price live: $ 21,246.00
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