The market is in a bad mood today for a reason. Many believe that Elon Musk and his next tweet about Bitcoin are the culprits. But can one person really crash a $100 billion cryptocurrency market cap in a few hours?
The main cryptocurrency was doing relatively well earlier this week, recovering from a drop to $33,500 on Binance last Sunday and hitting a six-day high above $39,000. However, the trouble, as always, came from where they did not expect, to the delight of the bears.
The head of SpaceX decided to remind once again that he “rejected” Bitcoin by posting on his Twitter several emoticons - with the main cryptocurrency on the market and a broken heart, adding all this with a quote from the song of the rock band Linkin Park. Unfortunately, the “Elon Musk effect” was not long in coming and the bitcoin rate by the time of this writing fell by 7%.
Musk isn't the only one to blame
Some financial experts argue that this is not only due to Musk, pointing to the movement of a large batch of 3,271 BTC from the wallets of the Poolin mining pool, calling this cash outflow the largest in 2021. In addition, the Glassnode chart indicates a significant outflow of funds from miners, reaching a 3-month low at -16.108 BTC.
The previous 3-month low was recorded by analysts on March 5, 2021.
Bitcoin fans decided not to stand aside. One of them, David Gokhshtein jokingly clarified: “who forgot to invite Elon Musk to the conference?”. Meanwhile, the Altana fund's IT director said he didn't care about Musk's tweets, but pity those people who are suffering from the billionaire's market manipulation. And although others also try to laugh it off, comparing the power of Tesla and Ford cars, and also reminding Musk about the fall of Dogecoin, the situation does not become more fun.
Now the cost of the main crypto-asset is $36,642 on Binance and it is unlikely that he intends to go into a prolonged decline. However, even cryptanalysts find it difficult to say when to expect a reversal trend. The total market capitalization fell just below $1.650 trillion.
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