Bitcoin News

Did Musk influence sell-off spurs?

Did Musk influence sell-off spurs

Crypto price dropped before a slight recovery. The Bitcoin dipped below $36K, whereas Ether fell under $2.6K on Tesla CEO’s bearish tweets. Moreover, this wiped out some leverage players of the market.

Elon Musk’s tweet wiped out some long positions by providing some market uncertainty on the direction heading into the weekend. Bitcoin lost around 4.4% over the previous 24 hours.

Musk affected Bitcoin again.

Bitcoin is the world’s largest cryptocurrency by market capitalization. Unfortunately, Tesla’s CEO again was a catalyst for Bitcoin’s market fall. He tweeted a perplexing meme that suggests some break up with the cryptocurrency. Moreover, a lot of new retail investors tend to panic sell post the tweet.

Bitcoin price plunge

As the Bitcoin price fell in the past 24 hours, the leveraged traders going long wiped out, causing the price dump to exacerbate.

Since the Crypto started in heavy selling, the leverage bulls are seeing their positions liquidated the blockchain equivalent of a margin call. The market movement post the tweet continues to show how nascent this asset class is.

Ether and Bitcoin correlation holding

Ether is the second-largest cryptocurrency after Bitcoin by market capitalization was trading around $2,684. It slipped over 3.8% over the last 24 hours. However, it is common for cryptocurrency to move in tandem during less than bullish conditions.

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