Bitcoin Price – Live: Crypto Recovers Slightly After Elon Musk Sends BTC And Other Coins Dive
The crypto market is recovering after a few difficult days which saw large amounts of money erased from its value.
The dramatic declines came after Elon Musk withdrew Tesla’s support for bitcoin, for environmental reasons, bringing new attention to crypto’s relationship to climate change.
Prices then fell further when Mr Musk appeared to imply that Tesla had sold his large bitcoin holdings. He later denied it outright – but the price had already fallen and didn’t recover.
The value of bitcoin and other currencies recovered slightly on Tuesday morning, although not nearly enough to offset these heavy losses.
Bitcoin, for example, has risen 1% in the past 24 hours, but has fallen again almost 20% last week. Similar changes were seen in the market, which rose 1.92% in the last day, according to CoinMarketCap.
Ethereum founder tells Elon Musk how to ‘fix’ dogecoin
Ethereum co-founder Charles Hoskinson offered advice to Elon Musk on how to radically upgrade cryptocurrency dogecoin to become ‘the currency of the earth’.
The boss of Tesla and self-proclaimed Dogefather claimed this week that “low fees and high volume” are needed for dogecoin to make sense as a form of common currency.
“Ideally, Doge speeds up block time by 10X, increases block size by 10X, and removes fees by 100X,” Mr. Musk tweeted this week. “Then he wins hands down.”
Andrew GriffinMay 18, 2021 5:21 PM
Elon Musk impersonators have defrauded more than $ 2 million in cryptocurrency scams in the past six months, according to FTC data.
People have been posing as Tesla’s CEO for years, in an attempt to steal bitcoin from them. But the number is growing rapidly, according to the data.
Andrew GriffinMay 18, 2021 3:10 P.M.
What is Cardano? The Piece That Beat Musk’s Plunge
There has been a lot of talk about Cardano (or, more specifically, the Ada cryptocurrency that runs on the platform) recently. Even more was said last week, when he challenged the gloomy crypto market to continue to do well.
Andrew GriffinMay 18, 2021 12:57 PM
Cardano Price Bucks Market Trend with Green References
Since Elon Musk announced last week that Tesla would no longer accept Bitcoin payments due to environmental concerns, only one major cryptocurrency has emerged that is immune to the market downturn.
Cardano’s Ada cryptocurrency actually hit a new high following Musk’s tweet, hitting over $ 2 for the first time in its history to add to its already sizable price gains in 2021.
This could be due to Cardano’s green credentials, which its developers describe as the “most environmentally sustainable” crypto platform.
Anthony CuthbertsonMay 18, 2021 11:56 AM
This, from yesterday, is worth keeping in mind when considering what the latest swings could actually mean for bitcoin and other cryptocurrencies: “when in doubt, zoom out” , analysts advise.
It all depends on the macro scale on which you look at things.
Andrew GriffinMay 18, 2021 9:07 AM
Bitcoin momentum ‘still in place’
Bitcoin rebounded slightly overnight, coming back above $ 45,000. Trading volumes also remain high and some analysts seem to be hoping the cryptocurrency still has some upward momentum on its side.
The pseudonym PlanB, whose stock-flow model charts Bitcoin’s previous bull and bear markets, compared the latest drop to similar patterns seen in 2013.
Bitcoin’s rally appears to have helped other leading cryptos, with Ethereum (ether), dogecoin, and bitcoin cash up 3-7% since yesterday, while Ripple (XRP) is up nearly 10%.
Anthony CuthbertsonMay 18, 2021 7:14 AM
Bitcoin’s price decline continues
Bitcoin has now fallen below $ 43,000 with investors hoping there will be strong resistance at $ 40,000.
The last time BTC fell to this level was in February, when a flash crash saw its price drop before climbing above $ 60,000 just two weeks later.
Market analysts seem to be hopeful that a similar pattern can be followed by bitcoin and alternative cryptos in general, despite the power Elon Musk has shown to move the market so drastically with just one comment. Here’s what one expert had to say:
Anthony CuthbertsonMay 17, 2021 7:45 PM
Ethereum co-founder ‘burns’ billions of dollars in viral dog-themed cryptocurrency
One of the creators of Ethereum “burned” billions of dollars in shiba inu-themed cryptocurrency, claiming he did not want to keep the currency viral.
Vitalik Buterin – who is the world’s youngest crypto billionaire – moved the coins to a dead wallet address, effectively destroying around 41% of the currency in circulation. He has kept a small number of coins and intends to donate them to charity, as he did recently by donating to the Indian response covid.
Andrew GriffinMay 17, 2021 6:34 PM
Will Bitcoin Recover?
Bitcoin’s current price terminal drop, or at least will it last for a while? Here is expert advice – “when in doubt, zoom out”.
Andrew GriffinMay 17, 2021 4:18 PM
Asset managers say they are avoiding cryptocurrencies
“Our position with clients is the 10-foot post rule: stay clear,” Jason Pride, director of private wealth investments at Glenmede, told the FT. “I don’t think the Fed and other regulators are fans of the current structure of the cryptocurrency market.”
Even the most positive asset managers have expressed reservations about whether bitcoin would be a safe investment.
“We refer to bitcoin as an ambitious store of value and it is a teenager in terms of development due to the extreme volatility,” said Tom Jessop, head of digital assets at Fidelity, the newspaper reported. “Some investors are willing to accept volatility because they see bitcoin as a long-term risk opportunity.”
Andrew GriffinMay 17, 2021 3:06 PM