It wouldn’t be wrong to say that Elon Musk is the Cryptocurrency Icon who has been influencing the market for a long time.
Bitcoin, on the one hand, is skidding like never before. Sentiments seemed to have gone against Bitcoin and other digital currencies.
Considering the last week of May 2021, the values and wealth have been decelerated. Bitcoin slumped from $40,000 to $33,000, creating a bold and sheer impact on the market.
Since Bitcoin contributes to half of the total market cap, it has not been able to make any ATH (All time high).
Investors are quite worried as they have made huge investments in the digital market. Besides, Ethereum too had drowned a bit, coming from $2,800 to around $2,440 on 31st of May 2021.
Well, several reasons contribute to the downgrade. Also, many investors went bankrupt because of such performance.
Let’s read out the bullet points and know what happened to the digital market in the last week.
Last Week in Crypto
It was March 2021 when Tesla CEO opened the gates of cryptocurrency and Tesla linking with each other. Elon tweeted that it’s possible to purchase Tesla with Bitcoins.
On the 13th of May, Tesla’s decision to stop accepting payments in Bitcoin strangled the entire crypto market.
Reports tell that right after the news circulated over the internet, the prices of Bitcoin fell by 40%.
Moreover, the market went 63% down last week, registering all-time lows and taking a new avatar. Investors lost $830 billion that blew every trader’s investment.
Cryptocurrency exchanges like Binance, Coinswitch faced significant losses amid such a downfall. Well, a tweet could have been so powerful, no one would’ve imagined.
Post Musk’s incident, the Chinese government issued a notice against the financial institutions working in China to terminate the trading of Cryptocurrencies.
Talking about miners, China is the abode of the world’s Crypto miners. This led to pollution and several other electricity challenges that the Chinese management faced.
This impacted the Bitcoin market on a very severe note. The price crashed to $30,000, astonishing every crypto trader across the globe.
As the sentiments started to sync with the market, the United States declared to tax authorities if the transaction exceeded $ 10,000. That very statement blew the market once again.
Considering the market as a haven to a bankruptcy situation, no one would have speculated such a mind-blowing performance.
Objections and Predictions
Many questions arose after the Crypto market experienced a retarding graph. Questions that revolved around the future also came into account.
Whether the market will attain sustainability once again or the extinction is doomed, many thoughts and predictions came into the limelight.
Somewhere the Tesla news and the CEO was responsible for havoc, and somewhere the laws and regulations had created fear among the investors.
People believe that it’s the very Crypto player Elon Musk who can accelerate the prices and stabilize the Cryptocurrency market once again, restoring the faith and sentiments.
It’s hard to predict the prophecy based on last week and last month. Because if the market can make millionaires, it has the power and potential to bankrupt a wealthy person as well.
It’s all about sentiments and games played all across the world. But yes, Elon Musk’s tweet is way powerful and dominant across the crypto platform.
But people and institutions still believe that it’s just the dark hour, just like a black cloud that will go away. It is the time and the tweet that sounds invincible.
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