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Bitcoin’s price drops again after Elon Musk hinted that crypto prices are seem to be high

By
Nomadfury
-
4 min reading

On Saturday, Tesla CEO Elon Musk tweets that the prices of cryptocurrencies are excessively high. The crypto market has its biggest slide since March to as much as 17% where Bitcoin failed again to break past $41,000 and plunged down to $37,000.

A few months ago, Tesla CEO Elon Musk embraced Bitcoin that made the entire market go on a wild bull run and pumped to as much as over $60,000. It all began when he announced that Tesla had bought $1.5 billion worth of Bitcoin and started tweeting hilariously about Dogecoin. However, the big crypto drop began when he tweeted about some “environmental” concerns about Bitcoin mining along with the ongoing crackdown of the Chinese government and authorities on Bitcoin mining and trading and Iran announcing the ban of crypto mining throughout the summer.

A few days ago, Elon Musk stated that he is reconsidering Bitcoin again, along with the endorsement of Paul Tudor Jones, only if miners would use clean energy. His tweet alone made the price jump to beyond $40k before crashing down again after saying that the prices “seem high”. According to Quantum Economics founder Mati Greenspan, he said that Musk and his company have greater influence and power over the price of the crypto markets. In addition to that, Treasury Secretary and long-time skeptic of Bitcoin Janey Tellen said that when it comes for the token to conduct transactions, it’s highly inefficient at a conference in New York Times. 

Elon Musk also disclosed that they have sold 10% of their Bitcoin holdings to the test market and may resume cryptocurrency transactions if 50% of the Bitcoin miners are going to use clean energy. 

As of today, Bitcoin’s price stands at $37,791.73, while Ethereum is trading at $2,304.64. However, more whales are buying on Bitcoin when it plunged down to $32,000, as they claimed that it may be the current support level. It looks like that Bitcoin’s price along with Ethereum will be on a long consolidation phase, but some crypto bulls believe that Bitcoin could reach as much as $85,000 to $100,000 before 2021 ends. We also noticed that the crypto prices are on a sell-off for a few consecutive weekends before it rises again on Monday or Tuesday of the week.

According to Markets.com chief analyst Neil Wilson, he said that those investors who are new to Bitcoin should acknowledge the high volatility of the cryptocurrency market and be prepared when the prices drop all of a sudden as well as they’ve  risen sharply without warning or so. Due to the excessive liquidity from central banks and massive stimulus of the government, skeptics warned that the Bitcoin rally is nothing more than a bubble and would pop out really hard. 

Despite that the institutional investors would say that Bitcoin alone is an attractive alternative to the dollar and gold. On Monday, it was also believed that the Bitcoin's price had plunged down to the wire along with the weekend volatile swings after the response of institutional cryptocurrency traders to Elon Musk’s tweet that both Bitcoin and Ethereum’s prices “seem high” while following the normal business hours. 

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