Elon Musk meddling continues to shake crypto markets


It was a bloody weekend in the crypto markets, with a sea of red down the boards today. Is this still the aftershocks of Tesla’s decision to stop accepting Bitcoin, a wider correction, or just part of the usual ebbs and flows of a bull run? Can it get back on track this week?

 

Bitcoin has now fallen over 22% over the last 7 days, dropping another 7% over the last day. The decline has taken the Bitcoin price down to just over $45,000 at time of writing. Can support hold at this level?

 

The latest drop follows Tesla CEO Elon Musk’s refusal to outright deny that his electric-car company has sold or could soon sell all of its more than $1 billion holdings of bitcoin, although he has since issued that outright denial. Musk was responding to a Tweet that said the criticism he’s received from bitcoiners could cause him to sell, answering ‘Indeed’ in an apparent threat to be nicer to him. Would he really be so thin-skinned?

 

It wasn’t just Bitcoin that’s suffered, though. Ethereum posted its first week in the red since March. It’s trading at around $3,500 today, down from last week’s all-time highs of over $4,000. Can it recover this week?

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The content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

 

All information is correct as of 08:30am GMT.

 

Crypto markets at a glance

 

Name PricePrice Change (24h)Price change (7 days)
Bitcoin (BTC)$45,402.52-6.87%-22.31%
Ethereum (ETH)$3,546.03-6.70%-13.92%
XRP (Ripple)$1.46-6.33%-8.39%
Litecoin (LTC)$289.63-7.77%-27.43%
Bitcoin Cash (BCH)$1,117.79-9.46%-25.69%

Total crypto market cap

 

The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,084,770,152,085.

 

What bitcoin did yesterday

 

We closed yesterday, 16 May, 2021, at a price of $46,456,06, down from $46,760.19 the day before.

 

The daily high yesterday was $49,720.04 and the daily low was $43,963.35.

 

This time last year, the price of bitcoin closed the day at $9,377.01. In 2019, it closed at $7,884.91.

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation at time of writing is $836.98 billion. That puts it below Facebook again. To put it into context, the market cap of gold is $11.779 trillion and Alphabet (Google) is $1.539 trillion.

 

Bitcoin volume

 

The total spot trading volume reported by all exchanges over the last 24 hours was $77,936,181,997. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

 

Volatility

 

The price volatility of bitcoin over the last 30 days is 65.75%.

 

Fear and Greed Index

 

Market sentiment today is at 27, up from 20 yesterday.

 

 

Bitcoin’s market dominance

 

Bitcoin's market dominance today is 40.76. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 30.31. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.

 

Convince your Nan: Soundbite of the day

 

"We know that replacing Gold as a store of value will help the environment...shrinking big bank and coin usage will benefit society and the environment."

— Mark Cuban, Dallas Mavericks owner

What they said yesterday…

Always good to zoom out

 

 

 

Saylor with the fact attack

 

 

 

Busy man

 

 

 

Sage words

 

 

Source : luno blog


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