Musk incident triggers retail sell-offs Crypto market falls across the board!

The immediate trigger for the continued market decline over the last 3 days was a series of Musk’s comments.

Musk incident triggers retail sell-offs Crypto market falls across the board!

(Blockchain reminds that, according to the document “Risk Tips on Preventing Illegal Fund Raising in the Name of “Virtual Currency” “Blockchain” issued by the CBRC and other five departments in August 2018, the general public is invited to look at blockchain rationally, not to blindly believe in smallpox promises, to establish correct monetary concepts and investment ideas, and to effectively raise risk awareness; and to actively report any illegal or criminal clues found. can actively report and reflect to the relevant departments. )

The data of Golden Finance shows that BTC fell briefly, falling below the $43,500 mark, and ETH fell below 3,400. the crypto market falls across the board.

At the same time, digital currency concept stocks opened sharply lower, GEM st Jurong fell, Royal Silver shares, Flagship Technology, Chutian Dragon, Zhidu shares, Gao Weida, etc. fell nearly 8%.

In addition, OKLink data shows that the last seven days of grayscale holdings totaled 1,107 LTC, 51,600 XLM, 3,400 LINK and 35,100 BAT. In addition, 16,513 bitcoin worth of GBTC shares will be unlocked this week, with the unlocked share value reaching 10,500 bitcoins on May 19, the highest in the last 90 days. The unlocked shares will be worth 10,500 bitcoins on May 19, the highest single-day unlock in nearly 90 days. After the unlock, GBTC shares will be available for trading on the OTCQX market. Some market analysts say that unlocking shares could cause further market shocks.

It is worth mentioning that the immediate trigger for the continued market decline in the last 3 days was a series of Musk’s comments.

On May 17, Tesla CEO Elon Musk hinted on social media that “Tesla may or may not have sold its bitcoin position.” One Twitter user messaged Musk saying, “Bitcoiners (holders) will surely slap themselves next quarter (after quarterly earnings) if it turns out Tesla has sold off its remaining bitcoin positions.” Musk replied to the tweet with the word “Indeed.”

In addition, Musk tweeted, citing an article, that Bitcoin is actually highly concentrated, with the vast majority controlled by a handful of large mining (aka arithmetic) companies. A coal mining problem in Xinjiang nearly killed miners and dropped bitcoin’s arithmetic by 35 percent. Does that sound “decentralized” to you? On top of being bearish on bitcoin, Musk also followed through with his bullishness on Doge. He said “all that nasty talk makes me want to go All In Doge.

In addition, Musk took a direct jab at Bitcoin believers when he commented on Michael Saylor’s Bitcoin titty post that “he should wear sexy pants with the Bitcoin logo on Halloween. At the same time, Musk pointed out that Bitcoin is actually highly centralized. The implication is that “you group of bitcoin fanatic believers are not qualified to say doge is bad and bitcoin is no good”.

In the face of Musk’s bearish comments, more and more bitcoin believers began to call Musk out, and Musk’s Twitter messages were full of abuse from HOLDER. So he directly used the big move, implying: Tesla will liquidate its bitcoin position on the next earnings release date. Such heavy bearish news quickly sent bitcoin prices reeling.

Earlier, Musk said, I probably know more about how money works than you do. He also noted that doge could win if it had 10x faster block confirmations, 10x larger block sizes, and saved 100x on fees. Dogecoin developers have further recently stated that they have been working with Elon Musk since 2019. Musk “has been encouraging them to increase trading volume,” providing “a lot of advice and input” and sharing his wide range of contacts. However, the market didn’t buy it, and a large number of investors in the value coin began to say they wanted to stop Musk from “manipulating the market” and said doge was a junk coin.

It’s worth mentioning that in the face of Musk’s series of actions, Cryptocurrency CEO Zhao Changpeng said he had taken down Musk’s Twitter feed.

In response, Paradigm co-founder and managing partner Matt Huang tweeted that cryptocurrencies such as Bitcoin often challenge conventional thinking and that Bitcoin will continue to move forward regardless of whether Musk ultimately owns it.

ChinaCoin (ZB) market researchers analyzed that last week’s Musk event brought some of the variability in the chain’s data, but the overall trend remains relatively healthy. The recent decline was influenced by the Musk event, which is an irrational panic disc selling, mainly by retail investors, which is a normal phenomenon in the middle of a bull market, and the bull market fundamentals do not show signs of ending.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/musk-incident-triggers-retail-sell-offs-crypto-market-falls-across-the-board/
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