Forex Analysis & Reviews: 18.05.2021 - Bitcoin volatile after Elon...

18.05.2021 08:19 AM

Bitcoin volatile after Elon Musk's tweet: he says Tesla does not sell bitcoins, so crypto bulls rush back to market

After a controversial tweet from Tesla CEO about bitcoin, the digital asset began to sharply decline, continuing its downward correction. No matter what experts say, Musk seems to have a great influence over speculators when it comes to digital assets. This morning, BTC dropped by 16%, trading at $42,000 - $43,000. After that, Elon Musk faced a flurry of angry tweets from various holders, investors, and crypto enthusiasts of the number one cryptocurrency. They complain that Musk should stop writing his ridiculous tweets that push the cryptocurrency down every time. In order to calm own furious traders, Musk replied that Tesla did not sell bitcoin. After this remark, Bitcoin went up a little. Now it is trading at $44,000. Analysts are curious about how long it will last. They also try to figure out whether the downward correction continues without serious players in the market and large investments in BTC.

Various crypto bulls have started to support the number one cryptocurrency. In particular, crypto bulls and billionaire Mark Cuban tweeted today that he and his team will continue to accept Bitcoin, Ethereum, and Doge. He is sure that one day, cryptocurrencies will replace gold as the main safe-haven asset, as well as to protect the environment.

Jack Dorsey, the founder of Twitter and a very well-known holder of bitcoin, also made bullish calls on BTC. Its subsidiary Square has already invested more than $150 million in BTC within a few months. Dorsey said that the company does not intend to change its attitude to digital assets and it will continue to support bitcoin. It will certainly add more digital assets in its portfolio. After all, bitcoin changes everything in this world for the better. Therefore, Dorsey will do everything possible to make bitcoin and its ecosystem work like clockwork and develop by leaps and bounds.

Currently, Microstrategy stores more than 91,000 bitcoins. This month, they also purchased $15 million worth of bitcoins. According to Michael Saylor, the Chairman & CEO of MicroStrategy, the company do not intend to stop. He argues that BTC is the dominant store of value in the 21st century, and ideally, this monetary asset takes the form of the Bitcoin Standard. "The truth of the matter is everything on Earth uses more power than a small country. Bill Maher uses 10 times our electricity, that costs 10 times as much as the electricity used in the Bitcoin network, to enrich himself. And he's not really thinking about it. If you take all the energy used in the Bitcoin network, it amounts to 25 basis points of all the wasted energy. So, one quarter of 1% of the wasted energy in the world offers the hope of a decent life to 8 billion people and solves an economic problem," Saylor said.

During this month, bitcoin experienced strong selling pressure and remained in the shadow of other altcoins, which gained momentum and attracted various investors. What to expect from BTC in the long term? It all depends on the activity in the market and demand for bitcoin from large investors and well-known holders. The correction may continue, dragging Bitcoin to the level of $38,000. Perhaps billionaires such as Dorsey, Saylor, Zuckerberg, and Cuban will make large purchases, thereby increasing its value and triggering the upward trend.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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