Musk pump can’t stop Bitcoin from hitting two-week low
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The world’s richest man hasn’t been able to save Bitcoin from falling back under $US1 trillion in total capitalisation.
A tweet from Elon Musk yesterday evening announcing that Tesla Motors would start accepting Bitcoin sent BTC from around $US54,000 to over $US57,000 overnight — but by this morning the original cryptocurrency had fallen to a two-week low of just over $US52,000.
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
At 4.10pm AEDT, BTC was changing hands for $US52,380 ($69,000), down 3.0 per cent from 24 hours ago and about 15 per cent from its all-time high 11 days ago. That gives it a market cap of $US983 billion, according to Coincap.
Ethereum was trading at $US1,578 ($2,077), down 5.7 per cent.
Just 16 of the top 100 cryptocurrencies on Coingecko had gained ground in the past 24 hours, including five stablecoins that tend to trade inversely from the general crypto market.
Pundi X was the top gainer, rising 22.5 per cent to US0.79c. Voyager Token was the only other token up more than 10 per cent, having risen 11.5 per cent.
Theta token had fallen 16.7 per cent to $US11.90 ($15.66), losing some steam after several days of amazing gains. But it was still ranked No. 9 on Coincap.io, ahead of Litecoin.
Kusama, LEO Token and Harmony had all hit all-time highs over the past 24 hours.
The crypto Fear and Greed index was had fallen to 60, its lowest level since March 1, but one that still indicated more greed than fear.
But experienced traders were still professing confidence about the bull market.
— Michaël van de Poppe (@CryptoMichNL) March 25, 2021
#Bitcoin is going to melt faces. Upset those who sold, reward those who hold.
It has done this before. The high prices just make it look scarier.
We’re at a 17% correction, we’ve survived 30%+.$BTC
— Joe Kreate (@joekreate) March 25, 2021