Elon Musk exerts a tremendous amount of market influence, whether crypto investors like it or not. After stating Tesla would cease Bitcoin purchases due to environmental concerns, he sent Bitcoin values plunging. Because Bitcoin is the most valuable cryptocurrency, its price reduction dragged down most other prominent cryptocurrencies.
Musk responded to a claim that he used Bitcoin as a pump and dump a few days ago on Twitter. It was reported that Tesla only sold 10% of its Bitcoin holdings, he stated, to ensure it could be liquidated without causing a market reaction. Tesla would accept Bitcoin again after reasonable renewable energy utilization by miners has been confirmed, he added.
For the first time in over three weeks now, the price of Bitcoin has topped $40,000. Since May 21, Bitcoin has been unable to break beyond the $40,000 barrier. Musk had announced Tesla accepting (or not accepting) Bitcoin for the third time in 2021. It has affected the price of the significant cryptocurrency each time.
Bitcoin Latest Price Surge.
While traders seemed to be in a purchasing frenzy, Musk’s tweet may not significantly impact the market outlook for the time being. Musk’s post appeared to have a near-immediate impact on Bitcoin’s price. The price had risen to nearly $1,500 in just a few hours. It had gained over 10% by the end of the day, starting at around $35,500 and rising to over $39,000.
It has done well since then, spending time above $40,000 on several occasions. That’s still a long way from Bitcoin’s all-time high of about $65,000 in April, but it’s a strong indicator that it’s on the mend.
Another encouraging aspect is that Bitcoin’s growth has benefitted all of the other major cryptocurrencies. Almost every coin in the top 25 has seen a price boost in the last 24 hours. Stablecoins are the lone exceptions, and their prices don’t move much because they’re tied to a particular item to keep the price stable.
What Next for Bitcoin?
Despite recent volatility, Ms. Demirors said she expected long-term bitcoin investors to stick with their positions. In recent weeks, bitcoin trading has been largely rangebound. She believes this trend will continue, and bitcoin may be back to record highs of more than $60,000 per coin.
Others are less convinced that bitcoin’s downward trend has come to a halt. Pankaj Balani, CEO of Delta Exchange, believes bitcoin will reach $45,000 to $50,000 by the end of the week, but then selling pressure will continue.
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The truth is that there is no such thing as a perfect indication for a rise or collapse in the stock market. Because cryptocurrencies are so volatile, anything may happen in this market. Bitcoin’s price might explode or plunge based on a single tweet from Musk, as we’ve seen before.
As a result, it’s best to be cautious when investing in cryptocurrency. Only invest what you can afford to lose, and use one of the best cryptocurrency exchanges to ensure your money is safe. Most essential, think about crypto as a long-term investment to avoid being fazed by daily price fluctuations.
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