Tesla boss has posted tweet that provoked heated talk about crypto market; he agreed with Doge co-founder about “next victim” on global market
Elon Musk posted a tweet again that inspired his followers to ask him about Bitcoin and crypto. It was just a word, but it may be intended to draw the attention of its 98,100,000 subscribers to the current situation in the cryptocurrency market.
On Monday, the overall value of the cryptocurrency market has for the first time dropped below the $1 trillion level, reaching $926 billion. As early as November of last year, this metric totaled $2.9 trillion.
The major cryptocurrencies Bitcoin and Ethereum, along with the other 10 most important coins and cryptos beyond this list, lost much of their value in a matter of days.
Bitcoin has dropped from $30,000 to the $20,228 mark. Ethereum is trading at $1,028 after losing the $1,900 zone. Mike Novogratz told CNBC yesterday that he believes Bitcoin may find the bottom in the $20,000 area, and Ethereum is likely to do the same near $1,000. However, he said that the market may as well go lower, since inflation is growing and the Federal Reserve needs to remain hawkish and raise interest rates.
Peter Schiff also thinks that Bitcoin and Ethereum should go down. In particular, he tweeted that BTC is likely to test long-term support at $5,000, posting a chart to reflect that. He said that “it is better to sell Bitcoin now and buy back lower”.
In the comment thread, Doge co-founder Billy Markus has called Bitcoin, perhaps somewhat ironically, considering its current fall a “store-of-value.”
Prominent Bitcoin evangelist and investor Anthony Pompliano asked Musk what he thought of the current state of BTC but received no response.
Billy Markus, who co-founded DOGE in 2013, has suggested that real estate may be the next thing to collapse, after stock and crypto markets have been hit by growing inflation, posting a popular meme with death opening doors in turn and leaving pools of blood behind each of them.
The Tesla boss posted a response, consistent with this scenario.