Bitcoin Dips Below $ 40,000 After 3 Months As Elon Musk-Fueled Crypto Sale Steps Up – fr

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Bitcoin Dips Below $ 40,000 After 3 Months As Elon Musk-Fueled Crypto Sale Steps Up – fr


Bitcoin (BTC) traded below the psychologically important $ 40,000 bar after three months in the early hours of Wednesday as the cryptocurrency sell-off was fueled by Tesla Inc (NASDAQ: TSLA) CEO Elon Musk’s remarks last week deepened.

What happened: The top cryptocurrency by market cap was down 13.73% to $ 39,284.33 at press time on a 24-hour basis and was down 31.63% on a seven-day basis. BTC hit an intraday low of $ 39,034.08.

See also: How to buy Bitcoin (BTC)

From its all-time high of $ 64,863.10, which it set a month ago. BTC has fallen 39.13% at the time of publication.

Likewise, Ethereum (ETH), the second largest cryptocurrency by market cap, was trading below $ 3,000 at the time of publication.

At the time of publication, on a 24-hour basis, ETH was trading 16.56% lower at $ 2,934.12. The cryptocurrency fell 31.67% on a seven-day basis. ETH hit an intraday low of $ 2,881.09.

Why is this important: Cryptocurrency investors struggle with “extreme fear,” according to the “Crypto Fear & Greed Index,” a measure of emotions and feelings.

Last week, the measure called the market “greed”.

The state of the cryptocurrency markets changed dramatically after Musk said Tesla would stop accepting BTC payments citing environmental concerns.

On Monday, Musk engaged in a war of words with Bitcoin followers on Twitter and at one point said he wanted to ‘do it all’. Dogecoin (DOGE).

See also: Bitcoin Still Outweighs Tesla Stocks, Says Analyst Who Predicted $ 50K Rise

DOGE traded 20.14% lower at $ 0.40 at press time over a 24-hour period. During the same period, the coin fell 7.69% and 4.13% respectively against BTC and ETH.

Glassnode said Monday that Musk’s tweets had led to “widespread confusion” and “fork in the reaction.” As new investors panic, long-term investors remain unfazed.

Read more: Not just Bitcoin, Cathie Wood’s ark is also very bullish on Ethereum: what you need to know

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