Tesla boss posts tweet that sparked heated discussion about the crypto market; He agreed with the Doge co-founder about the “next victim” in the global market.
Elon Musk again posted a tweet prompting his followers to ask him about bitcoin and cryptocurrencies. It was just a word, but it may aim to draw the attention of its 98,100,000 followers to the current state of the cryptocurrency market.
kryptonite— Elon Musk (@elonmusk) 15 June 2022
On Monday, the total value of the cryptocurrency market fell below the $1 trillion level for the first time to reach $926 billion. At the beginning of November last year, this metric totaled $2.9 trillion.
The major cryptocurrencies bitcoin and ethereum, as well as other top 10 coins and cryptos beyond that list, lost a great deal of their value in just a few days.
Bitcoin has dropped from $30,000 to $20,228. Ethereum is trading at $1,028 after losing the $1,900 area. Mike Novogratz told CNBC yesterday that he believes Bitcoin could find a bottom in the $20,000 area, and Ethereum is likely to do the same near $1,000. However, he added that the market could also go down, as inflation is rising and the Federal Reserve needs to remain tough and raise interest rates.
Peter Schiff also believes that Bitcoin and Ethereum are likely to bottom out. Specifically, he tweeted that BTC is likely to test the long-term support of $5,000, posting a chart to show that. He added that “it is better to sell bitcoin now and repurchase short.”
In a comment thread, Doge co-founder Billy Marcus called bitcoin, perhaps somewhat ironically, given its current decline. “store of value.”
Prominent bitcoin campaigner and investor Anthony Pompliano asked Musk about his thoughts on the current state of BTC, but did not receive a response.
Billy Marcus, who co-founded DOGE in 2013, has posted a popular meme suggesting that real estate may be the next thing to collapse, after the stock and crypto markets were hit by rising inflation. In which death’s doors are turning and leaving the pool. Blood behind each of them.
The Tesla boss posted an answer agreeing to that scenario.
truth— Elon Musk (@elonmusk) 15 June 2022