The head of Tesla has posted a tweet that sparked a heated conversation about the crypto market; he agreed with Doge’s co-founder about the “next victim” in the global market
Elon Musk reposted a tweet that inspired his followers to ask him about Bitcoin and cryptocurrencies. It was just a word, but it may be meant to draw the attention of his 98,100,000 followers to the current situation in the cryptocurrency market.
Cryptonight
— Elon Musk (@elonmusk) June 15, 2022
On Monday, the overall value of the cryptocurrency market dipped below the $1 trillion level for the first time, hitting $926 billion. Already in November of last year, this metric amounted to 2.9 trillion dollars.
Major cryptocurrencies Bitcoin and Ethereum, as well as the other top 10 coins and cryptocurrencies beyond that list, lost a large chunk of their value in a matter of days.
Bitcoin has fallen from $30,000 to $20,228. Ethereum is trading at $1,028 after losing the $1,900 zone. Mike Novogratz told CNBC yesterday that he thinks Bitcoin may find the bottom in the $20,000 area, and Ethereum is likely to do the same near $1,000. However, he said the market could also go down as inflation is rising and the Federal Reserve must remain aggressive and raise interest rates.
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“We’re going through what feels a bit like a long-term capital management moment in #crypto,” He says @Novogratz. “We have reached levels that I think should be near the bottom.” #bitcoin pic.twitter.com/0RU52qg1KJ
— Squawk Box (@SquawkCNBC) June 14, 2022
Peter Schiff also believes that Bitcoin and Ethereum are likely to go lower. Notably, he tweeted that BTC is likely to test long-term support at $5,000, posting a chart to reflect that. He stated that “it is better to sell Bitcoin now and buy back lower.”
In the comment thread, Doge co-founder Billy Markus has called out Bitcoin, perhaps somewhat tongue-in-cheek, regarding its current decline as a “store of value.”
Prominent Bitcoin evangelist and investor Anthony Pompliano asked Musk for his opinion on 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 crash, after stock and crypto markets have been hit by rising inflation, posting a popular meme with death opening doors to his once and leaving clumps of blood behind each of them.
The Tesla boss posted a response, according to that scenario.
Real
— Elon Musk (@elonmusk) June 15, 2022
