Repeated Elon Musk's tweet have been influencing price of cryptocurrencies of late and amid that we saw a sharp fall in the bitcoin prices to levels of $30K as against its just one month ago reached highs of sub $65K.
1. Bitcoin gains:
Now after Musk drew criticism of influencing crypto prices and even a new crypto indicating hate for him got evolved. He is again making comments on the Twitter channel. In a tweet post, the Tesla Inc. CEO said rue battle is between fiat & crypto. On balance, I support the latter." And this was in response to some person who asked him what he thinks of people who are criticizing him. Now on the Coindesk site, blockchain news outlet, bitcoin is trading in a range at a price of $37091.
The true battle is between fiat & crypto. On balance, I support the latter.— Elon Musk (@elonmusk) May 22, 2021
Interestingly, the price of bitcoin just before Tesla's Musk's tweet was down owing to sell-off by China after cryptcurrency clampdown in their country.
As per Bitstamp data, BTC is headed for its second straight week, declining 20% or more, on course for a 37% decline over the two-week period. Also, read should be investing in bitcoins?
2. Bitcoin Pizza Day:
May 22 remarks the day when for the first time Pizza was bought by purchasing the cryptocurrency BTC. As a commemoration, a franchisee of Domino's Pizza in Netherlands is making an offer to pay its employees in bitcoin.
The collapse in the value of BTC continued to weigh on the prices of Ethereum.
First the cryptocurrency clampdown in China weighed and now on the Coindesk site, the Ethereum at the time of writing this report was down over 9 percent at $2317. Also read different crytocurrencies can be good investments.
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