At the time of writing, the Fear and Greed Index shows extreme fear as the indicator leans closer to the extreme and shows 20. The current reading is the result of rumors filling the market that Tesla is supposed to sell a fraction of its current BTC pocket.
The crypto market was hit hard by this humor when various cryptocurrencies began to decline. Bitcoin, for example, fell as low as $ 43,860 on some exchanges and lost more than 20% in the past seven days as the congestion of large sellers followed rumor.
Ether hit a new low in the past ten days, falling to $ 3,345, losing more than 8% in the past 24 hours, and the Binance coin losing nearly 10% as the price correction stopped at $ 534.
Prior to the rumor spreading, Elon Musk said that ideally, Doge would speed up block time 10 times, increase block size 10 times, and decrease 100 times. Then it clearly wins. In line with this tweet with the current rumor, Tesla’s technoking could continue to speak ill of Bitcoin until BTC is finally ‘doubtfully’ defeated.
Over the next few days, various cryptocurrencies will revert to how they were traded before the rumor. Buyers will benefit from the current market downturn and undertake a massive buyback with the largest crypto coin trade above $ 50,000. At the time of going to press, the buyback has begun and BTC is trading above $ 45,000.
Ether and BNB are also recovering as they cross various price resistances. Things can be very optimistic for Dogecoin as the coin could hit an all-time high in the next few days due to Elon Musk tweets.
Any other negative news that could hit the market in the coming days could shake the market even more as BTC trades below $ 40,000 for the first time in months and Ether could drop as low as $ 3,200.
Affiliate: Get a Ledger Nano X for $ 119 so hackers don’t steal your crypto!
Follow us on Twitter, Facebook and Telegram for timely updates. Subscribe to our weekly newsletter.