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As Elon Musk-fueled rally collapses.
19 May 2021
The Elon Musk-propelled rally in Bitcoin just evaporated.
The worldâs largest cryptocurrency has erased all the gains it clocked up following Tesla Inc.âs February 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles. Now traders are bracing for more pain as the token breaches a key technical level.
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The crypto bubble that inflated Bitcoin’s value past $1 trillion and added billions to nonsense digital tokens overnight is bursting.
Bitcoin plunged almost 22% to $35,000, wiping out more than $500 billion in value from the coin’s peak market value. It has erased all the gains it clocked up following Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles. Ethereum, the second-biggest coin, sank more than 40%, while joke token Dogecoin lost 45%.
Bitcoin is now down more than 50% from its record of almost $65,000 set in April. Fueling the volatility is Tesla CEO Elon Musk, whose social-media utterances have whipsawed the crypto community. A statement from the People’s Bank of China on Tuesday reiterating that digital tokens can’t be used as a form of payment added to the selloff.
May 20 2021, 3:08 AM
May 19 2021, 3:31 AM
May 20 2021, 3:08 AM
(Bloomberg) U.S. stocks closed mixed and Treasury yields rose as minutes showed Federal Reserve officials were cautiously optimistic about the U.S. recovery at their April meeting, with some signaling theyâd be open âat some pointâ to discussing scaling back the central bankâs massive bond purchases.
(Bloomberg) U.S. stocks closed mixed and Treasury yields rose as minutes showed Federal Reserve officials were cautiously optimistic about the U.S. recovery at their April meeting, with some signaling theyâd be open âat some pointâ to discussing scaling back the central bankâs massive bond purchases.