On June 15, Elon Musk once again posted a tweet in which he encouraged his fans to ask him questions regarding Bitcoin, cryptocurrency, and the underlying blockchain technology. It was just one word, but it might have been intended as a sign that the billionaire might be getting ready to pump some cash into the industry.
The famous Twitterati drew the attention of his 98.1 million followers to show the current situation of the crypto-market. He tweets:
Cryptonight
— Elon Musk (@elonmusk) June 15, 2022
On Monday, the overall value of the crypto-market fell below $1 trillion. This figure was $2.9 trillion as of November of last year.
In particular, Bitcoin and Ethereum, as well as the other top ten coins and crypto beyond that list, lost a significant amount of their value in a couple of days. These drops demonstrate the volatility of the crypto market, which is really unlike anything ever seen before.
Bitcoin has fallen from $30,000 to $20,228. Ethereum is now trading at $1,028 after falling below the $1,900 mark. Mike Novogratz told CNBC yesterday that he expects Bitcoin will bottom around $20,000, and Ethereum will do the same around $1,000.
Peter Schiff too predicts that Bitcoin and Ethereum will fall in value. He specifically stated that BTC is likely to test long-term support near $5,000, and he included a graphic to demonstrate this. “It is preferable to sell Bitcoin now and rebuy lower,” he said.
