Bitcoin Plunges to $38,000 as Elon Musk-Fueled Rally Collapses

Bloomberg2021-05-19

Largest digital token plunges below 200-day moving average Musk tweets, China warning have buffeted cryptocurrencies The world’s largest cryptocurrency has erased all the gains it clocked up ...

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Comments

Fatboy79
2021-05-19
Fatboy79
Elon please sell your crypto holdings!
Mochizuki
2021-05-19
Mochizuki
Doesn’t mean anything. It’s just a reaction to China reiterating their stance on cryptocurrencies.
- Auteur:
  [Duh]
- Auteur:
  [Duh]
andrewoh
2021-05-19
andrewoh
Many pple lose big
Andylow86
2021-05-19
Andylow86
Wow. Can like and comment on this.
Chororo
2021-05-19
Chororo
。
- Chororo:
  。
ZCZC
2021-05-19
ZCZC
[強]

Leave a comment

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Now traders are bracing for more pain as the token breaches a key technical level.\nPrices for the digital asset dropped 12% to about $38,000 as of 7:38 a.m. in New York. It’s now down around 40% from its record of almost $65,000 set in April. Other crypto tokens dropped in tandem on Wednesday, with Ether losing more than 20%.\nFueling the volatility is Tesla CEO Musk himself, 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.\nNow, as Bitcoin takes out its 200-day moving average, chart-watchers are warning of more danger ahead.\n\n“From a technical standpoint, the indicators are flashing red,” said Ipek Ozkardeskaya, senior analyst at Swissquote in Gland, Switzerland. “The next important support level stands near $37,000, then the $30,000 mark. There is a chance that we see a pullback to these levels and even below, at least in the short run.”\nCryptocurrency-linked stocks also dropped, with Coinbase Global Inc. falling 5.2% in U.S. premarket trading and Marathon Digital Holdings Inc. slumping 12%.\nAnalysts have been warning of Bitcoin’s vulnerability, with recent predictions that it would fall back to $40,000. In addition to dropping below its 200-day moving average, other indicators -- like a bearish head and shoulders pattern in Bitcoin futures -- may also give backers cause for worry.\nThen there’s Musk.\nWith his often cryptic Twitter posts moving millions, the Tesla chief has become a Svengali-like character in the world of crypto. Bitcoin embarked on amulti-month rally following Tesla’s February announcement, soaring to its $64,870 peak, in large part due to the company’s embrace.\nWiped Out\nAt the time, Tesla’s acceptance was hailed as a watershed moment for the coin, with many in the crypto world seeing it as yet another step in its evolution.\nAll that’s been wiped out after Musk sent investors into a tizzy following a mass of head-spinning tweets that started last week when he criticized Bitcoin’s energy use.\nTesla would suspend car purchases using the token, he announced, calling recent energy-consumption trends “insane.” Over the weekend, after insinuating his EV company might have sold its Bitcoin holdings, he sent out tweets clarifying that it hadn’t. All of which had tradersscrambling.\n“Realistically, it is not the first time Elon Musk’s tweets have been erratic and, frankly, wrong,” said Ulrik Lykke, executive director at crypto hedge fund ARK36. “The crypto markets are extremely emotionally driven and their participants are prone to overreacting to events they perceive as negative.”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":197166766,"gmtCreate":1621434159655,"gmtModify":1704357609941,"author":{"id":"3560390730639874","authorId":"3560390730639874","name":"Fatboy79","avatar":"https://static.tigerbbs.com/f550c98b42b2fd97e2989fbf50af5b9b","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3560390730639874","authorIdStr":"3560390730639874"},"htmlText":"Elon please sell your crypto holdings!","listText":"Elon please sell your crypto holdings!","text":"Elon please sell your crypto holdings!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/197166766","repostId":1128933467,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":197348651,"gmtCreate":1621431002673,"gmtModify":1704357511811,"author":{"id":"3574639401134105","authorId":"3574639401134105","name":"Mochizuki","avatar":"https://static.tigerbbs.com/8eff2450a3e5a8207c8f6dc5db664010","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3574639401134105","authorIdStr":"3574639401134105"},"htmlText":"Doesn’t mean anything. It’s just a reaction to China reiterating their stance on cryptocurrencies.&nbsp;","listText":"Doesn’t mean anything. It’s just a reaction to China reiterating their stance on cryptocurrencies.&nbsp;","text":"Doesn’t mean anything. It’s just a reaction to China reiterating their stance on cryptocurrencies.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/197348651","repostId":1128933467,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4397700,"gmtCreate":1621562492720,"gmtModify":1680790045493,"authorId":3576895914333904,"author":{"id":3576895914333904,"idStr":"3576895914333904","authorId":3576895914333904,"name":"Auteur","avatar":"https://static.tigerbbs.com/d16a5bbbdb8b078faa38feb3dfadc275","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":197348651,"type":1,"supId":0,"prevId":0,"content":"[Duh]","text":"[Duh]","html":"[Duh]"},{"id":4386390,"gmtCreate":1621478902163,"gmtModify":1680789834454,"authorId":3576895914333904,"author":{"id":3576895914333904,"idStr":"3576895914333904","authorId":3576895914333904,"name":"Auteur","avatar":"https://static.tigerbbs.com/d16a5bbbdb8b078faa38feb3dfadc275","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":197348651,"type":1,"supId":0,"prevId":0,"content":"[Duh]","text":"[Duh]","html":"[Duh]"}],"langContent":"EN"},{"id":197386756,"gmtCreate":1621428922575,"gmtModify":1704357457873,"author":{"id":"3555477462314663","authorId":"3555477462314663","name":"andrewoh","avatar":"https://static.tigerbbs.com/17e9a05e2eb7db6b3301f7c2ae767f4a","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":1,"idStr":"3555477462314663","authorIdStr":"3555477462314663"},"htmlText":"Many pple lose big","listText":"Many pple lose big","text":"Many pple lose big","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/197386756","repostId":1128933467,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":197313905,"gmtCreate":1621427761407,"gmtModify":1704357438111,"author":{"id":"3583411958858523","authorId":"3583411958858523","name":"Andylow86","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3583411958858523","authorIdStr":"3583411958858523"},"htmlText":"Wow. Can like and comment on this.","listText":"Wow. Can like and comment on this.","text":"Wow. Can like and comment on this.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/197313905","repostId":1128933467,"repostType":4,"repost":{"id":"1128933467","kind":"news","pubTimestamp":1621424650,"share":"https://ttm.financial/m/news/1128933467?lang=&edition=fundamental","pubTime":"2021-05-19 19:44","market":"fut","language":"en","title":"Bitcoin Plunges to $38,000 as Elon Musk-Fueled Rally Collapses","url":"https://stock-news.laohu8.com/highlight/detail?id=1128933467","media":"Bloomberg","summary":"Largest digital token plunges below 200-day moving average\nMusk tweets, China warning have buffeted ","content":"<ul>\n <li>Largest digital token plunges below 200-day moving average</li>\n <li>Musk tweets, China warning have buffeted cryptocurrencies</li>\n</ul>\n<p>The world’s largest cryptocurrency has erased all the gains it clocked up following&nbsp;Tesla Inc.’s Feb. 8&nbsp;announcement&nbsp;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.</p>\n<p>Prices for the digital asset dropped 12% to about $38,000 as of 7:38 a.m. in New York. It’s now down around 40% from its record of almost $65,000 set in April. Other crypto tokens dropped in tandem on Wednesday, with Ether losing more than 20%.</p>\n<p>Fueling the volatility is Tesla CEO Musk himself, whose social-media utterances have whipsawed the crypto community. A&nbsp;statement&nbsp;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.</p>\n<p>Now, as Bitcoin takes out its 200-day moving average, chart-watchers are warning of more danger ahead.</p>\n<p><img src=\"https://static.tigerbbs.com/5be423d66c7313bf725e8cf9e6343b93\" tg-width=\"930\" tg-height=\"523\"></p>\n<p>“From a technical standpoint, the indicators are flashing red,” said Ipek Ozkardeskaya, senior analyst at Swissquote in Gland, Switzerland. “The next important support level stands near $37,000, then the $30,000 mark. There is a chance that we see a pullback to these levels and even below, at least in the short run.”</p>\n<p>Cryptocurrency-linked stocks also dropped, with Coinbase Global Inc. falling 5.2% in U.S. premarket trading and Marathon Digital Holdings Inc. slumping 12%.</p>\n<p>Analysts have been&nbsp;warning&nbsp;of Bitcoin’s vulnerability, with recent predictions that it would fall back to $40,000. In addition to dropping below its 200-day moving average, other indicators -- like a&nbsp;bearish&nbsp;head and shoulders pattern in Bitcoin futures -- may also give backers cause for worry.</p>\n<p>Then there’s Musk.</p>\n<p>With his often cryptic Twitter posts moving millions, the Tesla chief has become a Svengali-like character in the world of crypto. Bitcoin embarked on amulti-month rally following Tesla’s February&nbsp;announcement, soaring to its $64,870 peak, in large part due to the company’s embrace.</p>\n<p><b>Wiped Out</b></p>\n<p>At the time, Tesla’s acceptance was hailed as a watershed moment for the coin, with many in the crypto world seeing it as yet another step in its evolution.</p>\n<p>All that’s been wiped out after Musk sent investors into a tizzy following a mass of head-spinning tweets that started last week when he criticized Bitcoin’s energy use.</p>\n<p>Tesla would suspend car purchases using the token, he announced, calling recent energy-consumption trends “insane.” Over the weekend, after insinuating his EV company might have sold its Bitcoin holdings, he sent out tweets&nbsp;clarifying&nbsp;that it hadn’t. All of which had tradersscrambling.</p>\n<p>“Realistically, it is not the first time Elon Musk’s tweets have been erratic and, frankly, wrong,” said Ulrik Lykke, executive director at crypto hedge fund ARK36. “The crypto markets are extremely emotionally driven and their participants are prone to overreacting to events they perceive as negative.”</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin Plunges to $38,000 as Elon Musk-Fueled Rally Collapses</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin Plunges to $38,000 as Elon Musk-Fueled Rally Collapses\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-19 19:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-05-19/bitcoin-erases-all-gains-since-elon-musk-s-initial-big-embrace?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Largest digital token plunges below 200-day moving average\nMusk tweets, China warning have buffeted cryptocurrencies\n\nThe world’s largest cryptocurrency has erased all the gains it clocked up ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-05-19/bitcoin-erases-all-gains-since-elon-musk-s-initial-big-embrace?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SQ":"Block","TSLA":"特斯拉","PYPL":"PayPal","GBTC":"Grayscale Bitcoin Trust","COIN":"Coinbase Global, Inc."},"source_url":"https://www.bloomberg.com/news/articles/2021-05-19/bitcoin-erases-all-gains-since-elon-musk-s-initial-big-embrace?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128933467","content_text":"Largest digital token plunges below 200-day moving average\nMusk tweets, China warning have buffeted cryptocurrencies\n\nThe world’s largest cryptocurrency 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. Now traders are bracing for more pain as the token breaches a key technical level.\nPrices for the digital asset dropped 12% to about $38,000 as of 7:38 a.m. in New York. It’s now down around 40% from its record of almost $65,000 set in April. Other crypto tokens dropped in tandem on Wednesday, with Ether losing more than 20%.\nFueling the volatility is Tesla CEO Musk himself, 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.\nNow, as Bitcoin takes out its 200-day moving average, chart-watchers are warning of more danger ahead.\n\n“From a technical standpoint, the indicators are flashing red,” said Ipek Ozkardeskaya, senior analyst at Swissquote in Gland, Switzerland. “The next important support level stands near $37,000, then the $30,000 mark. There is a chance that we see a pullback to these levels and even below, at least in the short run.”\nCryptocurrency-linked stocks also dropped, with Coinbase Global Inc. falling 5.2% in U.S. premarket trading and Marathon Digital Holdings Inc. slumping 12%.\nAnalysts have been warning of Bitcoin’s vulnerability, with recent predictions that it would fall back to $40,000. In addition to dropping below its 200-day moving average, other indicators -- like a bearish head and shoulders pattern in Bitcoin futures -- may also give backers cause for worry.\nThen there’s Musk.\nWith his often cryptic Twitter posts moving millions, the Tesla chief has become a Svengali-like character in the world of crypto. Bitcoin embarked on amulti-month rally following Tesla’s February announcement, soaring to its $64,870 peak, in large part due to the company’s embrace.\nWiped Out\nAt the time, Tesla’s acceptance was hailed as a watershed moment for the coin, with many in the crypto world seeing it as yet another step in its evolution.\nAll that’s been wiped out after Musk sent investors into a tizzy following a mass of head-spinning tweets that started last week when he criticized Bitcoin’s energy use.\nTesla would suspend car purchases using the token, he announced, calling recent energy-consumption trends “insane.” Over the weekend, after insinuating his EV company might have sold its Bitcoin holdings, he sent out tweets clarifying that it hadn’t. All of which had tradersscrambling.\n“Realistically, it is not the first time Elon Musk’s tweets have been erratic and, frankly, wrong,” said Ulrik Lykke, executive director at crypto hedge fund ARK36. “The crypto markets are extremely emotionally driven and their participants are prone to overreacting to events they perceive as negative.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":197319621,"gmtCreate":1621427713363,"gmtModify":1704357437787,"author":{"id":"3548890322785063","authorId":"3548890322785063","name":"Chororo","avatar":"https://static.tigerbbs.com/0cbcbb673621a63bd8bb2f8219eded23","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3548890322785063","authorIdStr":"3548890322785063"},"htmlText":"。","listText":"。","text":"。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/197319621","repostId":1128933467,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4379172,"gmtCreate":1621427723138,"gmtModify":1680789706380,"authorId":3548890322785063,"author":{"id":3548890322785063,"idStr":"3548890322785063","authorId":3548890322785063,"name":"Chororo","avatar":"https://static.tigerbbs.com/0cbcbb673621a63bd8bb2f8219eded23","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":197319621,"type":1,"supId":0,"prevId":0,"content":"。","text":"。","html":"。"}],"langContent":"EN"},{"id":197335307,"gmtCreate":1621427418909,"gmtModify":1704357433418,"author":{"id":"3563790138758003","authorId":"3563790138758003","name":"ZCZC","avatar":"https://static.tigerbbs.com/d359c8a02a4377c583da678d7e9144c4","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3563790138758003","authorIdStr":"3563790138758003"},"htmlText":"[強]&nbsp;","listText":"[強]&nbsp;","text":"[強]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/197335307","repostId":1128933467,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":34,"commentSize":17,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1128933467"}