Elon Musk Shoots Down Another Promising Market Recovery

Cryptocurrency, Asset, Electronic Payment, Payment

Image Source: Pixabay

This Week’s Summary

  • The cryptocurrency market looks to end the week at a total market capitalization of $1,645 trillion.
  • Bitcoin (BITCOMP) is trading more or less at the same price as last week after a 0.5% increase.
  • Ethereum (ETH-X) is up by more than 11% in the past seven days.
  • XRP (XRP-X) has increased by more than 6% over the week.
  • Binance Coin (BNB-X), Polkadot, and Solana have recorded important gains throughout the week.
  • The DeFi sector gained almost $7 billion in total value protocols (TVL).

Crypto Trends for the Week of May 31 - June 6: Performance and Analysis

The cryptocurrency market comes out slightly on top after a so-and-so week. While most of the altcoins registered decent gains, Bitcoin had to witness its $4,000 surge fly out the window due to another cryptic tweet from Elon Musk. Above all, as the weekend is approaching its end, most cryptocurrencies have started bleeding heavily.

The market managed to add only around $125 billion to take the market cap to $1,645 trillion. Bitcoin started the week on a positive note and continued in the same rhythm for the next five days. This way, it increased from $36,000 to almost $40,000. And, as everyone was eagerly waiting for its revival, the notorious Elon Musk decided to spoil everyone’s hopes.

On Friday, Musk tweeted a meme and a “broken-heart” emoji. While this random message wouldn’t normally mean much, it was enough to wreak havoc on the crypto market. And, it was all because it came from one of the most popular figures associated with it. Unsurprisingly, Bitcoin’s price dropped by $4,000.

Bitcoin has been trading at around $36,000 again. Things don’t look so promising for the week ahead, though, with a 4% drop over the past 24 hours. However, the crypto community has gotten sick and tired of Musk’s persistent poking at BTC. More so, it appears that the famous hacker group Anonymous has made its mission to discredit Musk and reveal his best-kept secrets should he continue to badger the most famous cryptocurrency in the world.

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Bitcoin Maverick 1 week ago Member's comment

He can buy #Bitcoin super cheap now. It's lost almost half it's value.

Michele Grant 1 week ago Member's comment

Bitcoin is still far too overvalued, it's just used to be even more overvalued.

Bitcoin Bandit 1 week ago Member's comment

Whales are selling. Good. Decentralizing the coin.