WMA: Elon Musk Shoots Down Another Promising Market Recovery

This Week’s Summary

  • The Crypto Market ends the week with a market cap in the range of 1,645 trillion.
  • Bitcoin is trading around the same rate that it did last week following an increase of 0.5 percent increase.
  • Ethereum is up nearly 11% over the last seven days.
  • The price of XRP has risen more than 6 percent over the past week.
  • Binance Coin Polkadot as well as Solana have posted significant gains during the week.
  • The DeFi industry raked in nearly $7 billion in values protocols (TVL).

Crypto Trends 31st of May – 06th of June 2021: PERFORMANCE & ANALYSIS

The market for cryptocurrency comes out somewhat ahead of the pack after a week that was a bit shaky. While the majority of altcoins saw some increases, Bitcoin had to witness its $4,000 increase go through the roof because of a cryptic tweet by Elon Musk. In addition, as the weekend draws near to the end of it, many cryptocurrencies are beginning to bleed heavily. The market added just $125 billion, bringing the market cap up to $1,645 trillion in terms market capitalization. As soon as you arrive on the Bitcoin Equaliser website, you’ll be connected to one of its broker partners.

Bitcoin began the week with a positive outlook and continued to follow the same manner throughout the following five days. The result was that it went up from $36,000 to nearly $40,000. In the midst of everyone eagerly awaiting its return the famous killjoy Elon Musk, made the decision to sabotage everyone’s hopes. In the last week, Musk tweeted a lame meme as well as the „broken-heart“ emoji. Although this tweet wouldn’t have much significance for a teenager in school however, it caused destruction on the crypto market. It was because it was from an extremely well-known individuals associated with the cryptocurrency. It’s not surprising that Bitcoin’s value decreased by $4,000.

Bitcoin is currently trading at $36,000 once more. It’s not looking very promising for the next week and with a 4 percent decrease in the last 24 hours. But, the crypto community is fed up with Musk’s constant harping on BTC. In addition, it is believed that the famous hackers‘ group Anonymous has set out to defame Musk and expose his best kept secrets in the event that he continues to smear BTC, the most well-known cryptocurrency around the globe. After the Bitcoin-Musk scandal It’s been a positive week for altcoins. Ethereum has risen by nearly 13%, even though it, like many altcoins it lost valuable points during the weekend. Despite the market dipping, Ethereum continues its solid appearance.

In fact, it’s more likely to reach the $4,000 mark earlier than dipping below $2,000 once again. Ethereum is trading at $2,700. The XRP of Ripple has increased by almost 7% in the course of the week. It’s been an excellent week for XRP. But, it’s lost over 5 percent of its value within the past 24 hours. So, it was unable to remain above $1. The price of XRP is approximately $0.93. Many of the altcoins traded in the green during the week, and have lost some of their gains on the weekend. In comparison to the week before, Binance Coin is up by 19 percent, Dogecoin is up by 21 percent, Polkadot increased by 16 percent and Solana has risen by more than 39 percent. In addition, the DeFi industry added around $7 billion in Value Protocols (TVL) that now totals nearly $66.06 billion.

What’s in the News?

  • El Salvador may become the first nation to recognize Bitcoin as an asset for reserve and as an official currency in the event that the bill that legalizes Bitcoin passes the Congress’s vote in the coming week.
  • Skateboard legend Tony Hawk, admits to being a BTC Hodler from 2012 at the 2021 Bitcoin conference.