Over the past 24 hours, cryptocurrency’s collective market cap has dropped approximately 10 percent, falling from $2.3 trillion to approximately $2.08 trillion. The losses are not centralized to any specific asset or group of assets this Monday morning, as cryptocurrency markets are seeing red across the board.
Indeed, BTC is down more than 9 percent, sitting at $44.6K at press time; Ether (ETH) is down just over 12 percent with a price of $3.4K. Binance Coin (BNB), DogeCoin (DOGE), Cardano (ADA) and XRP are all down approximately 10 percent.
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Once we move past the top-ten largest cryptocurrencies by market cap, the losses are even larger. PolkaDot (DOT) and Internet Computer (ICP) are both down more than 15 percent, while Uniswap (UNI), Chainlink (LINK), EOS and others are down roughly 12 to 13 percent. What happened?
Some commentators are blaming the downward turn in cryptocurrency markets, and Bitcoin in particular, on none other than Tesla Founder, Elon Musk.
I think many people aren’t mad because of the price, they’re confident Bitcoin will bounce back stronger. They’re mad because Elon is shamelessly spreading harmful misinformation while making countless people FOMO into a high-risk meme coin in the most irresponsible way.
— Lina Seiche (@LinaSeiche) May 17, 2021
However, others are sticking up for Elon: “The Bitcoin community celebrated when Musk manipulated the market in their favour, didn’t seem to reflect for one second on why that was bad, because it profited them,” one Twitter user wrote.
“The second his manipulation hurts them, they act all mad.”
What are your thoughts on Elon’s crypto-related tweets? Let us know in the comments below.