The Global Crypto Market lost $190 billion in mkt capThe Global Crypto Market lost $190 billion in market cap based on Elon Musk not using Bitcoin and threatening to sell his $1.5 billion in Bitcoin.
If you look at the overall picture, the selling looks a bit exaggerated based on these 2 news. First of all, Elon Musk didn't take Bitcoin from $40,000 to $65,000 all by himself.... there were at least dozens and dozens of companies coming out with great news which drove Bitcoin from $40,000 to as high as $65,000.
Even Elon Musk sells his $1.5 billion , that's not going to cause Bitcoin to crater and die and that's the end of the story. Everyday, Bitcoin can trade anywhere from around $6 billion to $10 billion per day. The market can easily absorb his $1.5 billion selling, people are overreacting right now based on emotion and not logic.
$190 billion market cap erased based on $1.5 billion threat from Elon Musk...
Elon Musk : I might sell
Elon Musk : I didn't sell
Elon Musk : I might sell
People is only $1.5 billion .......... is not like Elon Musk have $150 billion worth of Bitcoin
He only have $1.5 billion worth of Bitcoin left ... the market can absorb it in 1 hour and that's the end of that