Early Coinbase investor explains why crypto selloffs are ‘quite common’

Benzinga

A Week In Crypto: Musk’s Endless Tweets, Markets’ Fall And Rise, Accidental $25M Transfer

It seems like Elon Musk just can’t stay away from the spotlight. He tweeted again, and the market crashed. Again. But there might have been the Chinese government involved. So here’s a rundown of what Musk said, or rather, tweeted this week. Elon Musk Sets Twitter Ablaze As He Engages In War Of Words With Bitcoin Advocates Bitcoin Charts Recovery As Elon Musk Clarifies Tesla Has Not Sold Any Part Of Its Crypto Holding Elon Musk Gets Schooled By Ethereum Co-Founder On How To Improve Dogecoin Elon Musk Says He Hasn’t And Won’t Sell Any Dogecoin. Mega Whale Buys 420.69 DOGE On News. Coincidence? Tesla Still Holds Its Bitcoin, Musk Says While BTC Drops Below ,000 Tesla Has ‘Diamond Hands,’ Says Elon Musk Confirming It Has Not Sold Bitcoin, Sets Crypto Twitter On Fire Again And, what’s more important: Elon Musk, Grimes, Miley Cyrus Attended A Crypto-Themed SNL Afterparty With Dogecoin Ice Sculptures China China has been “banning Bitcoin” since 2017. And each time, it significantly influenced the crypto market. This week it was reported that the Chinese government was considering cracking down on Bitcoin mining and trading, which caused yet another fall. New Reports Of China’s Crypto Crackdown Sparks Fears In Crypto Market As Bitcoin Falls To ,000 NFT The NFT market, although seemingly cooling off, is expanding. This week –– Fox, Dogemon game, and Jesus on Blockchain. Fox Jumps Into NFT Market With Animated Series By Rick And Morty Creator This Company Is Putting Nikola Tesla, Abraham Lincoln And Jesus On Blockchain Elon Musk Fights Sanders And Bezos To Launch Dogecoin Into Space In New NFT Video Game NFT Market Heats Up As Two Adult Content Stars Launch Their Tokens ‘Lucky’ Mistake Some users of a crypto lending platform accidentally received Bitcoins, ‘the luckiest’ user received as much as 700 bitcoins (over $25M at press time). But, understandably, the company is trying to get the assets back. Crypto Lending Platform BlockFi Accidentally Sends Users M In Bitcoin Rewards Coins on the move There are new coins on the block. One was created to stop Elon Musk’s influence; another one describes itself as a “hyper “deflationary token with a smart staking system.” There are also “good old” cryptocurrencies that surged significantly over the week. Here are the coins that caught crypto traders eyes this week: STOPELON Coin Surges 512% In A Day After Crypto Community Gets Into A Fight With Elon Musk The Next SafeMoon? New Crypto Token CluCoin Surges 1000% On Day One How One Cryptocurrency Has Fueled Surge In Hard Drive Manufacturing Stocks What Is Ontology Gas (ONG) Token And Why It Surged 140% In A Day? Internet Computer (ICP) Crypto Spikes 45% As Bitcoin Finds Way Back Above ,000 Polygon (MATIC) Hits Another All-Time High While Bitcoin, Ethereum, Dogecoin Grapple With ‘Extreme Fear’ Markets, Predictions Even though the market did crash last week, with Bitcoin briefly touching the $32,000 level, it’s not something that long-time investors haven’t seen before. And it is not even as brutal as the Nov 2016-Jan 2017 fall when the market collapsed by as much as 87%. The overall sentiment remains bullish, despite the fact that some analysts and investors feel bearish in the short term. Here are some of their thoughts. Don’t get me wrong. I’m long-term bullish, short-term bearish. There are still many institutional investors who bought BTC at 48-60k. It will go up eventually. — Ki Young Ju 주기영 (@ki_young_ju) May 19, 2021 4/The other important thing to remember is nothing about bitcoin’s fundamentals has changed. It still uses the same consensus algorithm, still secured by PoW, still sourcing cheap, green energy sources for mining, and still used as a global liquidity instrument. — Soona (@soonaorlater) May 20, 2021 Signal 👇 https://t.co/p7P7i0x3PJ — Thomas Lee (@fundstrat) May 23, 2021 See also: Ethereum Co-Founder Vitalik beoButerin Says Cryptocurrencies Are In A ‘Bubble’ Guggenheim CIO Calls Crypto ‘Tulipmania’ After Predicting Bitcoin Will Hit 0,000 See more from BenzingaClick here for options trades from BenzingaThis Week In Crypto: Musk’s Environmental Move, DOGE Millionaires, Market BloodbathBREAKING: Tesla Suspends Vehicle Purchases Via Bitcoin Over Environmental Concerns© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.