Crypto Tumbles as Crash Continues

18 May, 2021 CryptoParrot

It seems the good times for crypto buyers came to a startling close as of late. Tesla's announcement took the world by storm, and all the other cryptocurrencies followed their big brother Bitcoin down the charts. 

Ironically enough, the conditions for some of the worst days in crypto since 2020 are all but too similar to the environment that created the latest bull rally: external companies influence, Elon Musk's tweets, and a sheer amount of speculation that pushed crypto to new heights in March are now pulling them down in the opposite direction.

After Elon Musk's stint hosting Saturday Night Live, the billionaire CEO flipped the script on its support of cryptocurrencies, especially Bitcoin. Alongside theories that Musk was trying to control BTC by speculating its value and sparks with crypto analysts, who pointed out that Tesla's worry with clean energy avoids the costs of its Lithium Batteries, the latest couple of days were busy in crypto news. 

At the moment, BTC is struggling to keep the $40,000 resistance, while ETH and DOGE, cover articles for crypto, also presented massive losses. No matter if the situation will evolve into a bear turn or is simply a dramatic dip, the next days will be delicate for cryptocurrencies.

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