Tesla CEO Elon Musk To Save His Bitcoins And Other Crypto

Tesla CEO Elon Musk To Save His Bitcoins And Other Crypto

Bitcoin slightly strengthened over the past day to 38,800 (+0.5%). Ethereum lost 0.8%, while other leading altcoins from the top ten range showed an amplitude from -2.4% (Avalanche) to +3.7% (Terra).

According to CoinMarketCap, the total capitalization of the crypto market grew by 0.4% in 24 hours, to $1.73 trillion. The Bitcoin Dominance Index rose 0.3 points to 42.7%.

The fear and greed index is at 21 (-2 points) now and is remaining in a state of "extreme fear".

Musk doesn't plan to sell his cryptos - 1

The FxPro Analyst Team emphasized that Bitcoin updated its weekly lows around $37,500 today. Subsequently, the first cryptocurrency bounced up, briefly rising above $39,300 in the middle of the day on the news from Elon Musk. The CEO of Tesla said he had no plans to sell his cryptocurrencies. Musk tweeted that he owns not only Bitcoin but also ETH and DOGE. However, BTC did not show a strong reaction to this statement: during the American session, it levelled a slight increase against the backdrop of a fall in US stock indices.

Dogecoin reacted to Musk's comment much more violently, jumping more than 7% at the time.

According to CoinShares, institutional investors withdrew about $110 million from crypto funds last week, despite seeing the largest capital inflow in three months the week earlier.

The European Union abandoned plans to introduce a virtual ban on mining based on the Proof-of-Work (PoW) mechanism. At the same time, Russian State Duma deputy Alexander Yakubovsky said that Russia has a real opportunity to create its own crypto exchanges.

Alex Kuptsikevich

Alex Kuptsikevich

Financial market professional with 16-years' experience and Senior financial analyst at FxPro. Author of daily reviews on the impact of economic events with comments regularly featured in top international and Russian media. Covers fundamental analysis, global markets, foreign exchange market, gold, oil, cryptocurrencies.

Alex Kuptsikevich is a regular contributor to both digital and print media including CNBC, Forbes, Reuters, MarketWatch, BBC and Coindesk.