On May 17, 2021, the Bitcoin rate fell for the first time since the beginning of February this year to the level of $42.1 thousand. The sharp change in the price of the main digital currency again contributed to Elon Musk. He responded to a tweet by Peter McCormack, who hosts podcasts about cryptocurrency and has recently criticized the Tesla founder’s activities. McCormack makes no secret of his disapproval of Musk’s influence in the digital asset market, the promotion of Dogecoin, and statements about the unsustainability of bitcoin mining.
“Such unpleasant tracks make me want to put everything on Doge,” Musk wrote in response.
In addition, one Twitter user suggested that the automaker may soon sell the company’s remaining bitcoins. Musk responded that Tesla hasn’t put any BTCs up for sale recently.
Director of the cryptocurrency exchange Alfacash, Nikita Soshnikov, assures that the bullish trend that has been pushing digital assets since late 2020 is nearing its end. According to the analyst, this began to happen even before the announcement by Elon Musk about the abolition of the possibility of buying Tesla electric cars for bitcoins. Perhaps the next news from the billionaire will again bring adjustments to the price movement of the main digital coin. However, experts cannot answer exactly how long Elon Musk’s tweets will affect the cryptocurrency market.
The displacement of bitcoin from the market by other cryptocurrencies seems unlikely at the moment. Although many digital coins are promising and may compete with BTC in the future. It is unknown which cryptocurrency will take the lead next: Dogecoin, Aave, Terra LUNA, etc.
Determining the fate of Bitcoin is difficult, given that it was recently predicted to rise to $100,000 by the summer. Experts believe that the situation on the cryptocurrency market may change only some significant events. These may include the emergence of a major investor, changes in regulatory policy, the adoption of Bitcoin by an influential participant in the financial system. As long as none of the above happens, Bitcoin will fluctuate at its current level.