Bears Continue To Dominate The Crypto Market Despite Tesla Announcement

The digital asset space woke up to the good news of following Tesla’s support for Bitcoin payments. Asides from the electric car company supporting Bitcoin payment, crypto prices have declined in the last few days. When Tesla purchased around $1.5 billion in Bitcoin some weeks ago, Elon Musk explained that it would add the cryptocurrency as a payment means.

Now, with Tesla’s addition of Bitcoin as an alternative payment method, many people might change their perception of digital assets. Also, this could help the industry see widespread adoption from the public. Even though the news previously pushed the price of digital assets upward, most top coins have fallen drastically.

Musk announces Tesla’s support for BTC payments

Musk is known to ignite crypto market prices, especially for Bitcoin and Dogecoin, as he has done severally. The businessman shared the news concerning the acceptance of the digital asset for one of its cars. Asides from Tesla’s move to collect Bitcoin payment, Musk explained that received crypto would be stored as crypto.

This excited the market, and there has been continuous buying as investors speculate on the asset surging even though its performance is nothing to write home about at present. Previously, the market was barely staying around the $1.6 trillion mark; the market has fallen drastically, with Bitcoin hitting below the $1 trillion market cap. With Bitcoin’s struggle in the last few days, the digital asset has found itself in bearish waters, boasting of a price around $51,000 presently.

Bitcoin shot up from $54,000 to around $57,000 within the space of some hours when the news first broke out, but market forces have since pushed the coin back under the previous selling price. Even though the crypto market has been predicted to have a bullish outlook, the market is jointly seeing red at the moment. Bitcoin is not the only asset in the bearish zone, as other top-placed digital assets have also seen reds. Ethereum is presently losing close to 8%, while Binance Coin, XRP, and Cardano are also in the red with 12%, 12%, and 3% loss, respectively.

Digital assets continue to see red

Theta Token was previously one of the best performers but has also declined at a very alarming rate. The crypto, which was previously up by about 25%, has shed its gains to post a loss of close to 11% presently. With the marker showing no signs of green life, analysts have positioned that the assets might still be in the zone for a long time. With the market seeing red, crypto-related projects and investments are undeterred. Recent news in the space has shown that United States bank Goldman Sachs is set to roll out a Bitcoin investment related to a Bitcoin ETF.

A famous crypto-related firm, Blockchain.com, a UK-based firm that acts as a trading platform for digital assets within the space, raised around $300 million to add to its current valuation. Sources linked the fundraising as part of its expansion plans. This fundraising broke a record as it stands as the third-largest raise. It’s only third to Bitmain and BlockFi’s impressive raises as they raised $400 million and $350 million, respectively. Many productive things are happening in the digital asset space.

Leave a Reply

Your email address will not be published. Required fields are marked *