After a hopeful period of recovery for the majority of cryptocurrencies, the market is faced with another widespread flash loss, Elon Musk creating on BTC against the horror of many from the impact Elon Musk is known for in the crypto market.
Briefing
A variety of action has occurred in today's market and some of the major occurrences will be mentioned and focused on in this briefing. Other trends will be missed within the crypto market, but with so many coins and so many things happening at once, it is difficult to track them all. The top 100 cryptocurrencies according to their market cap is the scope of this briefing, retrieved from CoinGecko.
Looking at the top 10, it is seen that all have had a loss over the past 24 hours, the lowest being for the stablecoins Tether (USDT) and USD Coin (USDC), respectively at losses of -0.1% and -0.5%. The remaining coins mostly have 24h losses of around 10%. There are three cryptocurrencies other than the two stablecoins mentioned that have a loss of less than 10%, being Bitcoin (BTC - -6.9%), Ethereum (ETH - -8.5%) and Internet Computer (ICP - -3.8%). The highest loss was with Dogecoin (DOGE) at -13.4%, currently at around 36.5 cents with a market cap of approximately $47 billion to stand at 6th place.
What is interesting to note with the top 10 is the movement that has occurred between each of them. Perhaps the most noticeable is the fight for 3rd place, USDT currently sitting in this position. It is believed that Binance Coin (BNB) was in 3rd place yesterday after losing its spot for some time back, standing at a relatively good position with a decent margin between itself and its challenger underneath. However, USDT has beaten BNB and now is at 3rd place with a market cap of about $62 billion, BNB $59 billion - a $2 billion market cap difference. Cardano (ADA) also has had a drop to 5th place, previously also having a taste of 3rd place.
Another interesting sight is the closing in of ETH to BTC. The gap appears to be closing between the two, ETH catching up to BTC in market cap. BTC's current market cap is about $687 billion, ETH $307 billion. This is a difference of $380 billion, a much closer gap than times before where BTC was the powerful king of the crypto kingdom, now its crown falling to the crypto crowd below. This is also suggested with the market dominance displayed at the top of the snapshot/CoinGecko. BTC's dominance is 40.5% while ETH's dominance is 18.5%. It is also shown with the 24h volume, ETH having a higher one at a gap of around $1 billion.
When putting on the highest gains of the past 24 hours, only three cryptocurrencies appear green, meaning that the remaining 97 coins within the top 10 have faced a loss, showing how widespread the loss is. These three cryptocurrencies are Filecoin (FIL - +14.4%), Nano (NANO - +10.4%) and UMA (UMA - +4.3%). What is funny is that after these crypto gainers, there are only stablecoins following (include cDAI), the only exception BitTorrent (BTT) that follows UMA.
Elon Musk's Jokes Over BTC
The joke tweet comes earlier this morning over BTC. It goes as #Bitcoin, a BTC emoji, broken heart emoji and then a meme.
The irony in this meme is that the response of 'Him' is a line from the band 'Her' is arguing about, which is Linkin Park - an American rock band. This line comes from the band's song In The End. The joke Elon Musk is trying to elicit from the tweeted meme might be the worthless relationship between BTC and Elon Musk, Elon Musk being thought of as 'Her,' BTC 'Him.'
As always with Elon Musk's controversial posts on crypto, BTC fell considerably after it was tweeted. Usually, TradingView is used to present trends but does not work in this instance as it uses UTC (Coordinated Universal Time), not corresponding with the native time in the Tweet, so CoinGecko is used. Anyhow, looking at the CoinGecko graph on BTC, tracing back to around 11 am would show a drop - the same time of Elon Musk's tweet (or approximate, to be more exact: real-time was 11:07 AM).
Within this tweet, Elon Musk replies to it with another meme, its intention and meaning much easier to recognise, or so to personal beliefs. This meme first presents what seems a girlfriend video chatting to her boyfriend, both lying at different beds. The girlfriend states 'i miss you,' then the boyfriend suddenly cries. The girlfriend questions the reason for the boyfriend's crying, then comes the irony of the meme, revealing a crashing candlestick trend in the boyfriend's perspective. In this instance, the analogy of Elon Musk and BTC is swapped, Elon Musk being the girl and BTC being the boyfriend, as opposed to what it originally was in the first meme. Here, Elon Musk is overtly claiming the crash of BTC, and it is showing to have some effect, leading onto the general crypto market. However, the drop is not so bad as it has been over the past weeks/month, BTC down under 10% compared to it was before at over 20%.
Looking through the thread of the original tweet, there comes a humorous gif from JRNY Crypto on the emotions of the crypto Twitter community on Elon Musk's post about BTC, Elon Musk replying to it. Elon Musk's replies come in two parts. The first one is two crying laughing emojis, the second a joking statement about the gif, saying that it 'Need laser eyes too.'
When going onto Elon Musk's Twitter account, two interesting things were seen. The first is the change of Elon Musk's profile shown below, previously being a rocket on the Moon. The second is the date of Elon Musk's joining Twitter: June 2009. Currently, it is June, so this would mark the 12th anniversary of his Twitter account, though the exact date is not mentioned.
Further Reading
NDTV - Bitcoin Took A Hit After Elon Musk Shared This Meme - https://www.ndtv.com/offbeat/elon-musk-uses-linkin-park-lyrics-to-describe-his-feelings-about-bitcoin-2456103
Wikipedia - Linkin Park - https://en.wikipedia.org/wiki/Linkin_Park
CoinTelegraph - Filecoin ignores Elon Musk's Bitcoin FUD as FIL price rockets by 17% - https://cointelegraph.com/news/filecoin-ignores-elon-musk-s-bitcoin-fud-as-fil-price-rockets-by-17
Decrypt - Elon Musk’s Broken Heart Tweet Sends Bitcoin Price Spiraling - https://decrypt.co/72720/elon-musks-broken-heart-tweet-sends-bitcoin-price-spiraling
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I don’t see it as a loss I still have the same amount of Bitcoin I had before the tweets in fact I just keep buying more
Elon is a dollar junkie I can’t be bothered with him he can have fun with dollars and doge
That is fortunate for you that you are not facing any losses from Elon Musk, but what I find is that many are furious against what he is going against BTC. I have even heard some that are struggling with life because of him!
Elon Musk is surely a weird man!
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Yes I understand that but it’s not my fault people took massive positions and didnt do any due diligence to blame that on Elon is a cop out
YOU need to balance your portfolio regardless of what the market does! Elon didn’t invest for you, you wiped yourself out
That is true!
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