Market Update: Crypto Market Tanks Over 10% Losing $275 Billion in 24-Hours

Published May 17, 2021 | Updated May 17, 2021

In Brief
  • Elon Musk’s Bitcoin bashing continues as he calls the world’s largest crypto “highly centralized” by a handful of miners.
  • Elon Musk continues to extend support for DOGE and suggests that it is “hands down” better than Bitcoin (BTC).
  • Bitcoin (BTC) erodes $100 billion from valuations, altcoins erode $175 billion.

Market Update: Crypto Market Tanks Over 10% Losing $275 Billion in 24-Hours

  • Elon Musk’s Bitcoin bashing continues as he calls the world’s largest crypto “highly centralized” by a handful of miners.
  • Elon Musk continues to extend support for DOGE and suggests that it is “hands down” better than Bitcoin (BTC).
  • Bitcoin (BTC) erodes $100 billion from valuations, altcoins erode $175 billion.

Massive sell-off has once again ensued in the crypto market as we look forward to kickstarting the third week of May 2021. The overall crypto market has tanked 10% losing $275 billion in just 24-hours. the market looks stressed and under pressure with a major sell-off in Bitcoin (BTC) as well the altcoin space.

Bitcoin (BTC) alone has lost $100 billion of its valuations in the last 24 hours slipping under $44,000 levels. For the first time, Bitcoin is trading under $44K levels since February 28, 2021. Thanks to Elon Musk! who has been doubling down on distancing his company from Bitcoin (BTC).

After dropping Bitcoin payments at Tesla last week, Elon Musk has hinted at removing Bitcoin from Tesla’s balance sheet. Earlier this year in February 2021, Tesla had purchased $1.5 billion worth of BTC from its reserve cash. Late Sunday, Musk responded to a Twitter account that said that Tesla might drop BTC in the next quarter.

Musk just didn’t stop here! He doubled down his criticism calling Bitcoin “Highly centralized” by a handful of mining companies. Musk wrote:

Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies. A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound “decentralized” to you?

As we know, Musk is capable of single-handedly steering the market, the BTC price has tanked 10% today and is currently trading at $43,434 with a market cap of $815 billion. Bitcoin whales have been depositing major quantities on the exchanges while investors look hesitant to buy the dips.

Altcoin Market: all of the Top-Ten Altcoins Lose Above 10%, Elon Musk Bets Big on DOGE

As Bitcoin (BTC) plunge always creates a snowball effect, the altcoin market is also facing a severe plunge. A massive $175 billion has been eroded from the altcoin space in the last 24-hours. Here a flash look at the developments.

  • Ethereum (ETH) has plunged 12.46% taking its weekly losses to 20%. After a massive rally earlier this month to an all-time high of $4400, ETH is now trading 23% down at $3325 with its market cap slipping under $400 billion.
  • Cardano (ADA) is the only altcoin that been relatively holding its losses well under 7%. Over the last weekend, Cardano surged to an all-time high of $2.56 and becoming the fourth-largest crypto. at press time, ADA is trading 6.59% down at $2.19. Even at the current price, Cardano (ADA) is trading at over 1100% return year-to-date.
  • Dogecoin (DOGE) remains in the fifth position losing the #4 spot to Cardano last weekend. Besides, DOGE has massive backing from Elon Musk who has announced working with the developer team to improve the system scalability. One of the DOGE fans wrote that Dogecoin is better than Bitcoin in several ways: lower fees, faster transaction fees, and less environmental impact.

    Replying to it, Elon Musk wrote: “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down”.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Bhushan Akolkar 533 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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