After Elon Musk turned on Bitcoin, so goes the market. Bitcoin lost about 20% of its value in a few hours before recovering to rest about 12% down, reports CNN Business. Julia Horowitz writes that it's bad news for Crypto in general, with similar falls for Ethereum, Dogecoin and the rest of thm.
if bitcoin prices have peaked for now, it could spark an exodus of speculators who were trying to make money off the frenzy. "When bitcoin tops out and the bubble bursts, all those glory hunters will move away to another market," Michaël van de Poppe, a crypto analyst and trader based in Amsterdam, told me.While it's hard to time such events, the big unwind could be underway.Ethereum, which has gained popularity alongside the rise of non-fungible tokens, or NFTs, is off 14% in the past 24 hours, according to CoinMarketCap. After hitting a record of $4,385 earlier this week, it's now trading around $3,700.