Tesla Has Diamond Hands Amidst “Extreme Fear,” Michael Saylor Now Owns 0.6% of BTC’s Circulating Supply
Today has been a wild day for the cryptocurrency market.
Bitcoin and Ether both crashed more than 50% from their all-time high, and the total crypto market lost $700 billion and now sits at just under $1.75 trillion, as per CoinGecko.
The instant sell-off today looks to be just as spot-driven as the futures market as 775,012 traders got liquidated for $8.58 billion, the second-highest after April 17th’s more than $10.1 billion liquidations.
bitcoin options market sentiment not seen since march 2020 pic.twitter.com/E5E26KPcUp
— CL (@CL207) May 19, 2021
With Bitcoin price falling to $30,000, late January levels, and Ether to $1,900 last seen on April 1st, it makes sense that the Fear and Greed Index is now having a reading of 21, that hasn't been seen since April 2020. ETH -7.40% Ethereum / USD ETHUSD $ 2,874.00
-$212.68-7.40% Volume 25.49 b Change -$212.68 Open $2,874.00 Circulating 117.66 m Market Cap 338.14 b 2 h Cryptocurrency Market Tanks on the Same Old China Ban News, But Investors Who Sell Here Will End Up “Bummed” 3 h JPMorgan says Institutional Investors Have Shown A 'Strong Preference' for Ethereum Over Bitcoin Since August 21 h 1Inch Moves to Arbitrum For Faster Throughput And Lower Gas Fees
A reading of 21 represents extreme market fear which has “historically presented solid buying opportunities during bull cycles,” noted Arcane Research.
And Tesla has turned out to be having strong hands as its CEO Elon Musk shared on Twitter that the electric car maker has diamond hands thanks to “Master of Coin,” company CFO Zach Kikhorn.
A couple of days back, Musk had clarified that Tesla had not sold any of its Bitcoin after hinting at just that during a debate regarding Bitcoin’s energy consumption and blockchain scaling.
Tesla has 💎 🙌
— Elon Musk (@elonmusk) May 19, 2021
Amidst this, MicroStrategy CEO Michael Saylor announced that he now controls 111,000 BTC in total, which is almost 0.6% of Bitcoin’s current circulating supply of 18,713,700 BTC, through the entities he controls.
I'm not selling. https://t.co/bhpdCuSy4D
— Michael Saylor (@michael_saylor) May 19, 2021
Not a single Bitcoin has been sold by Saylor either, he shared, adding: “Bitcoin Forever.”