As the top cryptocurrency Bitcoin plummeted by as much as 30% to lows of just over $30k USD on Wednesday, experts and investors say that this has not signaled the death of crypto. The crypto market will continue to consolidate for months to come. Who is the Dogecoin whale? Read the weekly round up below.
Billionaire Mike Novogratz Says The Crypto Market Will Continue to Consolidate For Months to Come
Business Insider: May 19, 2021
He said the “giant liquidation” was a confluence of multiple factors – from the recent lapse of the tax deadline, which qualified some cryptocurrency holdings into long-term capital gains, to Elon Musk “poking the bear” with his comments over bitcoin’s harmful environmental impact.
Crypto Market in Freefall: Bitcoin Falls 30%, Ethereum Falls 38%
Decrypt:: May 19, 2021
Bitcoin plummeted to lows of around $32,100, a drop of 30% over the past 24 hours. Likewise, Ethereum plunged 40% to $2,059. Both cryptocurrencies have recovered somewhat, to prices of $35,368 and $2,489 respectively.
Crypto Prices Consolidate, Analysts Blame Bitcoin Market Rout on ‘Overleveraged Positions’
Bitcoin.com: May 21, 2021
Digital currency markets have been consolidating after taking some heavy losses during the last few days. Billions of dollars have jumped back into the crypto economy on Thursday, as the overall market valuation of all coins in existence has jumped back to $1.75 trillion on Friday.
Bitcoin Steadies After a Wild Week That Saw the Cryptocurrency Plunge 30% at One Point
CNBC: May 21, 2021
The digital coin was last up 2.52% at a price of $41,190.67 by 9:50 a.m. ET, according to Coin Metrics data, on pace for its worst week since March 13. It bounced above the $42,000 mark on Thursday as digital currencies attempted to rebound from a big sell-off earlier in the week.
Crypto Hedge Funds Buy The Dip in Bitcoin’s Week of Reckoning
BNN Bloomberg: May 21, 2021
Like many pros, the former Morgan Stanley trader says Bitcoin’s volatility actually shows why hedge funds are in the digital-currency game: To ride boom and bust cycles with diversified bets so clients don’t get killed at times like this.
On Bitcoin’s Energy Consumption: A Quantitative Approach to a Subjective Question
Medium.com: May 13, 2021
Is the Bitcoin network’s electricity consumption an acceptable use of energy? This question has been debated since the early days of the network. Yet despite the numerous published articles and analyses, the debate rages on, typically re-emerging during Bitcoin bull runs.
Dubai Airport Free Zone Welcomes Crypto Assets With New SCA Agreement
Cointelegraph: May 21, 2021
Dubai is taking another step to embrace cryptocurrencies thanks to a new agreement between the Dubai Airport Free Zone Authority and United Arab Emirates’ Securities and Commodities Authority, or SCA.
A Mysterious Dogecoin Whale Who Owns $15 Billion of the Cryptocurrency Added Another 420.69 Coins
Business Insider: May 20, 2021
420.69 dogecoins were just added to the world’s largest dogecoin holder, furthering speculation around the identity of the mysterious “whale” who has loaded up on the meme cryptocurrency for two years.
