- Bitcoin (BTC) started to recover from its 30% price dump.
- Other cryptocurrencies also dropped on Wednesday.
- Bitcoin is still up over 30% year-to-date.
According to CoinMarketCap, the BTC price is at $40,108, with a 24-hour trading volume of $131,407,154,818, at the time of writing.
As shown in the chart above BTC started to show a bullish uptrend. More so, recovering from the price dump. In addition, the Frenzied selling leads to outages on crypto exchanges such as Coinbase and Binance.
Notably, Bitcoin price drops as Musk appeared to agree with a Twitter post that Tesla should divest its BTC holdings.
— Elon Musk (@elonmusk) May 16, 2021
Recently, Bitcoin has seen drastic movements in its price as Tesla founder Elon Musk has revealed hot and cold about the crypto in a series of tweets. Furthermore, Musk also made a comment rescuing the crypto mentioning that he will continue to hold it.
Other cryptocurrencies also dropped on Wednesday. Ether, the cryptocurrency that powers the Ethereum blockchain, was down over 80% at $1,883. Dogecoin, a cryptocurrency that started as a joke and has been talked up by Tesla CEO Elon Musk, fell 125% below $ 0.2. Both had substantially huge losses in the session.
All-in-all, Bitcoin which is the crypto king is still up over 30% year-to-date and around 300% in the last 12 months.