Bitcoin Above $50k Again As Musk Calls Out Crypto Scammers
Last Updated on 23 March 2021 by CryptoTips.eu
Bitcoin is trading above the $50k price mark again while the broader crypto market tries to find direction. PayPal acquired a company whose names sounded like a certain crypto coin which caused the latter to surge. And Elon Musk reacts furiously to scammers using his enthusiasm for crypto to trick people into sending money to fake addresses.
An overview of the markets
Bitcoin needs $50k as support
In a free segment he did on his YouTube channel, experienced crypto trader Scott Melkert, who tweets under the moniker Wolf of All Streets, discussed the price trends of Bitcoin, Ethereum and Cardano two days ago already.
He has since followed up with further charting videos which confirm his earlier analysis.
Scott explained why Bitcoin needs to stay above the $50k barrierĀ in order to find support at that level before it can attack the next $60k barrier.
He furthermore explains his rationale for a coming possible correction of Cardano and why Ethereum might be cheap at itās current level.
CRV and PayPal
In the broader crypto market, a bizarre uptick for DeFi token Curve Finance (CRV) was explained because of a misreading in a PayPal rumor.
@PayPal to buy crypto custody firm @CurveFinance: Sources š
— Linas BeliÅ«nas (@linasbeliunas) March 2, 2021
The rumored price tag is $200-500M š³
Having over $13B in cash, this is virtually nothing for $PYPL.
And it would definitely strengthen their crypto operations.
After rumors abounded that the fintech company PayPal may have acquired the crypto custodian, Curv, DeFi crypto coin CRV blasted off and went up some 30% in 24 hours as traders were afraid of missing out on the next bull rally.
CRVās development team saw the spike in trading and quickly admitted:
The correct account for that is @curvmpc, not us.
Elon Musk and scammers
Lastly, Elon Musk reacted furiously to the news that crypto scammers posing as himself were once again gaining money.
In an article we did a few weeks ago, we mentioned how Elon Muskās account was getting inundated with crypto scammers and we called upon the cryptosphere to do something about it. Nearly half of all comments under the Tesla CEOās tweets seemed related to crypto scams in some way.
Although this could be interpreted as a growing interest for crypto, it also give crypto bashers (Janet Yellen, Nouriel Roubini) added ammunition to link the cryptosphere to criminals.
š A payment of 5 #BTC (243,153 USD) was just made to a confirmed Elon Musk Giveaway scam!https://t.co/06RBSkkcGr
— Whale Alert (@whale_alert) March 1, 2021
The Musk twitter scammers got so good that someone apparently sent 5 Bitcoins to a Musk scam address, which launched an official Whale Alert email.
Scammers & crypto should get a room
— Elon Musk (@elonmusk) March 2, 2021
Musk reacted on Twitter himself, saying that
Scammers & crypto should get a room.
panoramaimages / Depositphotos.com