Bitcoin Above $50k Again As Musk Calls Out Crypto Scammers

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Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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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

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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 barrier  in order to find support at that level before it can attack the next $60k barrier.

YouTube video

He furthermore explains his rationale for a coming possible correction of Cardano and why Ethereum might be cheap at it’s 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.

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.

CRV’s 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 Musk’s 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 CEO’s 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.

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.

Musk reacted on Twitter himself, saying that

Scammers & crypto should get a room.

panoramaimages / Depositphotos.com