CryptoWhale Tweet Flash Crashes Bitcoin As NYSE Launches Crypto Fund

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Last Updated on 17 May 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 having a bad week and topped it off with a bad weekend as well. The world’s biggest cryptocurrency is straight out of luck apparently after a CryptoWhale tweet including an assumption about Musk’s crypto holdings was responded by the Tesla CEO. Bitcoin bounced back up after clarifications of Musk afterwards, but is still deep in the red.

Over at the New York Stock Exchange, investors are readying for another crypto fund to be launched, this time focusing on Coinbase.

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Market responds to CryptoWhale’s tweet

We’ve featured assumptions by contrarian investor CryptoWhale many times in the past on this site, as we feel that both views (bullish and bearish) should always feature and if you only think crypto will go up eternally, you’re clearly not investing but gambling.

CryptoWhale has been predicting for weeks now that a crash was imminent and it is therefore quite the telltale that one of his own tweets has now (flash) crashed the market. Tesla CEO Elon Musk claimed last week his company would no longer be accepting Bitcoin as payment for their electric cars.

In response to this, CryptoWhale said a few hours ago:

Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate Elon Musk is getting, I wouldn’t blame him…

To his own surprise, it was Musk himself who responded, saying:

Indeed.

Bitcoin and Ether both responded by falling to lower levels of $42k and $3,2k respectively.

CryptoWhale ended with:

Immediately after Elon Musk replied to me, I got thousands of death threats, failed dox attempts, and false rumors spread about me by hardcore Bitcoin Maximalists. I respect everyone, regardless of whether you disagree with me! This is just sad behaviour though.

A few hours ago, Musk clarified and stated that Tesla had not sold their Bitcoin position, after which the coin recuperated some of its losses. It is clear though that the Tesla CEO holds much sway over the cryptosphere at this time.

Crypto fund focused on Coinbase

The crypto crash is bad news for Bitwise, which is due to launch a crypto fund today on the New York Stock Exchange. With so many wealthy customers asking for crypto investment opportunities, major business banks and fund managers respond by putting together investment funds which are focused on companies that have relations to crypto. In Bitwise’s case, the fund is mostly built up around Coinbase.

Speaking to Fox News, Hunter Horsley, the Bitwise CEO, said:

We’ve heard time and again from clients that the primary challenge has been finding a way to access the incredibly complex and fast-moving crypto space. With BITQ, our aim is to make crypto investment opportunities available through traditional investing platforms and a familiar, liquid, and cost-effective ETF

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