What confused Bitcoin miners the most over the weekend was how the market fell to its lowest point in over 4 months despite the emergence of bullish investors from big tech companies from across the planet.
The world-famous Bitcoin fell from its all-time high of $63,500 from April to $32,601 on Sunday, 23rd May, losing 13% of its market cap in the aftermath which was littered with panic buyouts and weak investor sentiment.
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Now people living in the ‘cryptoverse’ have long debated whether the BTC is correlated to stocks in any way. However, several publicly traded companies with Bitcoin holdings suffered two-fold in this regard, as their share prices were “crypto-exposed” to the weekend dip.
https://twitter.com/StellarPredict/status/1396643922143756291
For starters, EV giant Tesla tanked 1% to $580 a share, while the big-time BTC investor MicroStrategy dipped 4.6%. Added to this, popular exchange firm Coinbase has now lost 43% of its stock value ($242), after hitting $430 on 28th April, which portrays a big slip on the back of the lackluster market trends.
The lower market caps saw similar drops over the weekend, despite continued support from mid-level investors. On Sunday, Ethereum dipped 17%, closing at $1,905 after transactions through big-time exchanges such as Binance stalled due to heavy loads.
The Binance coin (BNB) dropped as low as $219, while the dark horse of the game, Cardano, slipped to $1.12 after hitting a month’s high of $2.4.
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While the weekend spilled a lot of blood across the crypto streets, the market has since reverted towards recovery. At the time of writing, the BTC surged 3.9%, sitting comfortably north of $36,000. Ethereum is back above $2,200 (+8%), Cardano $1.45 (+7%) and Binance Coin at $290.5 (+8.4%).
Overall, the crypto market is applying bandages all over, which is quite unusual for a typical trade-opening Monday morning.
