Bitcoin price collapses — Glassnode reveals interesting metrics

As a result of the negative coverage surrounding the crypto market quake triggered by Elon Musk, Bitcoin (BTC) saw its price drop by double-digit percentages.

In the last 10 days alone, the price fell continuously from 60,000 to currently 43,000 US dollars. The current events are reminiscent of the market collapse in March 2020 in the wake of the emerging Corona crisis. However, in this case, only individual tweets by a well-known personality were necessary, whereas a little more than a year ago, a global pandemic was responsible for “Black Thursday.”

But current figures from Glassnode nevertheless paint an interesting picture. Reason enough to take a closer look at the current market situation.

Elon Musk causes BTC price to plummet

The headlines of the last few days were determined by the negative tweets of Tesla CEO Elon Musk regarding Bitcoin. First, he personally announced that Tesla would no longer accept payments in the form of the largest cryptocurrencies by market capitalization. He cited Bitcoin’s poor carbon footprint as the reason. Subsequently, he hinted in sometimes very cryptic tweets that Tesla could sell its Bitcoin holdings. After heavy criticism, however, he clarified that his electric car company has not sold a single BTC.

However, Musk was not shy about responding to the criticism and countering. Among others, podcaster Peter McCormick addressed Elon Musk directly. McCormick accused him of being a “troll” who wants to cause a furor with his poorly researched tweets. Musk responded that this kind of criticism would motivate him to go “all in” on Dogecoin in his own unique way. Musk already developed an idiosyncratic fondness for the Memecoin in the past, whose price he caused to skyrocket through an independently triggered hype.