Cardano Blasts 20%, Musk Sells NFT Music Video and DigiByte Up 10%

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Last Updated on 17 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 / jeroen@cryptotips.eu
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While the world read up about Graham Ivan Clark’s jailing and relived the Twitter Bitcoin hack of 2020, the most famous cryptocoin itself settled after a 10% correction and has in the past few hours been trading around $55,000.

Many crypto commentators wondered whether some had bought the dip and if the most famous cryptocurrency would soon retest the $60k level again.

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Calm before the storm?

US stock markets were mostly flat during yesterday’s trading session and calm seems to have returned to the crypto markets as well after a hectic few days. Bitcoin reached a new all time high of $61k upon the weekend after which mostly Asian traders took profits on Monday and the crypto market experienced a correction of some 10%.

The calm markets in cryptoland were soothing to commentators who normally never get a moment off. According to some, they were just calm before the storm.

Technical analyst Scott Melker claims Bitcoin is busy forming a potential inverse head and shoulders. If correct, it would be followed by another leg up.

Cardano meanwhile surprised and blasted off, rising some 20% in the past 24 hours.

Founder Charles Hoskinson meanwhile has been highlighting the sad fact that there are hundreds of crypto scams ongoing as the digital currencies market is in a bull phase. He tweeted a link to a BBC story about a man posing as Elon Musk to ask for Bitcoin payment.

Last week Hoskinson threatened a slander lawsuit against a website which suggested that he (Hoskinson) had taken over their account to ask for money in a similar fashion.

NFT For Your Vanity

Elon Musk, who earlier admitted to liking the techno theme Sandstorm by Darude, got into the NFT hype and tweeted out that he wanted to sell this song about NFTs as an NFT.

Musk, who is rumored to be under SEC investigation for pumping the price of Dogecoin, showed song with a clear housebeat entitled NFT for your Vanity which also featured HODL and a sitting gold dog, all quite clear crypto references.

The Tesla CEO did change his mind later on and stated:

Actually, doesn’t feel quite right selling this. Will pass.

DigiByte bounces back

In the broader altcoin market, the performance of DigiByte was striking.

The small coin that has a huge social media following has been rising 10% in the past day again. It follows a rather tough end to the month of February but now trading volume is rising again and a positive trend channel seems to be in the making.