The crypto market saw a massive correction yesterday, with the prices of major coins, including Bitcoin, Ethereum, and XRP, shedding as much as 30% of their value within a matter of hours. The market has somewhat recovered and investors remain positive.
According to data by CoinMarketCap, Bitcoin dropped from a daily high of $43,546.12 to $30,681.50 – a massive price drop in only a matter of hours. Bitcoin is currently trading at $40,000, down 20% over the past 7 days.
A massive correction like this may seem quite scary to newcomers, but prominent crypto influencers and long-term investors remain positive. Market corrections are not uncommon and are sometimes considered healthy for both the market and for investors.
Elon Musk, a potential influencer of the first crash, implied that Tesla, the electric car manufacturer, has diamond hands, hinting that they would not be selling their BTC holdings. Tesla purchased $1.5 billion worth of Bitcoin in February 2021.
Tesla has 💎 🙌
— Elon Musk (@elonmusk) May 19, 2021
Michael Saylor, Bitcoin hoarder and CEO of MicroStrategy, took to Twitter to proclaim his faith in Bitcoin, confirming that he has not sold a single satoshi.
Entities I control have now acquired 111,000 #BTC and have not sold a single satoshi. #Bitcoin Forever.
— Michael Saylor (@michael_saylor) May 19, 2021
Changpeng Zhao (CZ), CEO of Binance, the world’s largest crypto exchange by trading volume, spoke some sense into sellers, making it VERY clear that hodling is the smartest thing to do when times get tough.
If you panic sell, you won't be crypto rich.
— CZ 🔶 Binance (@cz_binance) May 19, 2021
Feature image by Business Herald from flickr