(5/17, Mon) btc fell -20.4% weekly by inflation and Tesla matters

Yesterday(5/16 00:00 - 24:00, UTC+0), bitcoin price recorded its starting as $46757, its lowest as $43868, its highest as $49788, its closing as $46436. Bitcoin started rising after the start of Sunday, ending the previous day's decline, surpassing $48000 at 02:15, breaking through $49000 at 06:00 and reaching a peak at 10:45, and then falling sharply to the low at 20:45 with increasing selling volume. After that, it rebounded and closed the final -0.7% decline.

During the week, btc fell -20.4%, and the dominance also fell sharply from 45.5 to 41.1. Ethereum fell -8.9% weekly, less than Bitcoin, while Litecoin, one of the leading major coins, fell -28.2% weekly. If you look at Ethereum's weekly chart, the first decline came after the 7th consecutive week's rise, and the transaction volume hits an all-time high, and it is expected that there will be an adjustment for the time being unless there is special good news.

Last week's big decline was driven by the Nasdaq's decline due to inflation issues, and the second was Tesla's halting bitcoin payments on the same day, and the third reason was that Elon Musk commented he may have disposed of all his bitcoins.

In fact, it was Elon Musk who raised the bitcoin from $32,000 range to $58,000 at once, but it is the same person that the bitcoin, which was close to 60000 dollars, fell below 44,000 dollars. I guess it is a proof that cryptocurrency market is still immature looking it moved big by only one person.