A message of support from the billionaire founder of Tesla and SpaceX, Elon Musk, was enough for bitcoin to recover from its longest losing streak on record.
I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
“I will continue to support Dogecoin”Musk wrote on his social networks, referring to the cryptocurrency that was born as a meme and that has also been affected in the recent crypto liquidation last week.
“No one wants others to lose money, but it is clear that if people in crypto end up losing, it is because they are not ashamed. Once again buying Musk’s trills,” said Felipe Campos, manager of Investment and Research Alianza Valores.
Here is the hour of the trill and the floor. If it was something else, the coincidence is great. pic.twitter.com/v52t1EAj2r
– Felipe Campos (@FelipeCamposPC) June 20, 2022
In morning trading this Monday, the price of bitcoin rose little more than 3% and was trading over US$20,000after falling to a minimum of $17,592.78 during the weekend.
During London trading hours on Monday, it rallied slightly to around $20,510. But it has still lost 55% of its value this year and 35% this month.
Bitcoin’s decline follows problems at several major crypto firms. Further declines, market players said, could have a knock-on effect as other crypto investors are forced to sell their holdings to meet margin calls and cover losses.