Coinlist Pro Market Roundup: "Elon Candle" effect short lived for Bitcoin

Market Roundup:

Bitcoin’s price jumped on Wednesday after Elon Musk announced that Tesla is now accepting bitcoin as a payment option for new vehicles, and does not plan on converting any receipts of bitcoin back into USD. Bitcoin shot up to $57,000 on the news after trading in the $54,000 range earlier in the week. The “Elon Candle” effect was short lived, however, as the market could not hold onto those gains. Bitcoin dipped ~10% and is currently trading in the $53,000 range as traders continue to digest and consolidate market conditions. With strong long-term trend support above $50,000, the crypto market continues to hover in the “wait-and-see” mode.

No matter what happens next, volatility — and opportunity — are likely here to stay. Prepare for the next market movements on CoinList.

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