Gauging Bitcoin after the ‘Elon dump’ | Santiment Weekly Pro Report

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May 16, 2021

The price of Bitcoin tumbled by -15.3% after news broke that Tesla will no longer accept $BTC as payment.

The top coin has struggled to bounce back since, with metrics pointing to panic sell-offs and waning sentiment shortly after the correction.

A sign of things to come for Bitcoin, or another market overreaction?

In our weekly pro report, we take a look at Bitcoin’s latest on-chain, social and derivatives data, and what it suggests about the top coin’s potential moving forward:

Musk unleashes the bears

There have been very few things over the course of the 2021 rally that have riled the crypto community as much as Elon Musk’s anti-BTC tweetstorm.

This, at least, is what we can gauge based on text data collected from over 1000 crypto-related social channels, including Telegram, Reddit, Twitter and more.

The amount of Bitcoin-related

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Assets from this insight

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$ 35751.03

0.89%in last 7d