Why Is Crypto Down Today? 17 Things We Know on Monday, May 17

Crypto is down today and InvestorPlace is looking into why the digital assets are taking a beating.

Image of cryptocurrency tokens in a wallet.

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Here’s what investors need to know about why crypto is down today.

  • The fall of crypto is likely connected to Tesla (NASDAQ:TSLA) CEO Elon Musk.
  • He stirred the pot last week when he announced that Tesla is no longer accepting Bitcoin (CCC:BTC-USD).
  • In addition to that, fears that Ethereum (CCC:ETH-USD) co-founder Vitalik Buterin was planning to sell a large sum of crypto also resulted in a fall.
  • These two factors are still affecting crypto prices today.
  • However, there’s more from Musk to take into account.
  • Since his original Tweets against Bitcoin, the Tesla CEO has made additional comments.
  • That includes Musk responding to a Tweet about Tesla selling the rest of its Bitcoin holdings.
  • This caused some confusion among crypto investors about if the company still held Bitcoin.
  • In a later post, Musk clarified that Tesla hasn’t sold any Bitcoin yet.
  • The price of Bitcoin plummeted hard over the weekend but does appear to be recovering.
  • However, it’s still down 7.7% as of Monday morning over a 24-hour period.
  • Even so, that didn’t stop the most popular cryptocurrency from dragging others down with it.
  • As evidenced by these charts, the majority of cryptos are falling today.
  • That includes the likes of Dogecoin (CCC:DOGE-USD), Ethereum, and many others.
  • Luckily, these investments are still up since the start of the year.
  • If the recovery continues, it could be a good sign for investors and result in possible new highs.
  • In that light, the opportunity created by Elon Musk’s post could act as a good entry point to many cryptocurrencies.

Investors that are looking for additional crypto news are in luck.

We’ve got a large variety of crypto news for interested investors. That includes coverage of Shiba Inu (CCC:SHIB-USD), Kishu Inu (CCC:KISHU-USD), and Hedera Hashgraph (CCC:HBAR-USD). You can learn more about these cryptos at the links below.

More Crypto News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2021/05/why-is-crypto-down-today-17-things-we-know-on-monday-may-17/.

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