Share articles to

Academy Trading Ideas Article
Bitcoin Ethereum DeFi Crypto Market Daily OKEx Insights

Elon Musk continues to inject fear into crypto market while pumping DOGE

2021.05.14 Adam James

Tweets from the CEO of Tesla have struck fear into the wider cryptocurrency market while bolstering DOGE speculators. 

The wider cryptocurrency market is flat on the day as it continues to digest the news that Tesla has ceased its acceptance of BTC as payment for vehicles — citing environmental concerns. 

Adding insult to injury, the company's founder and CEO, Elon Musk, has continued to call out Bitcoin for being harmful to the environment while claiming that he is working with Dogecoin developers to improve the meme coin's efficiency — something that has not gone over well with the wider cryptocurrency community. Many inside the blockchain industry are calling Musk's actions market manipulation, while others are imploring him to simply stop tweeting.

As a direct result of Musk's tweets, the price of DOGE is up nearly 25% on the day. Proof-of-stake coin ADA is also up more than 10% — likely the result of speculators wagering on alternatives to proof-of-work coins.

The cryptocurrency market is primarily flat, though DOGE is up significantly. Source: Coin360

The cryptocurrency market has become increasingly fearful following Musk's tweets, according to multifactorial analysis from alternative.me — adding fuel to the argument that the Tesla CEO is manipulating the market.

The cryptocurrency market is more fearful today than it was yesterday. Source: Crypto Fear & Greed Index

DeFi holds crucial $80 billion level

The decentralized finance market continues to hold up as the wider cryptocurrency market takes stock of the situation. Though it temporarily lost the big-even level of $80 billion in total value locked, it has since regained it and now sits just under $81 billion.

The total value locked in decentralized finance is currently above $80 billion. Source: DeFi Pulse

Nearly every decentralized exchange has seen an increase in TVL today, with SushiSwap leading blue chips after adding more than 7.5%. Meanwhile, Curve Finance has once again supplanted Uniswap as the largest DEX by total value locked.

Top altcoin gainers and losers: KLAY and MATIC lead large-caps

  • KLAY/USDT +40.70%
  • XCH/USDT +22.22%
  • MATIC/USDT +18.99%
  • INX/USDT -6.86%
  • AUCTION/USDT -7.77%
  • SBTC/USDT -9.46%

Large-cap altcoins KLAY and MATIC are leading the charge on OKEx today, while small-caps are seeing the worst performances.

KLAY is the top-performing altcoin on OKEx today. Source: OKEx

BTC technical analysis: Trying to hold 48,000 USDT support

The price of BTC appears to have found support in the historical range of buying interest near 48,000 USDT. It now appears as though the market-leading cryptocurrency will face a test of potential resistance in the form of the ribbon of exponential moving averages on the four-hour time frame — potentially near 52,000 USDT.

OKEx's BTC/USDT 4h chart — 5/14. Source: OKEx, TradingView

ETH technical analysis: EMA ribbon still acting as support

The price of ETH has bounced against BTC at the four-hour EMA ribbon — continuing its usage of the indicator as a staircase to higher valuations. The trend is ETH's friend, so the second-ranked cryptocurrency remains bullish until proven otherwise.

OKEx's ETH/BTC 4h chart — 5/14. Source: OKEx, TradingView

Not an OKEx trader? Learn how to start trading!

OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.

Follow OKEx Insights on Twitter and Telegram.

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.