Sharp Crypto Rebound, Cathie Wood, Elon Musk and Jack Dorsey Discuss Crypto

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No less than 48 hours after classic finance feasted on the ruins of crypto when Bitcoin dipped below the psychological threshold of $30,000, the world’s biggest cryptocurrency came roaring back with a stellar performance and is trading over $32,000 again. At the time of writing it is changing hands for $32,200.

Analysts and commentators already foreseen a further drop of Bitcoin towards the $25,000 (some even mentioned $20,000) within the next day, but instead crypto showed a strong rebound. Other altcoins show strong gains as well.

#Bitcoin shirts getting rekt 🤌 pic.twitter.com/7YwaeVPHrT

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) July 21, 2021

On Monday, Bitcoin and crypto followed major markets down as global fears grew that a spike in the Delta variant of COVID-19 cases would again halt the global economy.

Fear & Greed Index

However, the revival may not yet have convinced everyone as the Fear and Greed index, which measures the willingness of buyers to return to the crypto market, kept stuck at a score of 21, which marks Extreme fear. It has been stuck in this range for the past month, having seen Extreme greed for the last time around 11 May 2021.

It’s only Wednesday, but pretty incredible that the weekly $BTC candle is currently green.

Means little with a few days left, but shows that demand still exists.

— The Wolf Of All Streets (@scottmelker) July 21, 2021

Scott Melker, also known as the Wolf of All Streets, understood things differently though. He claimed that the current mood of the market meant a possible bottom has now been set. Scott stated:

Pretty incredible that the weekly $BTC candle is currently green. Means little with a few days left, but shows that demand still exists.

B-Word

Meanwhile over in the US, Tesla CEO Elon Musk, Twitter CEO Jack Dorsey and ARK Invest CEO Cathie Wood discussed Bitcoin during the B-Word roundtable discussion.

All three are known as Bitcoin maximalists. Musk spoke about his PayPal days and endorsed Bitcoin as he stated:

I might pump but I don’t dump

Confirming his status as a HODLer, Musk continued:

I definitely do not believe in getting the price high and selling or anything like that. I’d like to see bitcoin succeed.

Great to hear.

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