![[코인시황] Bitcoin sparkling rise, Elon effect won’t last](http://www.coindeskkorea.com/news/photo/202103/73176_11075_3845.png "[코인시황] Bitcoin sparkling rise, Elon effect won’t last")
■ As of 9:45 a.m. today, Bitcoin (BTC) was traded for about $52,688 each. That’s a drop of about 2.5% over 24 hours.
■ Over the course of 24 hours, the price of Bitcoin has been in the range of $53,577 to $57,225.
■ Looking at the price chart, the bitcoin price was below the 10-hour and 50-hour moving averages. According to technical analysis, this is a bearish signal.
The so-called’Elon Candle’ effect on Bitcoin is unlikely to last long.
Elon Musk Tesla CEO (CEO) announced on his Twitter yesterday that, “From now on, you can buy Tesla with BTC,” and “We will support BTC payments outside the US by the end of this year.” Since then, the price of Bitcoin has skyrocketed.
On the Coinbase exchange, Bitcoin has surpassed 57,000 dollars. Afterwards, it turned down again, but it was higher than the previous day’s 54,000 dollars. Yesterday’s reaction was similar to when Tesla surged more than $7,000 after the news that Tesla had bought $1.5 billion worth of Bitcoin on the 8th of last month.
It was a record high in terms of single price increase. With this effect, the Bitcoin daily price chart vertically rises following Elon’s move, traders and marketers ‘Elon Candle’ Named it effect.
However, this effect did not last long. As of 6 o’clock this morning, Bitcoin was trading at around $54,599, down 0.50% from 24 hours ago.
Jason Lau, chief operating officer of the cryptocurrency exchange OKCoin, said, “Bitcoin showed a slight uptrend thanks to Tesla’s announcement yesterday. That’s it.”
In traditional financial markets, the dollar index (DXY) reached its highest level in four months on the 23rd. The US 10-year Treasury bond rate fell slightly to 1.62% from 1.7% last week, which was the highest of the year.
“The bitcoin market has entered a wait-and-see tax,” Lau said.
Such spot market conditions are also revealed in the bitcoin derivatives market. The size of outstanding contracts for futures contracts has reached a relatively stable level since the record high on the 13th.
Ethe fall, likely to speed up the merger of Ethereum 2.0
Ether (ETH), which fell for the fifth consecutive day, was trading at about $1587 at 9:45 this morning. Compared to 24 hours ago, the price is down by about 4.66%. After Musk’s tweet, it rose to the $1740 level, but, like Bitcoin, it immediately turned down.
“Ether has stopped below the final resistance line since last month,” said Katy Stockton, technical analyst at Fairlead Strategy.
The Ethereum developer community has recently begun to tweak the effective date to speed the transition to a proof-of-stake consensus mechanism.
Some members expressed concern that the Ethereum Improvement Proposal (EIP) consensus content will be slowed down as more developers focus on merging Ethereum 2.0 once the mechanism switch is approved.
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