Beware the Bears
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Bear claws are showing. Bitcoin’s market dominance has briefly plummeted below 40%, a level not seen since early 2018. The market dominance of BTC fell along with its price, which nosedived below $43k, after Technoking Elon Musk backpedaled on his support of Bitcoin, citing concerns over the environmental impacts of Proof of Work (PoW) mining. The price drop is further exacerbated by Musk’s recent tweet insinuating that Tesla may dump its Bitcoin holdings, despite reaffirming last week that he and Tesla will continue to hold. Well, if true, it won’t be the first time that the billionaire recants. The hype quietens down and clear thinking prevails. Perhaps, take some time to rethink what your instinct tells you — Bitcoin doesn’t necessarily need to move up for you to profit, it just has to move.