After rallying for most of the week, Bitcoin fell sharply again overnight on Thursday.
The blame for the latest dip is being laid at the feet of a prominent crypto bull.
On Thursday evening, Tesla, Inc. (TSLA) CEO Elon Musk tweeted a somewhat cryptic message that seemed to indicate he was breaking up with Bitcoin.
Shortly afterward, Bitcoin began falling, dipping as much as 9.3% before finding a floor.
While it remains to be seen what Musk’s latest tweet means, it has served to spread a lot of confusion, fear, and doubt through the crypto market.
With the rash of negative tweets lately, some are even wondering if Tesla may dump it’s $1.5 billion in Bitcoin holdings – but that is still just speculation at this point.
Once one of crypto’s biggest allies, it seems as though Musk is at war with Bitcoin lately after he tweeted last month that Tesla would no longer accept Bitcoin as payment for its vehicles.
While I still believe that Bitcoin has a bright future, Musk’s apparent change of heart on the world’s biggest cryptocurrency isn’t helping in the short-term.
I’ll be keeping tabs on any further developments, and I’ll be sure to keep you posted here at Profit Pregame.
Trading tip of the week
Reading the Reddit boards for market insight is like finding a needle in a haystack.
Yes, it is possible that you could invest one name that goes up 100%, but you could then invest in 4 names that all go down 30% – like many of the electric vehicle stocks have recently.
So, stick to S.C.A.N. for the best insights on where money is flowing in the market and don’t worry about all the hype surrounding names like GameStop Corp. (GME) and AMC Entertainment Holdings, Inc. (AMC).
Earnings report to watch
Chinese social media platforms like TikTok and others have found a lot of success in the last few years.
And one of the more under-the-radar names in the industry could be well positioned to thrive moving forward.
When Momo Inc. (MOMO) reports its Q1 2021 earnings on Tuesday before the opening bell, investors will get a lot of insights into whether this relatively small company can compete with the biggest names in the space.
Shares of MOMO are still trading relatively cheap at around $14 per share, offering a good buying position. But prospective buyers will want to see if expectations of increased revenue and user numbers ring true before jumping in.
Keep an eye out for this report, because MOMO could be one of the best opportunities in social media.
Forget Bitcoin – These Three Coins Could Make You 20X More Money
If you’re concerned about the recent headwinds facing Bitcoin, but don’t want to miss out on the incredible opportunity that the digital market presents, then I’ve got something you need to see.
You don’t have to buy Bitcoin to get rich off of crypto.
There are tiny, virtually unknown coins hidden in this market – and they’re stacked with even more profit potential than the market’s top coin.
In fact, one coin beat Bitcoin by 2,373% in only 17 days after some explosive growth.
And there’s many more where that come from.
Click here for the details.