Elon Musk Reiterates Support For Crypto Self-Custody
Electric car billionaire Elon Musk took a swipe at crypto exchanges following a Twitter altercation with Binance boss, Changpeng Zhao. The Tesla CEO advised doge holders to move their funds from centralized exchanges to have complete control over their digital assets.
More Support For Crypto Self-Custody
This is the second time Musk supports those in favor of having self-custody over the crypto funds. Earlier in the year, Musk tweeted that crypto holders must avoid any exchange that doesn’t allow them to fully control what they do with their funds. Musk tweeted a Chuck Norris meme about Mt. Gox (a crypto exchange that’s no longer in operation).
There has been increasing support for the self-custody of crypto funds in recent times, following numerous hacks and security breaches experienced by many crypto exchanges. But, some crypto investors opined that new crypto holders should still keep their funds with centralized exchanges because crypto self-custody is complex, and they might lose their funds. In October, when SHIB was massively bullish, Musk said people shouldn’t put all their investment hopes in digital currencies.
The Performance Of The Crypto Market Over The Past 24 Hours
While ETH was among the gainers today among the top 10 cryptocurrencies, AVAX was among the top losers, which made it drop out of the top 10 crypto rankings. ETH gained 3.5% over the past 24 hours to trade at $4,281 as of this writing. The second leading cryptocurrency’s last seven days’ performance indicates an overall gain of 2%
Even though BTC made slight gains, its overall performance in the past week indicates that it declined by 5%. It trades at $56,756 (as of this writing). The top 10 coins have had mixed performances. Ada lost 7% in the last 24 hours and 8.5% over the past week. Conversely, BNB gained 3% over the past week and trades at $586.77 as of this writing.
The analysis of both SOL and DOT over the past week indicates that they made 2% gains each and now trades at $39.48 and $217.75, respectively, as of this writing. There have been no significant changes to XRP price over the past 24 hours, and its price remains at $1.05. Its past week’s performance indicates a 5% price dip.
Changes In The Top 10 Rankings
AVAX became a top 10 crypto this past weekend when Deloitte (a leading accounting services firm) disclosed its plans to develop a disaster relief platform through the Avalanche blockchain. However, it slipped by 10.5% over the past 24 hours and trades at $119.15 (as of this writing), making it slip out of the top 10 rankings. Despite the slip, it’s still up by 25% over the past seven days, with a market cap of $26.7B.
DOGE has replaced AVAX in the top 10 gaining 1% in the past 24 hours even though it dropped 6.5% in one week. The overall performance of the crypto market over the past 24 hours indicates a rise of 0.8%, with the entire market valued at $2.57 Tr.
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