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Elon Musk reveals speaking with Bitcoin miners to tackle environmental issues

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Elon Musk, the self-crowned Technoking of Tesla, won’t stop talking about Bitcoin.

The cryptocurrency has recovered from its weekend blues and climbed above $37K. Bitcoin was still down by almost 20% over the past 24-hours but appeared to be in a consolidation between a tight range-bound below $40K. This relief rally catapulted several major as well as small-cap altcoins from the bearish slumber.

After the recent market crash, Musk was at the receiving end of significant backlash, and accusations of him of being a “manipulator” who allegedly used his position and massive following to influence the cryptocurrency market started floating around. But that did not deter the Billionaire tycoon to stop.

In the latest tweet, the founder of Tesla and SpaceX, said,

“Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”

It is still unclear if he appeared to soften his stance against the environmental effect of mining the cryptocurrency. However, this tweet comes after his meeting with the CEO of MicroStrategy, Michael Saylor along with “leading Bitcoin miners in North America,” where the group reportedly agreed to form a Bitcoin Mining Council which aimed to promote energy usage transparency, ramp up sustainability initiatives across the globe.

According to Saylor, the group included big industry names such as Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain Technologies, Hut 8 Mining, Marathon Digital Holdings, as well as representatives from Riot Blockchain.

Following this news, Bitcoin gained its first prominent uptick since the downfall. The positive momentum was short-lived as the sell-off ensued at higher levels.

Bitcoin and Dogecoin, always on Musk’s radar

The ardent DOGE fan and investor had previously asked his Twitter followers to pitch ideas to “develop Doge” on GitHub or the Dogecoin subreddit page on Reddit while tagging the developers of the meme coin on the microblogging platform.

He was recently criticized by Ethereum founder, Vitalik Buterin and refuted Musk’s claims of pushing the scalability of the Dogecoin network by simply increasing protocol parameters. He went on to set the record straight by pointing out the complications associated with it, the centralization factor as well as compromises on the technological front.

Buterin also argued that it crucial for blockchain decentralization for regular users to be able to run a node.

XRP succumbs to the bear as it drops below $1

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With Bitcoin plummeting to a low of $36K, altcoins like XRP, Binance Coin [BNB], as well as Polkadot [DOT] followed suit. Almost every altcoin was seen losing all the gains acquired through the last couple of months. Additionally, the market cap of the crypto-verse witnessed a drastic fall from $2 trillion to $1.53 trillion, during press time.

XRP managed to rise over the $1 mark despite Ripple’s tiff with the SEC. The dismissal of the altcoin from several exchanges caused it to drop to a low of $0.19. This, however, didn’t last too long as it recovered from this downfall and went all the way up to $1.96. At the time of writing, following the footsteps of every others coin, XRP was trading for $0.92 with an 18.74% slump over the last 24-hours.

The market cap of the coin was $41.70 billion. This number put the coin in the seventh-place below Dogecoin [DOGE].

XRP one-day price chart on Binance

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XRP succumbs to the bear as it drops below $1 3

Looks like XRP’s stay below $1 would persist as the bears in its market remain intact. All the indicators used in the one-day price chart of XRP were inclining towards the bear. The Chaikin Money Flow [CMF] indicator manifested bearishness as the CMF marker was sliding below the zero median. The MACD indicator mirrored this sentiment. The signal line managed to retain itself above the MACD line since the beginning of May. This bearish crossover seemed to be prolonging.

Furthermore, the Awesome Oscillator indicator, with red closing bars, announced the presence of the bears in the altcoin’s market.

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XRP succumbs to the bear as it drops below $1 4

There was no major buying activity in the altcoin’s one-day price chart. On one hand, the Relative Strength Index indicator was seen heading towards the oversold zone. On the other hand, the Money Flow Index indicator noted a sellers’ market

With all the signs pointing at the bears, XRP’s journey back above $1 could take longer than expected or even disrupted.

Elon Musk addresses angry tweets against him over recent crypto market crash

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Last week, has been all about Elon Musk and the great crypto carnage. The crypto market crumbled down losing all its gains. While some remained positive despite losing out on investments, a few others have been outrightly tweeting to Musk expressing hate.

But, what did Musk do to receive this hate? Musk has time and again expressed his interest in crypto, particularly in Bitcoin [BTC] and Dogecoin [BTC]. While the tech billionaire continued supporting and endorsing DOGE, he went on to reveal that Tesla was withdrawing BTC as a payment method. This wasn’t all, the Tesla CEO also dumped all of his holdings. All this over the environmental damages that BTC causes.

This further triggered a downward trajectory that pushed BTC’s price down to a low of $36K. Soon after the aforementioned tweet, the crypto community went ballistic on Elon Musk and called him out for manipulating the market.

Elon Musk clarifies who the “true battle” was between

Musk remained mum despite receiving immense backlash over the last couple of days. In his most recent tweet, the SpaceX founder decided to address the situation. His tweet read,

“Any sufficiently advanced magic is indistinguishable from technology”

Further replying to this tweet, a Twitter user who goes by the name, Shifo asked Musk what he thought about the ongoing hate against him, over the recent crash in the crypto-verse. To this Musk replied,

“The true battle is between fiat & crypto. On balance, I support the latter.”

Furthermore, while Elon Musk’s tweet notes that he was still interested in crypto, it wasn’t clear if his perception of BTC had changed.

Replying to the same tweet, the CEO of VanEck, Gabor Gurbacs noted that every cryptocurrency was different. His tweet read,

Elon Musk
Elon Musk addresses angry tweets against him over recent crypto market crash 6

While this persists, Bitcoin continues to slump. At the time of writing, BTC was trading for $38,321 with a 5.42% drop in the last 24-hours. The market cap of the king coin was heading towards a low of $700 billion. Bitcoin’s dominance was also moving earthward as it was noted at 44.5%.

Brooklyn Nets embrace Bitcoin despite the coin’s recent plummet

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Cryptocurrencies have entered pretty much every industry. Prominent basketball team, Brooklyn Nets is the latest one to embrace digital assets.

The emergence of cryptocurrencies has put the market on a pedestal. The crypto-verse has caught the attention of many throughout the years. Crypto’s relationship with basketball goes way back as teams like Sacramento Kings have been accepting Bitcoin since 2014. BSE Global, the parent company of Brooklyn Nets, became the latest firm to announce its interest in Bitcoin.

Brooklyn Nets to accept BTC for merch and tickets

The New York Daily, recently reported that BSE Global would be inclining towards the crypto industry. The CEO of Nets, John Abbamondi pointed out that the team would soon be accepting BTC as a possible payment method in the near future. He noted that the basketball franchise would make announcements pertaining to the same in the next few weeks or months.

Bitcoin’s recent downfall has left the entire community in shock. Despite this massive slump, people were seen buying the dip. The Nets seem to be making this announcement right when the market is not in very good shape. While revealing that the basketball team had been engaging in conversations with several partners, Abbamondi added,

“We’re watching the space very closely. […] It’s a very interesting and exciting space, and I think particularly with regards to Bitcoin, I think it’s here to stay.”

Furthermore, the CEO also suggested that the firm was extremely cautious while choosing potential partners as “some of the players in this space are not as reputable as some others.”

Speaking about Bitcoin, Abbamondi pointed out Bitcoin’s potential in becoming a “force for good in the minority community.” The evolution of the crypto industry, from being associated with the dark web to growing into a $2 trillion industry has caught the eye of many. The CEO of Brooklyn Nets has joined this list as he sees “enormous potential” for the king coin.

Apart from Bitcoin, Dogecoin has been garnering a lot of traction, particularly in this sport as Dallas Mavericks, as well as Houston Rockets both, accept the altcoin.

Cardano’s strong bearish notion could push the asset down to $1

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Path to recovery or calm before the storm?

Cardano [ADA], Dogecoin [DOGE], Binance Coin [BNB], and an array of other coins were painted in green as they bid adieu to the bears. This, however, didn’t measure up to the loss these coins endured over the last couple of days. Bitcoin [BTC] was seen struggling to form a strong line of support as it was seen swinging between $40K and $41K.

At the time of writing, Cardano [ADA] was trading for $1.74 with a 3.62% rise in the last 24-hours. The asset witnessed nothing but loss over the last few days as it dropped by 7% over the week. Just five days ago, during the beginning of the crypto carnage, the altcoin went on to hit an all-time of $2.46.

Just as the market cap of the entire crypto-verse sunk to a low of $1.79 trillion, ADA’s market cap dropped down to $55 billion. This further pushed the altcoin to the fifth position.

Cardano [ADA] one-hour price chart on Binance

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Cardano's strong bearish notion could push the asset down to $1 9

Despite the 3% rise in the last 24-hours, ADA’s short-term price chart witnessed the presence of the bears. The Parabolic SAR indicator put forth dotted lines over the candlesticks further announcing a bearish momentum as any efforts towards an upward was disrupted. The Awesome Oscillator indicator laid out dainty red closing bars echoing the sentiment of the Parabolic SAR indicator.

The Relative Strength Index indicator suggested that the selling activity in the ADA market was higher than the buying activity.

Cardano [ADA] one-day price chart on Binance

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Cardano's strong bearish notion could push the asset down to $1 10

The one-day price chart of ADA resembled the ongoing notion in the crypto-market. The Bollinger Bands were wide apart noting a surge in the volatility in the ADA market. The MACD line was below the signal line which indicated a bearish crossover. A rise in volatility during this time would be unfavorable for ADA traders.

The bearish sentiment did not seem to stop people from buying the altcoin as a buyers’ predilection was noted in the ADA market.

Ethereum’s Vitalik Buterin Burns $6.7B Worth Shiba Inu Coin [SHIB]

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Shiba Inu coin [SHIB] is not the only Dogecoin knock-off to have been riding on the latter’s immense popularity. But its rise to prominence can be attributed Ethereum co-founder and crypto billionaire Vitalik Buterin’s association with it.

Vitalik Buterin Burns 41% of Shiba Inu Coins

Buterin has reportedly destroyed $6.7 billion worth of the Shiba Inu coin [SHIB]. Coin burn is a process by which digital currency miners and developers burn or permanently remove tokens from circulation, thereby reducing the total supply and hence slowing down inflation rates. Hence, this move does look promising for investors of the latest canine-featured meme coin. So far, its price has positively reciprocated and registered an uptick from $0.000013 to $0.000016 on the 17th of May.

In a note attached to the transaction, Buterin revealed that he was impressed by how the dog token communities have treated the recent round of donations made for COVID-related relief funds.

He had also stated,

“I’ve decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to crypto relief (preventing large-scale loss of life) but with a more long-term orientation,” wrote Buterin in the transaction hash”

Dog-themed Bull Part Halts

The latest move comes a week after the Ethereum exec donated 50 trillion SHIB to India Covid Relief Fund, alongside other cryptocurrencies. However after Buterin made the donation for covid relief, the value of Shiba Inu coins took a massive plunge by more than 40%. The Shiba Inu coin Founder, Ryoshi had a tacit understanding with Buterin to never sell these coins, which helped the coin to carry on artificial scarcity.

The bull run that was started by Elon Musk’s gimmicks came to an abrupt end right after Buterin went on to liquidate trillions of the tokens he was gifted.

At the time of writing. SHIB’s market cap was found at $6.49 billion, while its trading volume over the past 24-hours rose to $4.23 billion.

Cardano [ADA] and Polkadot [DOT] continue to dwell with the bull while others crash

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Cardano [ADA] and Polkadot [DOT] were the only two assets that were enjoying their stay in the bullish arena. All the other coins including Bitcoin [BTC] were losing all their gains. The king coin was back below $50K once again as it failed to form a stringent line of support. The overall market cap was also disrupted as Bitcoin slumped below $1 trillion.

Cardano [ADA] climbed on to the fourth position in terms of market cap. The asset took over altcoins like Dogecoin [DOGE] as well as XRP as its market cap hit a high of $68.16 billion, during the time of writing. Furthermore, the altcoin was trading for $2.19 with a 15% rise in the last 24-hours. The entire week was rather beneficial for ADA as it bagged gains up to 34%.

Cardano [ADA] one-hour price chart on Binance

Cardano
Cardano [ADA] and Polkadot [DOT] continue to dwell with the bull while others crash 13

The short-term price chart of ADA revealed contradicting notions. The Chaikin Money Flow [CMF] indicator suggested the intervention of the bulls as the CMF marker was over the zero median. The Awesome Oscillator, however, was noted laying out red closing bars which further insinuated the presence of the bears in the ADA market.

This confusion did not stop Cardano traders from buying the altcoin as the Relative Strength Index indicator pointed out strong buyers’ sentiment in the market.

Polkadot [DOT] one-hour price chart on Binance

Polkadot [DOT] was seen heading towards its all-time high while all the other coins were seen dropping down. The altcoin, during the time of writing, was priced at $46.18 with an 11% soar in the last 24-hours. The market cap of the altcoin was $42.85 billion.

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Cardano [ADA] and Polkadot [DOT] continue to dwell with the bull while others crash 14

DOT on its one-hour price chart revealed strong bearish sentiment. The Parabolic SAR indicator put forth dotted lines over the candlesticks further announcing bear takeover. The MACD line took over the signal line further insisting on a bearish crossover.

Additionally, a sellers’ market was noted by the Money Flow Index indicator used in DOT’s short-term price chart.

Jack Dorsey’s Square platform to refrain from buying anymore Bitcoin [BTC]

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The founder of Twitter, Jack Dorsey has time and again revealed his interest in crypto, particularly Bitcoin. Dorsey was so fond of BTC that he even went on to mention the asset on his Twitter bio. However, now, Dorsey’s payments platform, Square has revealed that the company would no longer purchase any additional Bitcoin than it already has.

Speaking at a recent interview, Amrita Ahuja, the chief financial officer of Square addressed the platform’s interest in Bitcoin and its future plans with regard to the king coin. While the Twitter CEO Jack Dorsey-led platform has already about $200 million worth of Bitcoin, its financial officer noted that this would be it.

Jack Dorsey’s Square will not add on to its $200 million worth of BTC

Jack Dorsey’s Square platform went on to buy several Bitcoins throughout 2020 and this year. While this amounted to a total of $200 million, the platform announced that for now it was done making investments. Ahuja said,

“We don’t have any plans at this point to make further purchases. There’s no plans at this point to re-evaluate where we are from a treasury standpoint.”

Bitcoin [BTC] witnessed a steep fall over the last couple of days. As the community continues to send out angry tweets at Elon Musk, the price of BTC was back below $50K. At the time of writing, Bitcoin was trading for $48,717 with a 2% drop in the last 24-hours. Despite this, Ahuja noted that there were several “opportunities” for the platform to “learn with Bitcoin.”

Albeit this, Ahuja did not entirely shoot down the potential purchase of the king coin. She added,

“We’re always evaluating and as ever, I think we’d be customer-led. [..] As we see the evolution of the bitcoin product or crypto products in general, I think we’ll make further assessments at that point.”

Additionally, the market cap of BTC was seen crumbling down below $900 billion. This further impacted the overall market cap which was noted at $2.28 trillion.

Polkadot [DOT] continues to make bulls comfortable; Could the coin be eyeing $45?

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The latest slump in the crypto-verse took several coins to the grave. Polkadot [DOT], Dogecoin [DOGE], and a few others were the only ones that seemed to have survived the recent carnage. Bitcoin [BTC] was seen recovering from its journey below $50K. At the time of writing, Ethereum [ETH] was back above $4K and all the other altcoins were seen healing. Amidst this ordeal, Dogecoin raced to the top with a price change of 32% in the last 24-hours. Despite this, DOGE remained below $1.

During press time, Polkadot was trading for $41.18 with a 6.16% surge in the last 24-hours. After hitting an all-time high of $48, the altcoin retraced and never got close to this number.

Throughout the year, altcoin was seen aiming for the moon, not only in terms of price but also in market cap. The market cap of the altcoin witnessed exponential growth which helped the asset land a spot on the top five. Now, however, DOT’s market cap was noted at $38 billion and was surpassed by the new cryptocurrency, Internet Computer [ICP].

Polkadot [DOT] One-Hour Price Chart On Binance

Polkadot
Polkadot [DOT] continues to make bulls comfortable; Could the coin be eyeing $45? 17

DOT market on the cryptocurrency exchange, Binance was exerting extreme bullishness. On the one-hour price chart of DOT, the Parabolic SAR indicator placed dotted lines below the candlesticks affirming the presence of the bulls. While the Awesome Oscillator was confused between the bulls and the bears, the MACD indicator confirmed a bullish momentum in the DOT market.

With a green closing bar, the Awesome Oscillator chose the bulls. A bullish crossover was noted as the MACD line was over the signal line. While all the signs pointed out at the bulls, the asset’s chances of surging to $45 were strong.

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Polkadot [DOT] continues to make bulls comfortable; Could the coin be eyeing $45? 18

The Relative Strength Index indicator noted that there was no major buying or selling activity in the market on the short-term price chart of Polkadot. However, the RSI marker was inclining towards the buyers’ side.

Elon Musk’s tweet leaves Bitcoin crumbling below $50K

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Bitcoin has registered more than five-fold gains. However, the asset managed to go on bombshell crash the immediate aftermath of the Tesla Chief’s latest tweet. Elon Musk revealed that his electric-car firm will no longer accept Bitcoin as a form of payment citing environmental concerns.

Taking to Twitter, Musk said that the car-maker was concerned about the “rapid use of fossil fuels” for the purpose of mining Bitcoin and transactions. The exec’s tweet also read,

“Energy usage trend over past few months is insane”

He went on to confirm that Tesla will not be selling its BTC holdings as it plans to use them for transactions as soon as the network transitions to more sustainable energy for mining.

However, this was enough for yet another high-profile dumping episode by the investors which Bitcoin to spiral down $45,000-level.

There are many players in the crypto community who were not impressed by this move. Binance CEO, CZ took a dig and said

“Elon probably did not research how much energy is required to run other [non-crypto] currencies that Tesla accepts.”

The author of the book ‘The Bitcoin Standard’ and Assistant Professor of Economics at the Lebanese American University, Saifedean Ammous was quick to point out about his aerospace manufacturer and space transportation services company SpaceX’s rockets. His tweet read,

“Unless you’ve also switched your rockets and battery manufacturing to “more sustainable energy” you’re going to look like a clueless big hypocrite here. The world needs sound money far more than it needs your rockets & government-subsidized electric cars.”

Bitcoin Manipulation Debates

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Elon Musk's tweet leaves Bitcoin crumbling below $50K 20

The recent chain of events right from the tweet prompted debates and speculations on how Bitcoin has been impacted by the billionaire’s tweet. Not to forget the Dogecoin [DOGE] drama surrounding his infamous memes and subsequent appearance on SNL. For novice crypto investors, the ferocious crash is a reminder that the cryptocurrency’s steady consolidation can turn south in a jiffy, and much of the market still remains opaque.

VanEcK had previously debunked the energy consumption theory and reported that 76% of Bitcoin miners utilize renewable energy sources. 39% of total miner energy consumption comes from renewable sources of energy.

In any case, Musk, being one of the world’s biggest advocates of BTC and a billionaire who serves as a founder of two massive tech companies to ever exist in the world, interestingly did not know about coin’s mining’s impact on the environment before announcing Tesla’s investment of $1.5 billion in it. Hence, it is natural that there is also widespread doubt over his intentions.