BTC and ETH Rallies to Confirm Double-Bottom Pattern, Those Sitting in Stablecoins to Take Them Higher

Now that Alameda Research, Tesla CEO Elon Musk, Bitcoin shorts, and speculation over Amazon’s potential involvement in the cryptocurrency sector have done their part. $40k is the point of interest which is the largest OI for the upcoming BTC options expiry this Friday.

In a strong upwards move, Bitcoin has bounced off of $29,350 low last week to $39,800 on Coinbase in the late hours of Sunday or early on Monday.

Up 11% in the past 24 hours and over 21% in the past week, the price of Bitcoin has now reached a level not seen in nearly six weeks.

While Bitcoin has breached the key level of $35,000, Ether also rallied to more than 7% to almost $2,400, a level last seen earlier this month. In the past week, ETH has soared nearly 24%.

With this move, both Bitcoin and Ethereum have confirmed a classic double-bottom pattern. This pattern signals the reversal and the beginning of a potential uptrend.

This uptrend that pushed BTC above the crucial technical level for the first time since early May came in the aftermath of Tesla CEO Elon Musk’s conference with Ark Investment Management LLC’s Cathie Wood and Twitter CEO Jack Dorsey, where he revealed that he himself owns BTC, ETH, and DOGE and his other company SpaceX is also a long term holder of the leading cryptocurrency. And, of course, he only pumps and never dumps.

Interestingly, FTX CEO Sam Bankman-Fried’s quant trading firm Alameda Research put a bottom last week.

Alameda is “buying a LOT more over the past day or so,” shared Sam Trabucco, a trader at Alameda. “We’re continuing to buy down here, because it really just seems like too much points that way.”

From here, those sitting on the sidelines in the safety of the stablecoins are expected to drive the market further. Stablecoin supply on crypto exchanges also remains high.

For BTC, $40k is expected to be the level where taking it out convincingly will mean, “we are heading towards $50K quite quickly as there is a lot of crypto native capital that is still sitting on the sidelines,” according to SpartanBlack of crypto fund The Spartan Group. “If we break this level, the bull market is back, and a ton of capital will pile in.”

$40k is also the largest open interest for the upcoming bitcoin options expiry this Friday, as per Skew.

The short squeeze also drove this rally as 103,889 traders got liquidated for $1.14 billion in the past 24 hours. With Binance no more showing complete liquidations, it is expected to be a much bigger figure.

Total open interest on Bitcoin futures also dropped by more than 50k BTC — currently at 349.7k BTC from over 400k BTC less than a week back.

Interestingly, after a brief jump in funding rate, the highest is currently on FTX at 0.0168% and still negative on the majority of the exchanges. On Sunday, the funding rate on FTX and Deribit also decoupled from the rest of the market by being positive.

Trader CL of eGirl Capital meanwhile noted that almost every FTX altcoin September futures have been in multi-week/month backwardation. These fixed interest rate markets are of importance as they are an approx. Summary of OTC desk rates for borrow, he added.

Additionally, “bybit traders have been selling their spot coins, into USDT, and migrating to USDT futures,” which means these traders that dumped all their coins would have to buy back to take part in this rally, stated CL.

Some also attributed this rally to ongoing speculation over Amazon.com’s potential involvement in the crypto sector.

The tech giant is not only hiring for a cryptocurrency and blockchain lead but also looking to accept Bitcoin payments “by the end of the year” with its very own native token to make payments and earn loyalties in on the cards for 2022 reported a media publication citing an insider.

“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” an Insider told City AM.

“It begins with Bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top… Jeff Bezos himself.” The plan, which has been ongoing since 2019, apparently also involves moving to other big cryptocurrencies like Ethereum, Cardano, and Bitcoin Cash once a fast and secure method of Bitcoin payment is established.

“This entire project is pretty much ready to roll,” they added.

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Author: AnTy

Fundstrat’s Tom Lee Increases Bitcoin Price EoY Target to $125k Following Elon Musk Bashing BTC

Fundstrat’s Tom Lee Increases Bitcoin Price EoY Target to $125k Following Elon Musk Bashing BTC

VC Pantera Capital is of a similar opinion, saying Bitcoin price is on track to their prediction of $115,212 in August 2021 and if the market takes longer, natural trend growth would hit that level in Feb. 2022.

Fundstrat Global Advisors managing partner Tom Lee is unperturbed by Tesla CEO Elon Musks’ warnings about Bitcoin. He continues to be bullish on the largest cryptocurrency and doesn’t see this having a negative impact on it either. Lee said in an interview with Insider,

  • “I don’t think it’s going to get people negative on bitcoin, but it is going to get people to focus on the problems that are being created by digital assets.”
  • “It is probably better to view it as a call to action for the bitcoin industry to focus on renewables or more efficient ways to provide proof of work.”

Talking about Musk suspending Bitcoin payments, Lee said it makes sense given that Tesla is preferred for being ESG-friendly. He said,

“I imagine it would have been tough to accept bitcoin as payment because of the volatility.”

“So as a practical, treasury matter, unless Tesla is hedging the bitcoin transaction at the time of purchase, I don’t know if it’s great from a company perspective.”

Bitcoin Price on Track

In response to Musk calling Bitcoin an environmental concern and being highly centralized, the price of BTC fell to $42,150, a pullback of 35% from its ATH.

However, Lee is confident in Bitcoin and actually upgrades his BTC price outlook from $100,000 to $125,000 by the end of this year.

VC Pantera Capital is of a similar opinion, saying Bitcoin is at “fair value.” The company May investor letter said,

“Bitcoin has been remarkably steady in having a compound annual growth rate of 230% — over ten years. There’ve been a few bubbles…a few bursts…but generally it’s been consistent. The 10-year regression value for bitcoin today is $55,350.96 – which is exactly where it is.”

Fair value marks “a good time to buy” Bitcoin per Pantera, which means the current price of $45,600 makes it cheaper.

image1

Pantera Capital further shared a “fun perspective” noting in 2013, Bitcoin peaked 1,678% above fair value against the current regression model while the 2017 peak’s premium was 667%, 60% lower, 1,477 days later. It added,

“If the same amount of time occurred between that peak and the next and the premium fell by 60% again, Bitcoin would hit $370,554 on New Year’s Day, 2022.”

According to them, Bitcoin is on pace for Pantera’s price prediction from April 2020, according to which BTC would be worth $115,212 in August 2021. If the crypto asset takes longer, “the natural trend growth would hit that level February 20, 2022,” it added.

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Author: AnTy

Tesla’s Elon Musk Considers Accepting Dogecoin As Payment For Cars in New Twitter Poll

Tesla’s Elon Musk Considers Accepting Dogecoin As Payment For Cars in New Twitter Poll

  • Months after introducing Bitcoin as payment for purchasing Tesla sedans, Elon Musk is now considering adding Dogecoin.
  • The billionaire started a Twitter poll asking his followers whether or not Tesla should accept Dogecoin.

Musk Continues His DOGE Campaign

Musk asked his almost 54 million followers on Twitter if they wanted Tesla to accept Dogecoin. So far, the poll had received no less than 2 million votes, with the overwhelming majority replying “Yes.”

Musk has been one of the meme coin’s most vocal and prominent supporters. He is known to have tweeted about Dogecoin severally and even once called it his favorite cryptocurrency. These tweets have helped to affect the price of Dogecoin over the months, making it rise exponentially.

The Tesla CEO’s new move comes after his appearance on the last Saturday Night Live show, in which some comments about the coin triggered a downturn in the cryptocurrency’s price.

The cryptocurrency had reportedly fallen by 35% after the show as it struggled to reach $0.47 against the dollar. By Sunday evening, it recovered slightly to reach $0.49, but that was still well below the $0.73 to $0.68 it hit before the weekend. Doge is still currently at $0.49, according to CoinMarketCap.

Dogecoin’s price tumble led to over $280 million liquidations reported across different cryptocurrency exchanges, with Binance leading with the largest single liquidation order valued at $12.07 million.

Dogecoin was originally created as a joke in 2013 by founders Billy Markus and Jackson Palmer. It was solely based on the Doge meme, an image depicting a dog of the Shiba Inu breed, whose inner monologue is displayed in comic sans font.

Tesla’s Interest May Push Other Companies To Accept Dogecoin

Over the past year, Dogecoin has risen in popularity and price. However, it has not been accepted widely by institutional investors, unlike Bitcoin, for example.

Musk’s possible move of making Dogecoin a payment method for Tesla may encourage other institutional investors to warm up to the meme-based coin.

Tesla already accepts Bitcoin (BTC) as a payment method for its electric vehicles. The company made the announcement back in March while also stating its intentions to run a Bitcoin node. Tesla also holds Bitcoin in its portfolio after purchasing $1.5 billion worth of the asset in February.

Meanwhile, Dallas Mavericks owner Mark Cuban is also a known supporter of Dogecoin. The professional basketball team announced its acceptance of Dogecoin as payment for tickets, games, and team merchandise in March, making it the first merchant to do so.

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Author: Jimmy Aki

Tesla Simply Trimmed its BTC Position, Which Remains Increased as a Percentage of its Balance Sheet

While CEO Elon Musk points to liquidity, CFO reiterates the company’s long-term belief in the value of Bitcoin.

Electric car maker Tesla released its earnings report, which revealed that the company sold a small portion of their $1.5 billion Bitcoin investment.

Tesla sold about 10% of its holdings and generated $101 million in income from it.

But of course, the BTC sold wasn’t at the cost of acquisition. Tesla’s $1.5 billion investment was already doubled, increased in value by $1.7 billion. The company only sold $272 million out of the total increased holdings in USD terms at $3.2 billion.

Tesla just trimmed its position, and as Nic Carter of Coin Metrics noted a few days back, many allocators have target bands, and they aim to keep the share of their portfolio relatively fixed.

“So if BTC rallies, they take profits, and if BTC sells off, they buy. This is countercyclical & suppresses volatility,” he said at the time.

Reporting a $272 million gain on “digital assets,” the company said on Monday that it generated $101 million in income from the Bitcoin Investment that helped it beat analysts’ estimates for profit in the first quarter.

Bitcoin accounted for much of Tesla’s record profit in Q1 as stripping out the Bitcoin gain, Tesla’s adjusted net income was $337 million, roughly the same as the Q3 2020 at $331 million.

The crypto market was initially perturbed by the news, and the price of Bitcoin dipped about 3.3%. But soon, the concerns were lifted as CEO Elon Musk explained,

“I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”

The price then went even higher, and currently, it is trading around $55k, as Tesla’s chief financial officer further reiterated the company’s commitment to the cryptocurrency.

“We do believe long-term in the value of Bitcoin,” CFO Zachary Kirkhorn said on the conference call. “It is our intent to hold what we have long-term and continue to accumulate Bitcoin from transactions from our customers as they purchase vehicles.”

The company reported a record quarter with its automotive gross profit margin at 25.8% or 21.1% after slashing the regulatory credits. In absolute dollar terms, this was the biggest quarter ever at about $2.25 billion.

Vehicle deliveries also set a new record recording an increase of 31%. But model S and X only had 2,000 deliveries, 89% fewer than the last quarter.

Tesla, which has been leading the global market with a 24% market share, sees a slight drop as the share of other companies like Volkswagen AG is seeing a jump, from 4% to almost 9%.

But according to Tesla, “As more OEMs join our mission by launching EVs, we believe consumer confidence in EVs continues to increase, and more customers are willing to make the switch,” it said in a statement.

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Author: AnTy

Tesla’s Elon Musk Is In Support of Bitcoin Incentivizing Renewable Energy

Tesla’s Elon Musk Is In Support of Bitcoin Incentivizing Renewable Energy

While ignorant people would like to say that Bitcoin is destroying the planet, according to some, it was supposed to consume all the world’s energy by 2020, this is not the case, and Elon Musk, whose Tesla is working towards a “sustainable energy future” by relying on renewable energy is in agreement to this.

On Wednesday, Twitter co-founder and CEO Jack Dorsey came in support of Bitcoin that it incentivizes renewable energy, with which Musk agreed.

Dorsey’s Square Crypto has released a report in collaboration with Cathie Wood’s Ark, whose funds invest in Tesla, Square, and crypto, arguing for “bitcoin as a key driver of renewable energy’s future.”

The whitepaper explains how the Bitcoin network functions as a unique energy buyer that could enable society to deploy substantially more solar and wind generation capacity.

Both wind and solar produce cheaper energy than fossil fuels but produce too much energy when demand is low and now enough when high. As such, it proposes an ecosystem of solar/wind, batteries, and bitcoin mining coexisting to form a green (cleaner and more resilient electricity) grid that runs almost exclusively on renewable energy.

Bitcoin mining then can encourage investment in the solar system, enabling renewables to generate a higher percentage of grid power with potentially no change in the cost of electricity.

“We believe that the energy asset owners of today can become the essential bitcoin miners of tomorrow.”

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Author: AnTy

Tesla CEO Now Sets His Eyes on DeFi, But The Elon Effect on Price Is Absent

Tesla CEO Now Sets His Eyes on DeFi, But The Elon Effect on Price Is Absent

Tesla CEO Elon Musk continues to get deeper and deeper into cryptocurrencies, having covered Doge, Bitcoin, NFT to now DeFi.

On Thursday, Musk took to Twitter to announce “Don’t defy DeFi.”

This obviously sent the Crypto Twitter (CT) into euphoria and, of course, to Musk’s comment section with their memes and shills.

“Replacing banks with code,” commented David Gokhshtein.

Arthur_0x of DeFinance Capital took this as an opportunity to propose adding support for fiat-backed cryptos as well. “Do allow us to pay for Tesla in stablecoins as well,” commented Arthur.

Bitcoin Fork or Doge?

Just yesterday, Musk announced that the electric car maker would now be accepting Bitcoin as payment. Adding to this bullish news is the fact that any BTC received will be retained as Bitcoin and not converted to fiat currency.

The company’s supporting documentation clarified that any crypto asset other than Bitcoin, name mentioning the forks BCH and BSV, isn’t accepted. “Our Bitcoin digital wallet is not configured to detect or receive digital assets other than Bitcoin,” the company said.

Internet entrepreneur Kim Dotcom argued that Bitcoin transactions involve high costs compared to its fork Bitcoin Cash (BCH). BCH -0.21% Bitcoin Cash / USD BCHUSD $ 478.21
-$1.00-0.21%
Volume 2.43 b Change -$1.00 Open $478.21 Circulating 18.69 m Market Cap 8.94 b
8 h Tesla CEO Now Sets His Eyes on DeFi, But The Elon Effect on Price Is Absent 1 d Free Crypto Trading App Robinhood Files S-1 Paperwork With SEC to Go Public 4 d Fortress Investment Offering an Early But Discounted Payout to Mt. Gox Creditors

“Try and buy a Soda with Bitcoin,” Dotcom tweeted while sharing that Bitcoin’s median fee is $8.92 while BitcoinCash’s median fee is a mere $0.001.

“Over half of all cash payments worldwide are under $10. BCH is serving the mass market, not just the 1%,” he said. “That’s why Bitcoin Cash.”

Musk responded to Dotcom’s argument with “Fair point.”

Musk also responded with the emoji of a pair of eyes to one Twitter user, suggesting that Dogecoin DOGE -1.30% Dogecoin / USD DOGEUSD $ 0.05
$0.00-1.30%
Volume 1.09 b Change $0.00 Open $0.05 Circulating 128.91 b Market Cap 6.62 b
8 h Tesla CEO Now Sets His Eyes on DeFi, But The Elon Effect on Price Is Absent 1 d Free Crypto Trading App Robinhood Files S-1 Paperwork With SEC to Go Public 6 d Robinhood Is Working Fast on A ‘Wallet’ Feature; CEO says Might Add New Coins Too
would rather be the best choice with “fast speeds and low fees,” making for ”an actual spendable cryptocurrency.”

Not Effect on Price

Musk’s announcement sent the price of Bitcoin higher above $57,000, only to lose all the gains the same day. Today the BTC price fell even lower to $50,350, down 18.5% from March 13 all-time high shy of just $62,000. BTC -2.33% Bitcoin / USD BTCUSD $ 51,579.86
-$1,201.81-2.33%
Volume 66.93 b Change -$1,201.81 Open $51,579.86 Circulating 18.66 m Market Cap 962.71 b
5 h Coinbase Selected By Meitu For $90 Million Crypto Purchase and Custody 5 h CBOE Now Wants Back In, CEO says ‘Haven’t Given Up’ on Bitcoin Futures & We ‘Need’ to be Here 6 h $1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k

As we started to see with DOGE, Musk’s tweets about crypto, which has been increasing in number, have been losing their effect on prices, or they soon get reversed as in Bitcoin’s case.

As for the DeFi market, the prices have been declining since yesterday in tandem with Bitcoin and that continues today with DeFi coins down 10% to 20%.

This week, the DeFi sector has wiped out about $15 billion from its market cap, which currently stands at $82.8 billion, as per CoinGecko.

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Author: AnTy

Elon Musk: The “One Coin to Rule Them All” is Not Bitcoin

Elon Musk: The “One Coin to Rule Them All” is Not Bitcoin

Elon Musk continues to make headlines, and this time he tweeted that he “bought some Dogecoin for lil X, so he can be a toddler hodler.”

Doge continues to receive love from Musk, who time and again sends its price flying, currently trading at $0.072.

“The most ironic outcome would be Dogecoin becomes the currency of Earth in the future,” Musk said earlier this month.

Interestingly, sometime ago, Dogecoin decided to support merged mining with Litecoin and other Scrypt based coins, which allow users to mine DOGE and other coins at the same time. While the hash rate for DOGE is in line with LTC, the former remains less labor-intensive for the time being.

Now, the profitability of mining DOGE has matched LTC, which Denis Vinokourov of Bequant says “could herald the new era of flippening.”

Besides sending love towards DOGE, Musk also shared an important message saying, “Any crypto wallet that won’t give you your private keys should be avoided at all costs.”

This advice came in regards to the FreeWallet app sharing DOGE’s wild rally, which prompted Musk to impart the most important thing about owning your crypto holdings, “not your keys, not your coins.”

Earlier this week, Musks’ Tesla announced that it had purchased $1.5 billion worth of Bitcoin, which sent the digital currency’s prices to new highs. Now the market is excited to know which company would be the next to follow in Tesla’s footsteps.

Following Tesla, even Twitter is considering adding Bitcoin to its balance sheet, revealed the company CFO, who said no changes had been made yet. Nathan Cox, CIO at investment firm Two Prime, said,

“These are just the early innings of corporate adoption, as digital currencies are beginning to play a larger role in robust balance sheet management.”

Senator Cynthia Lummis also took this move by Tesla, which has already been made by MicroStrategy and Square months back, as an opportunity to point out that people and companies are shifting to digital currencies because of the debasement of fiat currency, for which Congress’ lack of fiscal discipline is largely responsible. She said,

“Congress’ debt addiction is decimating savers return on their hard-earned dollar. The potential to address that, if Congress fails to address its own debt-fueled spending addiction, is the most compelling reason to follow digital assets extremely closely.”

For Bitcoin, what works in its favor is its finite supply that creates a meaningful store of value and the decentralized network that constantly confirms and secures the publicly available ledger.

Most importantly, she said, it “is the potential for savers to be rewarded with an appreciating (or at least stable) asset.”

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Author: AnTy

GBTC Premium Collapses Under Zero For the First Time Ever, But its Biggest Holder Calls for ‘Up’

Another day, another Elon Musk induced pump. However, this time, it was a smaller one as Bitcoin only went to $34,700, and we are back under $33,000.

While sharing his support for BTC, Musk said he sees Bitcoin on the “verge of getting broad acceptance by conventional finance people.”

That’s to be expected as ever since last year, with central banks around the world printing money and debasing fiat currencies, institutional investors, family offices, and endowment funds have been taking a special interest in Bitcoin.

“As Bitcoin gains more mainstream adoption, participants are now more sophisticated investors,” said Joel Revill, CEO of Two Ocean Trust, a wealth management firm.

Hedge Funds Short on Bitcoin

While Bitcoin is resting, for now, the market sees this as a healthy sign for a higher move later. Not to mention, the network fundamentals are stronger than ever, with a hash rate near ATH and difficulty at its peak.

January actually saw the Bitcoin network at its all-time high with more than 22.3 million unique addresses active in the network sending or receiving BTC – the highest monthly number in Bitcoin’s history to date, as per Glassnode.

Bitcoin may also finally get the attention of retail investors from Wall Street Bets, given that hedge funds are record short on Bitcoin.

Wall Street bets have been pushing the prices of the heavily shorted company shares to the moon, which has led to the largest active hedge fund deleveraging to happen since Feb. 2009, as per Goldman Sachs.

As retail traders come together to pump the prices, hedge funds are selling their long positions and covering their shorts in about every sector in an attempt not to be the next Melvin Capital, which lost 53% on its investments in January.

While the traditional market investors have started to take the crypto route after Robinhood halted trading for the popular stocks and later limited their buy limits, we have yet to see the herd come for Bitcoin.

GBTC Premium Plunges into Negative

Hedge funds on CME are short on Bitcoin futures for more than $1 billion, which means they are betting that the price of the leading digital will fall. They have been increasing their short positions since October when the BTC price started climbing.

During this period, the price of Bitcoin went from about $10,000 to an all-time high of $42.000 in early January, and ever since then, it has been raging between $30k to $40k.

As data provider Skew has previously shared, these leveraged funds, while short on CME Bitcoin futures, are likely to be long on Grayscale Bitcoin Trust (GBTC) trying to collect the Grayscale premium and the CME futures basis.

Interestingly, for the first time ever, the GBTC premium, the difference between the market price of bitcoin and the implied price by GBTC, has gone negative today. This premium has been dropping ever since Dec. 22nd, 2020, when it was above 40%.

On Friday, as GBTC shares traded at a discount of -1.5%, Crypto enthusiast with Twitter handle AusteritySucks commented, “Whales who got in at NAV impatient, or retail dumping scared? guessing the former.”

This could be because of fading demand for Bitcoin over $30k or increasing competition with BlockFi, Ninepoint Partners, and other filings for a Bitcoin trust. Overall, it needs to be seen if it’s only been a blip or it will persist.

What’s important is that Three Arrows Capital, the biggest GBTC holders, are bullish on Bitcoin, with one of the co-founders Kyle Davies calling for “up.”He tweeted,

“BTC 30k to 40k, the mkt got greedy with leverage and was punished for its sins back to 30k. Reborn deleveraged, Robinhood’s centralized gaffe, and the planet’s wealthiest innovator publicly joining the winning team. The time has never been better for a decentralized future.”

Moreover, Guggenheim’s proposed SEC filing to buy $500 million in Bitcoin via GBTC has been officially effective from Jan. 31st, 2021.

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Author: AnTy

Is Tesla’s Elon Musk Becoming A Bitcoin Fan? Understanding BTC’s Value In Transactions

Is Tesla’s Elon Musk Becoming A Bitcoin Fan? Showing His Understanding by Promoting its Latency Reduction in Transactions

Elon Musk has been sharing pro-Bitcoin, and Dogecoin sentiment for a while. Will the Tesla CEO become the world’s biggest institutional crypto investor?

Elon Musk, the second-richest man in the world and chief executive of Tesla Motors Inc., has been flirting with the possibility of making a significant investment in Bitcoin for a while now.

Last week, the billionaire shared some of his thoughts about money, displaying that he appears to understand Bitcoin and its potential finally.

Latency Reduction Wins

Musk had engaged in a lengthy Twitter conversation that began with famous writer Ben Mezrich (who wrote ‘Bitcoin Billionaires‘ about the Gemini owned Winklevoss Twins), who claimed that he would never turn down the option to get paid in Bitcoin if he was ever offered.

The billionaire answered in the affirmative, prompting a Bitcoin-friendly Twitter user reply about the limitations of gold and fiat currency when it comes to acting as currency. Replying to the user, Musk provided his view of money, saying:

“The thing we call money is just an information system for labor allocation. What actually matters is making goods & providing services. We should look at currencies from an information theory standpoint. Whichever has least error & latency will win.”

Elon Musk CEO of Tesla, SpaceX & Dogecoin

With his comments, Musk appeared to have been pumping Bitcoin. The leading cryptocurrency has proven to be much faster than conventional systems that facilitate money and asset transfers.

As he said, latency reduction should be the objective of payment processors, especially in cross-border transactions. However, with the SWIFT global banking system proving to be both slow and expensive, Bitcoin provides a viable alternative.

Crypto Investor Musk?

The second-richest man has been making more overtures to Bitcoin over the past few months, suggesting that he might make a big-money splash and join the growing ranks of institutional investors.

Following Bitcoin breaking its previous all-time high of $20,000, Musk tweeted a meme suggesting that the leading cryptocurrency was looking rather tempting.

Picking up on the meme was Michael Saylor, the chief executive of Virginia-based business intelligence firm MicroStrategy.

Saylor counseled that Musk could convert Tesla’s entire balance sheet into Bitcoin, explaining that the move could be a “$100 billion favor” to the automaker’s shareholders. The CEO added that he could always share his playbook with Musk.

MicroStrategy made a significant splash in the crypto space last year, investing close to $1 billion in Bitcoin across several transactions. Last month, it completed a $650 million capital raise after releasing convertible senior notes to investors. As the company claimed, it would use most o the funds raised to make Bitcoin purchases.

The Virginia-based firm is now looking to counsel other companies looking to make similar moves. This week, MicroStrategy announced a conference tagged “Bitcoin for Corporations,” open to any company looking to move to the Bitcoin standard and convert its reserves to the asset.

It’s improbable that Musk will make such a move, although he could put any of his estimated $181 billion wealth into the leading cryptocurrency.

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Author: Jimmy Aki

Elon Musk Selling DOGE Gives Dogecoin Another Pump

Tesla CEO Elon Musk has joined the party but late this time.

Last time, the zoomers weren’t able to realize their mission of taking DOGE off to $1 but it looks like Musk is here to make it a reality this time, or not.

The co-founder and CEO of SpaceX is back at tweeting about his favorite coin Dogecoin. Today, in a tweet, he memes about the “inevitability” of the Dogecoin standard overtaking the global financial system.

In a few hours, the price of DOGE jumped more than 24%. Currently, it is trading around $0.00345, still up over 14%.

In a separate tweet, Musk said “I only sell Doge!” which was in response to one user asking “where’s my fucking bitcoin.”

Earlier this week, the major twitter accounts including Musk’s were hacked to promote a bitcoin-related giveaway scam. According to the New York Times, it is reportedly an insider job.

Currently, the focus is on taking the bitcoin addresses to get to the hackers, the scam addresses have a history of “gambling on Bitmex and Coinbase usage.”

The hackers were only able to scam 12 BTC worth $120,000 out of people, the funds are currently on the move through mixing and merchant services.

Pump only to Dump

This isn’t the first time Musk has tweeted about DOGE and that has resulted in the altcoin’s price jumping. Back in April 2019, DOGE spiked 44% only to retrace to the price level where Musk mentioned the crypto.

“Bro where were you last week? We could have pumped this thing to not $1 but $2,” commented trader Josh Rager.

Earlier this month, the retail activity in equity markets spilled into the digital currency markets as a viral challenge on the popular social app Tik Tok saw users talking about pumping Dogecoin to $1.

The price of DOGE went to only about $0.0050 but its market cap jumped 150% to $700 million and its trading activity went off the charts.

The meme coin had since then pulled back to the level the pump started before Musk jumped in to pump the coin once more but these gains are also slowly wiping out.

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Author: AnTy