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Elon Musk: Tesla Would Resume Accepting Bitcoin, Most Likely

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Elon Musk and Jack Dorsey finally had their face-to-face talk about Bitcoin at “The B Word” event today. Joined by Cathie Wood and moderated by Steve Lee, their long-awaited talk was largely bullish all around – including on Bitcoins energy use, which Elon says he is now more optimistic about.

  • The three began by citing what got them interested in Bitcoin. Elon saw it as an improvement to the “information system” that supports the economy as a whole
  • On Scalability, Musk admits that while he would like to consider greater block sizes for Bitcoin, he believes that a well-implemented second layer, such as lightning, will allow it to scale so that it becomes the currency of the world.
  • Moving on to energy use, Elon re-explained the initial reason why Tesla stopped accepting purchases in Bitcoin, referencing an increasing use of fossil fuels.
  • However, he now says Bitcoin mining is moving towards majority renewable energy, due to many coal plants now shutting down in China. He’d like to do more diligence to confirm that energy use is at or above 50% renewable and establish that this trend is continued, but he says he will most likely resume Bitcoin purchases for Tesla now.

“I do believe that long term, renewable energy will actually be the cheapest form of energy, but it just doesn’t happen overnight. But as long as there is a long-term trend toward the use of renewable energy by the community, Tesla can support that.” according to Elon Musk.

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Source: https://cryptopotato.com/elon-musk-tesla-would-resume-accepting-bitcoin-most-likely/

Blockchain

Crypto Markets Turn Red After Amazon Denied Reports of Accepting BTC (Market Watch)

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The past couple of days were particularly turbulent in the cryptocurrency market. This was largely propelled by Bitcoin’s rally, as the cryptocurrency managed to surge as high as $40,580 yesterday, before tumbling to where it’s currently trading at around $37,300.

Bitcoin Price Pulls Back Following Amazon’s Statement

Over the past few days, Bitcoin is on an impressive streak. From the lows at around $29K to yesterday’s high at $40,580, BTC was up almost 40% in six days. This was propelled by quite a few things.

Technical indicators aligned perfectly with bullish on-chain data, producing a considerable increase. In turn, the initial leg up also caused a string of a massive liquidation of BTC short positions (a.k.a a short squeeze). It saw millions worth of shorts being squeezed out, cascading the effect and pushing the price further to the upside.

Another potential reason for the surge was the fact that reports started circulating, indicating that Amazon has plans of accepting Bitcoin this year. However, the company went out and officially denied these rumors, saying that there’s no such thing and they do not, in fact, intend to accept BTC this year.

Since then, bitcoin’s price started declining. At the time of this writing, it’s trading at around $37,300, down about 2% in the past 24 hours.

btcusd_chart
BTC/USD. Source: TradingView

Altcoins Follow: Market Goes Red

To no surprise, the entire market took a beating alongside Bitcoin.

It’s worth noting, though, that the BTC dominance index has increased slightly in the past 24 hours, revealing that altcoins, in fact, had it worse. This is how the market looks like over the past day of trading:

quantifycrypto_chart
Cryptocurrency Market Heatmap. Source: Quantify Crypto

As seen, the predominent color is red as all the cryptocurrenices are charting declines to a certain degree.

Ethereum (ETH) is down about 5%, BNB – 4%, ADA – 6.8%, DOGE – almost 9%, and so forth. In any case, it’s also important to keep in mind the overall increase over the past week, as a lot of the cryptocurrencies, despite the current losses, have managed to reclaim important technical levels on their way to recovery.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/crypto-markets-turn-red-after-amazon-denied-reports-of-accepting-btc-market-watch/

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Blockchain

Crypto Markets Turn Red After Amazon Denied Reports of Accepting BTC (Market Watch)

Published

on

The past couple of days were particularly turbulent in the cryptocurrency market. This was largely propelled by Bitcoin’s rally, as the cryptocurrency managed to surge as high as $40,580 yesterday, before tumbling to where it’s currently trading at around $37,300.

Bitcoin Price Pulls Back Following Amazon’s Statement

Over the past few days, Bitcoin is on an impressive streak. From the lows at around $29K to yesterday’s high at $40,580, BTC was up almost 40% in six days. This was propelled by quite a few things.

Technical indicators aligned perfectly with bullish on-chain data, producing a considerable increase. In turn, the initial leg up also caused a string of a massive liquidation of BTC short positions (a.k.a a short squeeze). It saw millions worth of shorts being squeezed out, cascading the effect and pushing the price further to the upside.

Another potential reason for the surge was the fact that reports started circulating, indicating that Amazon has plans of accepting Bitcoin this year. However, the company went out and officially denied these rumors, saying that there’s no such thing and they do not, in fact, intend to accept BTC this year.

Since then, bitcoin’s price started declining. At the time of this writing, it’s trading at around $37,300, down about 2% in the past 24 hours.

btcusd_chart
BTC/USD. Source: TradingView

Altcoins Follow: Market Goes Red

To no surprise, the entire market took a beating alongside Bitcoin.

It’s worth noting, though, that the BTC dominance index has increased slightly in the past 24 hours, revealing that altcoins, in fact, had it worse. This is how the market looks like over the past day of trading:

quantifycrypto_chart
Cryptocurrency Market Heatmap. Source: Quantify Crypto

As seen, the predominent color is red as all the cryptocurrenices are charting declines to a certain degree.

Ethereum (ETH) is down about 5%, BNB – 4%, ADA – 6.8%, DOGE – almost 9%, and so forth. In any case, it’s also important to keep in mind the overall increase over the past week, as a lot of the cryptocurrencies, despite the current losses, have managed to reclaim important technical levels on their way to recovery.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/crypto-markets-turn-red-after-amazon-denied-reports-of-accepting-btc-market-watch/

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Huobi Files to Dissolve Chinese Entity Following Recent Cryptocurrency Crackdown

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One of the leading cryptocurrency exchanges, Huobi, has filed to dissolve an entity based in China. This comes as the country escalates its efforts to clamp down on the cryptocurrency industry, in general.

  • Evident in Chinese business registration archives, the entity’s management has filed a Resolution to dissolve On July 22nd, this year.
  • The announcement further reads that “creditors are requested to declare their claims to the liquidation team within 45 days from the announcement date.”
  • Listed as a claim contact person, as well as the head of the liquidation team, is Huobi Group’s founder and CEO, Lin Li.
  • It’s worth noting that Huobi has moved its exchange out of China quite a while back, and it’s unlikely that this will affect its services. As of now, Huobi Group is based in the Seychelles.
  • In any case, the move comes amid a broader crackdown on behalf of China towards the entire cryptocurrency industry.
  • Just this month, China’s Central Bank shut down a company that provides services for cryptocurrency transactions.
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Source: https://cryptopotato.com/huobi-files-to-dissolve-chinese-entity-following-recent-cryptocurrency-crackdown/

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