Breaking news this week
Bitcoin loses 6% within an hour after Tesla rejects payments due to carbon issues
It had already lost its dominance in the cryptocurrency rankings as altcoins’ strength grew, and Bitcoin’s situation worsened this week when Elon Musk sent a shocking message.
On Twitter, the billionaire revealed that the purchase of Tesla cars that use BTC has been halted amid concerns about the environmental impact of cryptocurrencies.
While Musk said that Tesla has no plans to sell more of its bitcoins, he confirmed that the company is studying other, less energy-dependent cryptocurrencies.
BTC entered into freefall after a surprising announcement that seemed to surprise traders. It fell to $ 46,980.02 and has struggled since then to hold in excess of $ 50,000.
Elon Musk reacted to the bomb as dealers started buying on the deflationary
Unsurprisingly, Mask’s announcement sparked outrage in the cryptocurrency community.
Given that energy use in the blockchain is nothing new, many have not understood what has changed since Tesla invested $ 1.5 billion in Bitcoin just a few months ago.
Some accused the CEO of engaging in “pump and dump” scams by manipulating the market with 280 characters. Others insisted that miners mostly use renewable energy, but the data shows this may be a little decoration. While 76% of miners use renewable energies part-time, the University of Cambridge estimates that only 39% of the total energy consumed by reliable cryptocurrencies is green.
David Portnoy, founder of Barstool Sports Musk, also tore down Musk, accusing him of “playing with the fate of people and their wealth.”
Others have indicated that proof of work is crucial to Bitcoin and tried to reassure investors that the cryptocurrency is proving to be resistant to cash.
Saifuddin Amous, author of The Bitcoin Standard: A decentralized alternative to the central bank, was also fluent, told Musk, “Unless you also convert missile and battery production into“ more sustainable energy, ”you should look like an ignorant big guy. The world needs more money. Many of your government-subsidized missiles and electric cars. ”
Ether surpasses the $ 500 billion market value for the first time
ETH was inevitably taken over by the cryptocurrency market. But before Tesla’s drama unfolded, the show was stolen, reaching a number of astrological milestones.
The second largest cryptocurrency in the world jumped to $ 4,362.35 and in a short time its market value exceeded $ 500 billion for the first time. It came on the heels of ETH, which entered unique territory, and topped $ 4,000 on Monday.
High Ether gave it a higher rating than Visa and JPMorgan.
While some long-term impact of Tesla’s announcement remains to be seen, analysts believe that the ETH 5000 victory is still a question, not when.
DOGE is amplified when Elon Musk says it works with developers to “improve efficiency”.
Musk’s fingerprints weren’t just on Bitcoin this week. It appears he has long since hosted Saturday Night Live and sent out a DOGE award sharply after an eccentric businessman called a cryptocurrency joke “rubbish.”
Dogecoin lost 40% of its value in 24 hours from Saturday to Sunday, to $ 0.43. While some analysts expected altcoins to pile up after the broadcast, the opposite turns out to be true.
However, the warnings of a devastating glitch, reminiscent of the downfall of XRP in 2018, are unfounded … at least for now. In recent days, DOGE is back over $ 0.50 on two siren headlines.
Altcoin reacted enthusiastically after Musk announced a partnership with Dogecoin developers to make the cryptocurrency more efficient. A few days ago, he ran a Twitter poll asking if Tesla should accept DOGE as payment. The markets were also backed by Coinbase, which confirms that it plans to host Dogecoin for the next six to eight weeks. All this led to the fact that the Doge dog became one of the few sheep in the Red Sea.
It wasn’t the only drama DOGE faced this week, when several “Dogecoin killers” appeared on stage. Among these was Shiba Inu, which rose sharply after being listed on a number of major exchanges.
Unfortunately, the Shiba Inus’ bark was much worse than the sting. The coin website states that 50% of the token supply was sent to Ethereum co-founder Vitalik Buterin as a “burnt” nod, since he is unlikely to use it.