TronWeekly

Crypto World News

You are here: Home / All Posts

All Posts

Bitcoin jumps after Elon Musk talks about reinstating BTC payments at Tesla

by

Thanks to Elon Musk, Bitcoin once again neared $40K.

This was right after the CEO of Tesla Inc. tweeted that the company would resume transactions with Bitcoin when mining is done with more clean energy. Bitcoin was up by more than 12% over the past day which drove its price all the way to $39,293, at the time of writing, the highest level since the 3rd of June. The latest comment comes after the exec announced halting BTC payments at Tesla citing environmental concerns just a few months after entering the space.

His tweet regarding the same, read,

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”

Musk’s latest argument was in response to the reports of Magda Wierzycka, the CEO of financial services company Sygnia questioning the nature of his tweets and their relation to the price action of Bitcoin and Dogecoin. In a conversation with Bruce Whitfield at the Money Show last week, Wierzycka, who happens to be one of the richest women in South Africa, took a jibe at the ‘Technoking’ when she said,

“The volatility we have seen is an unexpected function of what I would call market manipulation by Elon Musk. If that happens to a listed company, he would be investigated and severely sanctioned by SEC.”

While brushing off Wierzycka’s criticism as “inaccurate,” Musk reiterated his previous defense and went on to add that Tesla had sold nearly 10% of holdings to demonstrate that the cryptocurrency could be liquidated easily without moving the market.

Bitcoin Mining Conundrum

The debate over the environmental effect of mining BTC has intensified over the past year. In a bid to bring in sustainable methods for the same, the Square, the financial services and mobile payments company founded by Twitter CEO Jack Dorsey, had earlier announced collaborating with blockchain technology provider Blockstream Mining to build an open-source, solar-powered bitcoin mining facility. According to reports, it also planned to infuse $5 million in the renewable mining facility, with Blockstream.

Cardano [ADA] sees over 5% rise despite dwindling buying pressure

by

Even as hints of decoupling emerged, the prices of Bitcoin [BTC] and the altcoin troop along with Cardano [ADA] jumped as the week dawned and were trading with gains. ADA remained in the spotlight as Goguen phase development continued which had translated into positive price movement, Despite the latest upward price movement, the fifth-largest crypto-asset was still down by 10.74% over the past week.

Meanwhile, the crypto market was riddled with stale price action over the past couple of weeks, and Cardano was among the few assets that had averted a major crisis.

Over the past 24-hours, Cardano [ADA] appreciated by 5.18% which pushed its price to $1.53. At the time of writing, the digital asset registered a market cap of billion and a 24-hour trading volume of billion.

Cardano [ADA] Daily Price Chart:

ADA

The volatility in the market has taken a considerable hit as Cardano [ADA] continued trading within a tight range for a month. The upsloping moving averages gave stiff competition to the price candles. While the 50 DMA [Pink] continued to resist an uptrend, the 100 DMA [Yellow] supported the crypto from downward price action. Hence, ADA needs to move above the 50 DMA to lock a bullish trend in the near term.

The low volume may, however, impede the much-needed growth to break the rangebound movement by ADA.

ASA2

The MACD was in a bearish territory depicting a phase of low buying demand in the coin market. A similar trend was also depicted by the RSI which struggled to make headway above the 50-median line suggesting heightened sell pressure in the market. The Chaikin Money Flow [CMF], on the other hand, stayed above the half-line depicting a constant inflow of capital into the ADA market.

The above charts projected increasing bearish pressure in Cardano’s price action. If the candles fail to rise above the 50 DMA, the bulls will try to sink the price to immediate support levels of $1.31, and $1.02 respectively. The overhead resistance points remained untouched $1.84, and $2.304 respectively.

Cardano’s Alonzo Blue sees first-ever smart contract deployment

by

Cardano has made notable strides in the last few months. In the latest development, IOHK’s Marketing Director Tim Harrison, Head of Delivery Nigel Hemsley, and Delivery Lead Dimitris Poulopoulos revealed that Alonzo is now able to run smart contracts.

The IOHK execs, in a recent conversation, revealed that the smart contract is powered by a Cardano-programmed language called Plutus. The team also disclosed the implementation of a command-line interface [CLI] for writing “Hello World”-style smart contracts as part of the first phase which is also known as the Alonzo Blue phase. This entails only a limited set of staking pool operators and early Cardano [ADA] enthusiasts or pioneers.

Hamsley stated,

“Well, we got the [Alonzo] Blue network up. It is up and spinning.”

The project in question has teamed up with external teams, such as Altlabs, Eleks, Mlabs, Obsidian, among others in a bid to expand applications and support experiments from decentralized finance [DeFi] realm like decentralized data oracles, DEXs, liquidity, and staking pools, lending and borrowing instrument, all the way to crypto-backed stablecoins, and non-fungible tokens [NFTs].

Poulopoulos also said,

“It could be as simple as a transaction that passes back a ‘Hello, world,’ or a confirmation of a payment that has been made.[…] It means that we have Alonzo running smart contracts.”

Cardano’s Alonzo Roadmap

The team also expects that the next phase, Alonzo White, to commence in July this year. However, for that to happen, the Cardano ecosystem needs to make sure that the partners and pioneers have been able to do their “Hello, world’ scripts.” This phase could potentially incorporate 500 community members, pioneers, stake pool operators [SPO].

The final phase is Alonzo purple, which is a crucial phase is where the testnet will be made wholly public with all Pioneers integrated with the partners’ decentralized applications. The roll-out of the Alonzo roadmap is scheduled to be fully implemented by the end of the fourth quarter of 2021.

Here’s why Bitcoin and Ethereum might avoid major sell-offs in the near term

by

Throughout the week, Bitcoin and the cryptocurrency industry witnessed reduced volatility. Trading within a closed price ceiling, the market bought the dips and sold aggressively on the rallies. The combined market now stands at a valuation of $1.6 trillion as many cryptocurrencies noted upticks after sliding the previous day.

Both Bitcoin and Ethereum have reduced their losses and the two top crypto-assets were currently trading at $35,259 and $2,328 respectively. While the back-to-back sharp corrections from their respective all-time highs have turned investor sentiment negative, at least in the short term, but there could be a much-anticipated respite.

According to fresh new insight, by Santiment’s latest chart, the supply ratios on cryptocurrency exchanges for both Bitcoin and Ethereum are sliding down and has noted a considerable decline, especially after the mid-May crash. This was indicative of the fact that there might not be any major sell-off episodes in the near term that could prove damaging for the two assets. Along the same line, the crypto analytic platform observed,

“Bitcoin and Ethereum are seeing their respective supply ratio on exchanges moving lower since the
initial crypto market-wide dump happened 3 weeks ago. Traders can be encouraged that this indicates less likelihood of further major selloffs.”

Santiment 1

Bitcoin’s death cross scares

TWJ had earlier reported that the king coin could face a death cross in the near future. However, the impending pattern formation could very well act as a contrarian signal. While it is true that death crosses have been able to predict massive declines in both, stock and cryptocurrency market, the last time 50 DMA went above the 200 DMA was back on March 26th last year, almost two weeks after the ill-fated Black Thursday crash. At that time, the crossover gave the opportunity to buy the bottom as the price there on recovered substantially.

To top that, the long-term participants have maintained an upward trajectory in terms of accumulation trend. Hence, a lagging indicator might not necessarily be damaging for long-term investors.

Dogecoin [DOGE] project warning signs as technicals look gloomy

by

Dogecoin [DOGE] turned down once again after hitting a price ceiling. The contentious meme-coin has been in the spotlight for much of this year. But of late, it has failed to turn on its charm and lacked signs of an impressive growth structure.

The sixth-largest digital asset was consolidating within a tight range along with its peer cryptocurrencies which shows that bears are offloading their tokens at higher levels. The token incurred a total weekly loss of 17.32%.

Over the past 24-hours, Dogecoin [DOGE] increased by 1.17% and was priced at $0.308. At the time of writing, the meme-coin registered a market cap of $40.12 billion and a 24-hour trading volume of $1.29 billion.

Dogecoin [DOGE] Daily Price Chart:

DOGE 2

The volatility in the market has dropped considerably following the sideways price movement. This led to a pause in trend in the daily price chart for Dogecoin [DOGE] which, in turn, resulted in the continuation pattern to take shape according to which the candles could sustain a bearish breakout in the near future.

Besides, the moving averages failed to depict any positive signs. The 50 DMA [Pink], for one, continued to hover above the DOGE candlestick arrangement. The price of the asset is now at risk of sliding below the upward sloping 100 DMA [Blue], which if transpired, could further intensify the downtrend.

The low volume was another bearish factor that can hamper any revival attempts in the coming days.

DOGE Technicals Look Bleak

DOGE2 1

The dotted markers of Parabolic SAR aligned below the DOGE candles suggesting moderate bullish patterns. However, Chaikin Money Flow [CMF] took a reversal and headed for the half-line indicating a decline in capital inflow in the coin market. The RSI also turned down from the 50-median line as sell pressure intensified in the market.

The above charts depicted a bearish picture of Dogecoin’s price movement. Meaning, the bears could now try to sink the price to $0.253. If this level breaks, the digital asset could spiral down all the way to $0.05, a level that was last seen in April. Its overhead resistances, on the other hand, were found to be at $0.43, $0.56 and $0.69 respectively.

Malaysian authorities nab four illegal crypto miners with 441 BTC mining machines

by

Malaysian police have managed to take down a massive illegal mining rig that involved over 441 Bitcoin mining gears.

The crypto industry’s mining process has garnered a lot of attention over the years due to the rewards that come with it. The value of BTC has witnessed drastic growth particularly over the last couple of months and has even managed to amass the attention of the globe. With this, mining rewards have also observed an increase further enticing more individuals into it. This, however, comes with a lot of setbacks. While many have expressed concerns over the environmental damages caused by the whole mining process, governments across the globe have been worried about electricity thefts.

Malaysian illegal mining crackdown

The entire Bitcoin mining process consumes a lot of electricity making it difficult for just anyone to execute it. In the Malaysian state of Penang, authorities busted a crypto mining rig. The Malaysian police managed to seize a total of 441 machines that were used for mining cryptocurrencies. While these machines were worth a whopping RM180,000.

The police had reportedly carried out a total of four raids and managed to nab four suspects associated with the case. The George Town OCPD Asst Comm Soffian Santong elaborated on the same and stated,

“During the raids at Lintang Hajjah Rehmah, Jelutong, Sungai Dua, and Bayan Lepas, police also confiscated four computers, 11 routers, four modems, and 10 fans.”

The aforementioned suspects have been booked under the Section 379 and Section 427 of the Penal Code along with the Section 37 of the Electricity Supply Act 1990.

Furthermore, the police found that all the premises that were raided were stealing electricity to conduct Bitcoin mining activities. The Tenaga Nasional Berhad [TNB] had even endured losses up to  RM420,000.

While the person behind the entire plan is still on the run, the Malaysian police have been intensively searching for the person running this rig for the last couple of months.

David Guetta to accept payments in Bitcoin and Ether for his Miami apartment

by

Cryptocurrencies and celebrities have a prominent history. French DJ David Guetta joins this list of celebrities embracing crypto as he announced that he would be accepting crypto payments for his apartment in Miami.

Crypto has long passed its nascent stage in terms of adoption. With several world leaders as well as celebrities recognizing Bitcoin [BTC], the value of the asset has witnessed significant growth. As the crypto-verse, currently stands as a $1.51 trillion industry, more investors are enticed into the market.

David Guetta jumps onto the crypto bandwagon

In a recent, sale put up by a real estate investment firm, Freud Group, it was revealed that David Guetta was selling his beachfront three-bedroom apartment in Miami. With two master suites and amenities like a sauna, spa, and three beachfront swimming pools, the Setai Residences condo was being sold for $14 million. Potential buyers were given an option of making payments in either Bitcoin [BTC] or Ether [ETH].

David Guetta bought this apartment back in 2018 from Richard LeFrak a billionaire from New York. While he purchased it for $9.5 million back then, he was seen expecting a profit of $4.5 million with this potential sale.

While this 2,528 square foot property on the 37th floor was on the market for crypto, several went on to laud the DJ for his plunge into the crypto-verse. One such Twitter user said,

“@davidguetta knows what’s up. His Miami pad is for sale. Can buy with #Bitcoin or #Ethereum. In general, not a good idea to part w/ disinflationary #crypto that consistently outperforms real estate… but smart folks like Guetta love to take it from you.”

Miami has been making news for being extremely crypto-friendly. Several properties in the city are being sold for crypto. Recently, Ivanka Trump sold her Arte Surfside apartment for crypto.

The Mayor of the region, Francis Suarez has been taking multiple steps to embrace crypto and turn Miami into a hotspot for crypto innovation. Miami even hosted the recent 2021 Bitcoin conference further exhibiting its support for crypto.

Ethereum [ETH] preps for the arrival of bulls; $3K not too far?

by

The crypto market was painted red, during press time. Ethereum [ETH] followed the footsteps of several other altcoins and explored the bearish realm. Bitcoin [BTC], however, was seen recording a dainty surge. While the king coin was trading at $37K, it had yet to establish a clear line of resistance or support.

Just when the global crypto market cap was noticing some progression, Bitcoin’s market cap dropped back below $700 billion, further pushing the overall numbers to $1.58 trillion.

At the time of writing, Ethereum [ETH] was trading for $2,459 with a 3.69% slump in the last 24-hours. This week wasn’t great for the altcoin as it dipped by 6.89%. ETH was undoubtedly the star of the recent crypto rally. The altcoin grew from a low of $400 all the way to a high of $4,362.35.

ETH remained untouched as the second-largest cryptocurrency, with its market cap at $285 billion. The disparity between the second largest cryptocurrency as well as the third was significantly high, further eliminating the latter’s chance of taking on ETH.

Ethereum [ETH] one-hour price chart on Binance

Ethereum

The short-term price chart of ETH revealed that the altcoin was heading for a reversal in its trend. The bears were finally bidding adieu to the ETH market. The Chaikin Money Flow [CMF] indicator noted a drastic switch. The CMF marker was seen making its way onto the bullish arena after regular visits to the bearish zone. The Awesome Oscillator exhibited a similar notion by forming green closing bars.

Despite this bullish sentiment in the market, the selling activity preceded the buying activity, the Money Flow Index indicator noted.

Ethereum [ETH] one-day price chart on Binance

0pW3acyf

The one-day price chart of ETH also echoed similar thoughts as its short-term chart. The Parabolic SAR indicator formed dotted lines below the candlesticks and welcomed the bull. The MACD line was close to the signal line almost making it hard to comprehend the existing trend. However, it was inclining towards the bull with a bullish crossover.

Selling activity was high in the ETH market as the Relative Strength Index marker was below the 50 median.

Texas-state banks can now store Bitcoin and other cryptocurrencies

by

The pace of adoption of the crypto-verse seemed to be taking a notable plunge. Texas’s latest move is proof enough of the same.

While the world still battles the deadly Covid-19 virus, Bitcoin [BTC] emerged as a promising digital asset. The king coin’s five-fold growth paved the way to many countries to embrace the crypto industry. Even though the asset has plummeted down to $36K from $64K, the demand for BTC persists.

While El Salvador made sure to give Bitcoin a legal status in the country, other regions of the world have their own way of showing support for the king coin. A Texas state regulator was lauded for its recent crypto-friendly move.

Texas state banks can provide virtual currency custody services

The Texas Department of Banking issued a recent notice highlighting that banks in the state would now be able to hold cryptocurrencies like Bitcoin and several others. State-owned banks were given a green signal in terms of providing services that included virtual currencies to their customers. However, these banks were obligated to maintain protocols that efficiently managed the risks that surrounded the crypto-verse.

While noting that Texas-state chartered banks have rendered custody services for several other assets, the regulator wrote,

“While custody and safekeeping of virtual currencies will necessarily differ from that associated with more traditional assets, the Texas Department of Banking believes that the authority to provide these services with respect to virtual currencies already exists pursuant to Texas Finance Code § 32.001.”

Furthermore, the notice entailed details pertaining to the crypto industry and its functions. The latest law seemed to be the result of the recent bill to recognize cryptocurrencies that were passed in the Texas House of Representatives.

Additionally, the regulator even allowed the banks to join hands with third-party service providers. The regulator further added,

“As with the method of custody services, several secure storage options are available to the bank, each of which has distinctive characteristics pertaining to level of security and accessibility. The bank will have to determine which storage option best fits the circumstances.”

IMF weighs in on El Salvador’s Bitcoin legal tender law

by

El Salvador’s crypto-friendly moves over the last couple of days have put the region on a pedestal. However, the International Monetary Fund, aka IMF, wasn’t happy with this decision at all.

El Salvador’s president Nayib Bukele went on all in, with regard to the adoption of crypto. The president went on to make El Salvador the first country to give Bitcoin a legal tender status. With this law in place, every economic agent in the country would be obligated to accept Bitcoin as payment. This law also aids in the easy transfer of remittances from Salvadorans living away from the country.

IMF views the “macroeconmic” repercussions of BTC becoming a legal tender

In a recent press briefing, the spokesman of IMF, Gerry Rice addressed the country’s latest move and suggested that there were many issues that had to be discussed. The IMF has reportedly scheduled a meeting with president Bukele on Thursday to review the latest Bitcoin law. The country is hoping to score a whopping $1 billion program from the IMF, Reuters suggested.

Rice added,

“Adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis. We are following developments closely, and we’ll continue our consultations with the authorities.”

Cryptocurrencies have always had a tough time establishing a presence in the financial world. Even though officials across the globe have been constantly trying to regulate the market, cryptocurrencies recorded exorbitant growth in terms of value as well as popularity. However, this surge didn’t stop regulators from reviewing the industry.

Commenting on the same, Preston Pysh, a prominent Podcast host tweeted,

“Similar to how global central banks have incentivized citizens of the world to get in debt up to their eyeballs, the IMF does the same but for nation states. #Bitcoin flips this incentive on its head. Watch El Savador’s actions here…it’s going to be extremely demonstrative.”

Additionally, with this at bay, the country has already started probing on inducing efficient methods of Bitcoin mining. El Salvador has been prepping to use the energy attained by volcanos for mining crypto, considering the environmental issues that surround the mining industry.