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Dogecoin Foundation makes a comeback; onboards Ethereum’s Vitalik Buterin as an advisor

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Dogecoin Foundation has returned after more than six years of laying low. Originally founded in 2014, the non-profit organization is all set to return after DOGE’s astonishing price rise. According to the official announcement, it said that it will support core developers and projects benefiting the meme token and promote the future of the blockchain.

The foundation also revealed that it would be announcing new initiatives in the coming weeks to foster the adoption and utility of the DOGE token and increase the digital asset’s uptake at a “grassroots level.” It further went on to state that,

“The Foundation holds the Dogecoin mark and the Dogecoin Logo and will maintain them for the community. This will mean the Foundation can continue to protect the Dogecoin Brand and allow [under a very liberal license] the ability to use it for Dogecoin-related memes, projects and fun. – We’ve got your back on this one.”

Dogecoin Foundation onboard Ethereum’s Vitalik Buterin

The team behind the Dogecoin Foundation is also hoping to secure a three-year budget to bring in team members to support its goals. The project’s website lists Ethereum co-founder Vitalik Buterin as one of the board members including the meme crypto-assets co-founder Billy Markus and core developer Max Keller. Buterin’s role is to serve as “blockchain and crypto adviser for Dogecoin Foundation.”

On the other hand, Tesla CEO and DOGE bull Elon Musk’s interests will ostensibly be represented by Neuralink CEO Jared Birchall who is the head of Musk’s family office. He joins the foundation as its legal and financial adviser. Additionally, board members include Jens Wiechers and the core blockchain developers Michi Lumin and Ross Nicoll.

The cryptocurrency had originally started out as a joke and the foundation had largely been silent. DOGE saw a meteoric price action this year and garnered significant attraction from prominent industry leaders including Tesla CEO Elon Musk. The latest development comes in the heels of the global blockchain technology company Bots Inc.’s announcement of allowing its users to purchase pre-owned Tesla cars with DOGE.

Bitcoin [BTC] hits two milestones as price inches closer to $40K

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Bitcoin [BTC] broke the incessant rangebound price action to spike close to $40,000. Prior to the remarkable recovery, the asset appeared to be in danger of further declines after it fell below $30,000 just a couple of days ago. The latest price action reversed the losses as it posted weekly gains of 20.81%.

The market got a boost after Elon Musk asserted that he wants the crypto-asset to succeed and that his space-exploration company SpaceX still holds BTC. Prominent investor Cathie Wood also did not hold back as she went on to say that corporations should consider adding the crypto-asset to their balance sheets. The B-Word conference has definitely charmed the bulls to cross a crucial level as the world’s largest crypto continued to inch towards the $40,000 level.

Bitcoin’s winning streak catalyzes bullish momentum

Bitcoin’s break out of a seven-month downtrend on the RSI was no less dramatic. Despite its unprecedented run to the ATH above $60K, BTC’s price movement with the RSI hasn’t been in tandem. As a matter of fact, as the crypto-asset formed higher highs, the Relative Strength Index formed lower lows, this creating bearish divergence.

However, the recent leg up was enough to spur an intense buying sentiment.

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Bitcoin also broke the 50-day moving average [Pink] after a span of eleven weeks. A week before facing the death cross, the BTC price candles shifted below the 50 DMA. The trend has continued since then for over three months and attempts to breach the moving average had failed on multiple occasions. Since mid-May, things have turned worse for Bitcoin as it faced a series of obstacles, including escalating regulatory scrutiny in China, Europe, and several other parts of the world.

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However, the daily framed chart of Bitcoin now shows significant optimism. After reclaiming the 50 DMA, the crypto was now nearing the 100-day moving average and its gauge with the BTC price has never been narrower in the past three months.

3 reasons why Bitcoin [BTC] can rebound despite dull market conditions

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Bitcoin [BTC] underwent a swift recovery, after topping out a little below $40k. The ongoing downside price action has left the investors concerned.

The latest side-way movement of price had taken shape since the dramatic fall in May and has extended to the new quarter as well. The drop was so damaging that it ended the winning streak for the digital asset which witnessed its prices surge above $60,000 for the first time in its decade-long history.

However, this trend could potentially come to an end as institutional players could soon push the asset’s price higher. Here are three reasons why a potential uptrend could be right in the inkling:

Institutional players’ comeback

One of the major recurring narratives for Bitcoin has undoubtedly been the Institutional adoption for both 2020 and 2021. While the entry of these players boosted the price of the token, after Tesla’s latest actions, institutional adoption seems to have taken a hit considerably.

But according to a key member of the crypto-analytic platform, Santiment, the price of the king coin can potentially continue to range until mid-July this year, before the institutional players in the market drive the new BTC resistance level up to $40k. The analysis also read,

“When you are enjoying yourself in the rain [especially when you were a child]. You lose track of all time. Bitcoin price is experiencing the same thing for this month.”

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June-December 2019 Resemblance

The resemblance of Bitcoin’s current price action to that of June-December 2019 is uncanny. In fact, the flagship crypto-asset had surged all the way above the $14k in the last week of June 2019. Shortly after which it spiraled down as FUD entered the market in the form of Bitcoin Cash [BCH] hard fork, the then US President Donal Trump’s take on the token among other news.

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Six months later, Bitcoin slashed over half of its gains and turned down to $6.5k. As a result of the decline, the charts saw death cross formation. However, as bulls bought the dips, Bitcoin recovered and slowly formed lower highs surging briefly to $10k.

Coming down to the present scenario, the latest trend could suggest a similar profit-taking phase, and a period of FUD that was sparked by Elon Musk’s announcement, China’s clampdown on cryptocurrency activities, etc.,

Grayscale Bitcoin Trust

Many well-known cryptocurrency analysts are of the opinion that the Bitcoin market could get a lift in July from the expiration of investor restrictions on the sale of shares in the Grayscale Bitcoin Trust [GBTC], and not downward pressure as earlier reported by JPMorgan strategists.

One of the main possibilities that some market speculators see is the foray investors to the coin market to buy BTC and repay crypt loans used for the purpose of financing their original purchases of the GBTC shares. Meaning, that while selling GBTC shares does not eliminate the risks of deeper discounts that could potentially ward off capital inflow, but, this adversary can be compensated by the repurchases of the cryptocurrency in the spot market.

Along the same line, Amber Group, the digital asset service provider tweeted,

“Lots of bearish chatter around GBTC unlocks whilst conveniently ignoring that in-kind subscriptions funded by debt will ultimately translate into spot buying,”

Kraken preps to go public in 12-18 months, CEO Powell affirms

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The second-largest cryptocurrency exchange in America, Kraken seemed to be following the footsteps of Coinbase, which is the largest in the region. Kraken’s chief executive officer, Jesse Powell appeared in a recent interview and revealed that the exchange would soon be going public.

The cryptocurrency exchange that is reportedly valued at more than $10 billion has been thinking of going public. While these rumors surfaced a couple of months ago, nobody from the platform affirmed the same. This time, however, Powell spoke to Bloomberg and announced that Kraken would go public in 12 to 18 months. The CEO stated,

“We’re on a mission to bring crypto to the world, and our valuation hopefully will be a reflection of our success in achieving that mission.”

2021 has been particularly great for the crypto-verse. Just as the value of cryptocurrencies grew, the adoption also followed suit. Kraken also noticed a surge in the sign-ups specifically in the first two months of the year, which reportedly surpassed all of 2020.

Kraken’s CEO: ‘Elon has more studying to do’

Bitcoin’s recent plummet in price is closely associated with Elon Musk’s latest move. The tech billionaire dropped support for Bitcoin and went on to express concerns over the damages the asset’s mining process causes. While this is a widely debated topic, several from the crypto-verse have been suggesting that Bitcoin isn’t as bad as people consider it to be, in terms of power consumption.

Powell was one of them as he pointed out that Bitcoin was a lot “greener” than people gave it credit for. Commenting on Tesla’s recent move, he added.

“I don’t know how long Elon has been studying this, but I think he’s got some more studying to do on this topic.”

Musk was quick to hit back as he tweeted in response to Powell’s comments. Addressing the “Bitcoin is greener” narrative, Musk asked Powell,

“Based on what data?”

During press time, Powell hadn’t acknowledged the tweet.

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

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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.

Elon Musk’s love-hate relationship with Bitcoin persists

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Tesla’s founder, Elon Musk, had made big news throughout this year, particularly concerning the crypto-verse. Musk was part of several angry tweets of the crypto community after extending support for Bitcoin [BTC] to withdrawing the same. As a result, the price of Bitcoin witnessed a whopping five-fold increase just from the start of 2021. While the king coin soared to a high of $64K, one tweet from the tech billionaire diminished the coin’s price to a low of $32K.

This paved the way for immense hatred towards the SpaceX founder. Several crypto industry members were enraged after Tesla dropped support for the king coin citing issues pertaining to the environment. An array of speculations started to surface about how Musk could influence the price of cryptocurrencies, particularly Bitcoin.

Once again, Elon Musk made headlines after he changed his Twitter profile picture.

Elon Musk’s new profile picture related to Bitcoin

In February, Elon Musk changed his Twitter profile picture to an anime character; however, this was with a twist. The photo was of a Japanese anime girl with a Bitcoin logo dress. However, he revealed that this picture would stay just for a day. Earlier today, the tech billionaire put up the same image.

Elon Musk

This time, Musk did not reveal how long he would keep this picture.

The picture gave room to an array of speculations. While some suggested that the billionaire was trying to influence the price once again, a few others noted that his interest in Bitcoin was restored.

Additionally, Elon Musk shared a tweet yesterday, where a prominent crypto analyst, Mr.Whale, suggested that Bitcoincoiners were in a dilemma about Musk manipulating the price of Bitcoin. The tweet read,

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At the time of writing, Bitcoin had fallen back to $36K once again as it recorded a 1.34% drop in the last 24-hours. The market cap of the king also slipped. It was noted at $680 billion, during press time.

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.

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

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%.

Elon Musk invented Bitcoin? That’s what more than half of Australians who took this survey believe

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Tesla’s Elon Musk has been making immense news in the crypto-verse. Bitcoin [BTC] slipped down below $40K soon after Musk dropped support for the king coin pointing out its issues pertaining to the environment. While people continue to frown on the tech billionaire, several Australians have been suggesting that Elon Musk was the creator of Bitcoin.

The founder of the world’s first and the largest cryptocurrency, Bitcoin is still uncertain. While several across the globe are aware that Satoshi Nakamoto went on to discover the king coin, Aussies seem to have found out the person behind the formulation of BTC. A recent survey conducted by the Finder, an Australian website tested the crypto knowledge of Australians.

Elon Musk aka Satoshi Nakamoto?

Finder had a total of 1,004 respondents as part of its recent crypto survey. Out of this, 56% of the participants suggested that tech billionaire Elon Musk was the founder of Bitcoin.

This survey further revealed that only 25% of the Australians part of it, already had crypto while a few others intended to buy some before the end of the year. Even though the aforementioned number wasn’t too high, about 20% of them had no idea how to buy digital assets. The crypto knowledge of these Australians wasn’t too high either as 44% of them assumed BTC had an unlimited supply.

Furthermore, the demand for the king coin hasn’t dropped too low as several platforms continue to veer into the industry. Finder was the latest one to do so. The platform even went on to announce the launch of its Bitcoin trading service. The CEO and co-founder of Finder Fred Schebesta revealed that they had eliminated any complications with regard to the buying of Bitcoin.

Addressing the same, Schebesta said,

“The Finder makes buying and selling Bitcoin more convenient by eliminating the need to deal with technical things such as crypto wallet addresses, private keys and blockchains. Instead, we handle them all for you and make it as easy as swiping to buy or sell.”

The Great Bitcoin Dump; A Week That Was All About Elon Musk

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Seems like BTC advocates are not a fan of Elon Musk anymore.

The Tesla Founder is not having the best time on Twitter at the moment. He is being taken down by Bitcoin advocates all over the world. His crime? He might have just suggested dumping his Bitcoin holdings. 

First, it was Tesla suspending BTC as a mode of payment on the grounds of environmental concerns that triggered a massive fall in the price of the crypto asset. But this time, it’s this response to a hypothetical question that was enough to send Bitcoin down the bear hole again.

When a user named ‘Crypto Whale’ tweeted a scenario that “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their BTC holdings,” Musk’s response was a plain “Indeed.” 

So is it over between Tesla and Bitcoin? 

The tech giant did not clarify which part of the question he affirmed to and that is what puzzled the community leading to yet another huge sell-off episode. 

Bitcoin posted double-digit losses over the past 24-hours as it spiraled all the way down to $43K, a level that was last seen three months back. In addition, the broader crypto market also flashed red with the collective market cap falling to $2.01 trillion. 

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Musk seems to have been losing face in the crypto community. But that did not stop him from going around challenging some of the biggest BTC bulls in the space. Be it Peter McCormack or MicroStrategy’s Michael Saylor, the Tesla chief has taken a not-so-sly jibe after extending his rants from the long-brewing environmental impact to yet another debate of PoW and network centralization.

At a time like this, one would definitely not want to hear Peter Schiff’s take on the entire episode. Nevertheless, the gold bug went on to question the influence of Elon Musk’s tweet on BTC’s price and even called buying Bitcoin a “gamble” rather than investment. However, he was quickly burned by none other than Bitcoin bull developer Udi Wertheimer, whose tweet read,

“BTC down 30% and still outperformed gold on YTD? must be painful fam”

Never a dull day in crypto, eh!