Bitcoin reverses weekend rally to drop below US$40,000

Bitcoin fell below US$40,000 on Monday, August 2, after climbing to its highest level since May. The largest cryptocurrency lost as much as 4.9% and traded at US$39.790 in Hong Kong before noon.

Other virtual coins like Ether, which is second in rank, also dropped. Analysts believe profit-taking was behind the declines. This is “just a normal pullback after bullish action”, said Mr Vijay Ayyar of the Asia-Pacific region at crypto exchange Luno in Singapore.

Bitcoin is now back at the top of the US$30,000-US$40,000 trading range, which has been in effect since May’s cryptocurrency rout. Recent weeks have seen support comments from Elon Musk, a billionaire, and Ark Investment Management chief executive Cathiewood. There has also been speculation about Inc’s potential involvement in the cryptocurrency market.

The industry is also under increasing scrutiny. This includes the push by US legislators for tighter regulations on cryptocurrency investors to collect higher taxes to finance a portion of a planned US$550billion (S$744billion) investment in transportation and power systems.

A software update to the Ethereum network is also expected this week, which crypto traders expect. This could increase Ether’s value by reducing the rate at which token supply increases.

Tesla will ‘most likely’ restart accepting bitcoin as payments, says Musk

Tesla, the electric-car manufacturer, will likely accept bitcoin payments again after it has done due diligence on the amount and quality of the renewable energy that is used to mine the currency. Elon Musk spoke at a conference Wednesday.

Bitcoin rose 8% to US$32160.16 while ether surged 11.6% at $1,993.36. In extended trading, Tesla shares fell 0.8% to $655.30

Musk’s remarks at the B Word conference follow Tesla’s May announcement that it would no longer accept bitcoin for car purchase, less than two years after accepting the largest digital currency in the world.

Musk stated, “I wanted to do a bit more research to confirm that the percentage renewable energy usage is most probable at or above 50% and that there is an trend towards increasing that number. If so Tesla would resume taking bitcoin.”

“Most likely, Tesla would accept bitcoin again.”

It was a contrast between Musk’s environmentalist reputation and his use of bitcoin to purchase Tesla’s electric cars.

Tesla investors and environmentalists have become increasingly critical of the method by which bitcoin is “mined” using large amounts of electricity generated from fossil fuels.

However, more digital currency miners are trying to use renewable energy to reduce the environmental impact.

Tesla’s mission aims to accelerate the development of sustainable energy. Musk stated that we cannot be the company that does this without doing the right diligence regarding the energy use of bitcoin.

Musk said that he owned bitcoin, ethereum, and dogecoin personally, in addition to the bitcoins that Tesla and SpaceX owned.

Musk stated that he might pump, but he doesn’t dump. Musk stated that he doesn’t believe in selling bitcoin and raising the price. I want to see Bitcoin succeed.

You There, Satoshi? $21 Million Of Bitcoin Moved From Wallet Inactive For 9 years

After being dormant for nearly nine years, an address with more than $26 million in bitcoin was just activated. This sparked wild speculation.

Whale Alert, which is a popular tracker of blockchain activity and tweets about notable movements in cryptocurrency wallet activity, noticed the transaction earlier this week.

The mystery address contained 740 Bitcoins, which were worth approximately $26,147,000.621 USD as of July 15, 2021. It also reportedly transferred approximately 640 bitcoins ($21104,060 to another wallet on the 12th of July 2021. The bitcoins were worth about $10,000 when the address was last used 9.1 years ago.

Whale Alert regularly receives thousands of dollars in cryptocurrency transfers from all over the world, even though this amount might seem a bit excessive. This activity is significant because this address had been idle for just nine years, three years after bitcoin launched. It suggests that the address owner/owners were early adopters of cryptocurrency.

Even some jokey suggestions that this activity could be the movements from Satoshi Nakamoto, the mysterious creator of bitcoin, have been made.

Satoshi Nakamoto, the pseudonymous person who created bitcoin, is its name. Since the invention of bitcoin, this person or people have achieved a quasi-legendary status. Although many have claimed to be this person or persons, most people would still disagree that their identities are known. They are believed to be Satoshi, who is thought to have over 1,000,000 bitcoins, and a total of $31.8 billion, as of July 15, 2021.

However, there is no evidence linking this activity to Satoshi. This address may have been an early miner of bitcoin, but there were many people mining alongside Satoshi in the first few years.

Others joke that this is the result an early adopter remembering their password after years of stress and anxiety. One user tweeted “That moment when your first pet’s name is finally remembered.”

In recent months, similar mysterious activity has been observed from the ‘old-school Bitcoin whales’ in particular after the crash earlier this years. Another address that had been inactive for nearly nine years, reportedly shipped about $34 million of bitcoin to another wallet.

eToro says client holdings of dogecoin vaulted above bitcoin and ether in Q2

According to data from the brokerage, holdings of the meme token dogecoin soared above bitcoin and ether among eToro customers in the second quarter.

According to eToro’s June 30 snapshot, cardano held the top spot in each quarter, but dogecoin jumped past them to take second place.

Bitcoin remained at the fifth position for the second quarter, after falling to second in the first three month of the year.

Ether, however, was fourth in the second quarter ranking, which is also lower than the third quarter’s.

Altcoin tron is consistently in the top five. It was established in 2017. Its native cryptocurrency, TRX, is it.

Yoni Assia CEO of eToro said that the decision by eToro to include dogecoin trades to its platform was made in May after much consideration. Insider he stated that listing the shiba-inu-themed token was not an option due to its history.

Dogecoin started out as a joke in 2013. It has experienced a wild rally in 2021, even with recent steep declines. This is due in part to the support of well-known backers like Elon Musk or Mark Cuban.

Listings on many cryptocurrency exchanges such as eToro and Coinbase helped boost the coin’s value this year, including Gemini. The billionaire founder of crypto-exchange FTX also named it’asset for the year.

Robinhood recently revealed in an S-1 filing that it is preparing for its IPO that the trading platform generated almost $30 million in revenue from customers who traded dogecoin. This figure was expected to increase further in the second quarter, when dogecoin’s value soared above 1,375%.

Altcoins have been steadily rising in popularity, with bitcoin’s share of total crypto market falling below 50% for the third time in three years. According to CoinGecko, it stands at 43%.

Insider was told by Jack McDonald, CEO at fintech firm PolySign that people are now looking at altcoins as a way to earn alpha, rather than the very crowded BTC market. Altcoins offer diversification and a way to avoid the obvious correlation between BTC, the rest of market, and BTC.

Altcoins that are bought and held, particularly those established relatively recently, show greater trust in the ecosystem, Everett Kohl (founder of, told Insider.

However, for some people, such as Eloisa Marchesoni (co-founder and COO at Blockchain Consulting), investing in altcoins can be more risky.

Insider told her that if you don’t take profits, you run the risk of sitting on dead capital or stagnant capital in hopes they survive crypto winter, and regain their price action. “Historically, only a handful of bull runs have been successful.

Waiting for Bitcoin slump to end? Here’s when the bear phase is likely to get over

The crypto-king Bitcoin has fallen by almost half of its peak price of $64,000 in mid-April. Despite temporary ups and downs, the digital currency has yet to recover from the $34,000 mark it traded at in May last week. According to CoinMarketCap data, its share of the crypto market cap has dropped from almost 70% in January this year down to 44% currently.

According to JPMorgan’s cryptocurrency expert, the Bitcoin bear market will continue until its market share reaches more than 50%.

“A healthy number, in terms of bitcoin’s share of the total cryptocurrency market capital, is at least 50%.

Nikolaos Panigirtzoglou (an analyst at JPMorgan) said to CNBC that he believes this is another indicator to monitor in order for us to know if the bear phase has ended. He said that Bitcoin’s low market share was a negative sign indicating a subdued interest.

Experts believe that Bitcoin could reach $100,000 by the end of this year, despite a very difficult period.

CNBC’s Thomas Lee, the Managing Partner and Head of Research at Fundstrat Global Advisors, stated last month that Bitcoin is currently in a difficult spot. The technical picture for the current term is not very good, I believe.

This is in large part due to the crackdown on cryptocurrency usage and mining in China, aside from Elon Musk’s tweets, even though the US legislators are increasing regulatory scrutiny of digital currency.

This correction was long anticipated and is not related to China’s ban on crypto. As Bitcoin’s prices have soared, the correction was anticipated in the past few months.

We have seen Bitcoin move down first, followed by an increase in other coins such as Ethereum and Binance coins. At this stage, the market was searching for negative news that could trigger a rally. China ban seems to be the trigger here,’ Edul Patel (CEO and co-founder of Mudrex) told Financial Express Online.

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