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Elon Musk says He’s “Off Twitter For a While” After Sending DOGE and BTC Soaring

Elon Musk is taking a break from Twitter after a few weeks of market-moving opinions on Dogecoin and Bitcoin.

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Elon Musk is taking a break from Twitter after a few weeks of market-moving opinions on Dogecoin and Bitcoin.

Elon Musk says he’s “Off Twitter For a While” After Sending DOGE and BTC Soaring

The Tesla and SpaceX founder also voiced his support for the actions of the Reddit group WallStreetBets (WSB) while slamming the hypocrisy of hedge funds complaining while profiting from their own form of exclusive market manipulation.

The world’s second-richest man, Musk said tweeted today:

“Off Twitter for a while”

With the influence Musk currently seems to hold over the crypto markets and all markets in general, perhaps the Tesla CEO spending some time in lieu may be a good thing.

DogeCoin (DOGE) Tweets

DOGE is also allegedly the favorite cryptocurrency of Tesla founder Elon Musk. The billionaire previously touted the cryptocurrency on his Twitter, pumping up the price just with a simple tweet that read, “One Word: Doge.”

The Tesla founder also playfully touted himself as the founder of Doge on social media. Following this simple and playful tweet, the price of Dogecoin immediately surged by 25% exemplifying the influence the SpaceX founder has on the markets.

GameStop Tweets

Amid the market controversy surrounding the WSB Reddit group and the short squeeze play on GameStop shares—Musk showed public support for the Reddit groups success and condemned the actions of the hedge fund manager’s shorting stocks at all. Musk Tweeted:

u can’t sell a house u don’t own,

u can’t sell cars u don’t own

but u *can* sell stock u don’t own!? (sic)

This is bs – shorting is a scam, legal only for vestigial reasons.

On Musk’s announcement that he will be taking a step back from Twitter, the self-identified Chairman of Wall Street Bets tweeted his own thanks to the billionaire— he wrote:

“Thank you for everything Elon”

Bitcoin

The Tesla CEO has always danced around the subject of Bitcoin—in December 2020, the crypto world was fixated on a Twitter exchange between Tesla and SpaceX founder Elon Musk and MicroStrategy’s CEO Michael Saylor, which led to Saylor offering to share his Bitcoin playbook.

Last week however, Musk added #Bitcoin to his Twitter profile and officially publicly endorsed the cryptocurrency for the first time, which sent the Bitcoin price surging to $38,000 over the weekend, before coming back down to the low $30,000 region.

The Bitcoin price has stagnated since , trending sideways between $32,000 and $34,000 but has shown new signs of strength breaking above $35,000 today.

As Elon Musk announces is time in lieu from Twitter, Blockstream’s CSO Samson Mow asked the billionaire for one more shoutout to Bitcoin to send the price surging.

Mow tweeted:

Can we get another #Bitcoin tweet before you go.

Musk unfortunately has not complied with Mow’s request.

Image source: Shutterstock

Source: https://blockchain.news/news/elon-musk-says-off-twitter-for-a-while-after-sending-doge-and-btc-soaring

Blockchain news

Ethereum Has Vastly Outperformed Tech Stocks With a Staggering 171% ROI

Ethereum’s price drop hasn’t dampened its spirits to offer an impressive return on investment (ROI) so far this year compared to tech stocks like Microsoft, Facebook, and Apple.

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Ethereum’s price slumped from an all-time high (ATH) price of $4,350 due to the market crash witnessed in the crypto space.

However, this hasn’t dampened its spirits to offer an impressive return on investment (ROI) so far this year compared to tech stocks like Microsoft, Facebook, and Apple, as acknowledged by IntoTheBlock. The data science firm explained:

“Despite the recent sharp decrease in price, ETH has vastly outperformed Tech Stocks YTD. While well-known companies like Apple, Facebook, or Microsoft have seen impressive returns above 27% this year, ETH performance shows a staggering 171% ROI.”

Ethereum’s mainstream adoption is propelled by the decentralised finance (DeFi) and non-fungible token (NFT) sectors.

ETH is continuously making headlines because it is settling three times more value-chain than Bitcoin (BTC) daily.

Furthermore, in late June, ETH’s daily active addresses surpassed Bitcoin for the first time in crypto history because they shot up to 649,000, whereas those of BTC stood at 580,000.

Crypto markets experienced bearish movements in June

According to on-chain metrics provider CryptoCompare:

“Throughout June, the cryptocurrency markets continued to experience bearish movements as both Bitcoin and Ethereum ended the month down. Aggregate open interest across BTC futures products fell 31.8% to $9.7bn while ETH futures products also fell 29.3% to $4.2bn.”

Things were not rosy for the crypto market in June because trading volumes in exchanges plummeted by more than 40% as Chinese authorities intensified mining crackdown implementation.

Ethereum is, however, continuously scaling the heights because of low average fees, which recently dropped to $2.19, and this was the lowest level it had gotten since December 2020. As a result, its transactions hit $2.5 trillion in the second quarter of 2021.

Image source: Shutterstock

ETH is continuously making headlines because it is settling three times more value-chain than Bitcoin (BTC) daily.

Source: https://blockchain.news/analysis/ethereum-has-vastly-outperformed-tech-stocks-a-staggering-171-percent-roi

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Retail Momentum on the Bitcoin Network Slows Down by BTC’s Sinking Social Sentiment

Crypto analyst Joseph Young noted that a slow down in retail momentum and miners moving out of China were affecting Bitcoin.

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Bitcoin (BTC) was down by 6.31% during intraday trading to hit $33,182, according to CoinMarketCap. This price drop is attributed to China’s intensified law enforcement against domestic BTC mining activity, whereby more than 90% of this sector has been affected.

These sentiments were echoed by crypto analyst Joseph Young who noted that a slow down in retail momentum and miners moving out of China affected Bitcoin. He explained:

“I think two main things are putting pressure on Bitcoin. 1. BTC miners moving out of China – Have to fund migrations of facilities – Causing bearish sentiment in China 2. Retail momentum slowing down – China & Korea seeing less activity.”

Young also pointed out that BTC miners have been selling (per on-chain data) in recent months, particularly FUD (fear, uncertainty, and doubt) occurred in China.

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Therefore, many miners were migrating out of China to nearby countries to set up new mining facilities.

As a result, the BTC miners were forced to sell their holdings to get the needed capital to establish the necessary facilities.

On the part of retail momentum dropping, the crypto analyst acknowledged:

“We have retail interest slowing down. There has been heavy selling pressure coming from China. Futures exchanges with lots of Chinese users have been heavily short (negative funding). Yesterday, Binance Futures even hit -0.027% funding rate for Bitcoin.”

Bitcoin’s social sentiment on Twitter slumps

According to Santiment, the drop in Bitcoin’s price to below $33k level has triggered social sentiment on Twitter to hit lows since 2020. The on-chain metrics provider stated:

“Falling below $33,000, Bitcoin’s social sentiment on Twitter is at its lowest level since the start of the major crypto rally a year ago.”

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It, therefore, remains to be seen how BTC plays out going forward because, together with Ethereum (ETH), they emerged to be the best risk-adjusted assets over the last year based on the Sharpe Ratio.

Image source: Shutterstock

Young also pointed out that BTC miners have been selling (per on-chain data) in recent months, particularly FUD (fear, uncertainty, and doubt) occurred in China.

Source: https://blockchain.news/analysis/retail-momentum-the-bitcoin-network-slows-down-btc-sinking-social-sentiment

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Long-Term Bitcoin Holders Keep Stacking While Short-Term Holders Keep Selling

On-chain analyst William Clemente III revealed that long-term holders keep on stacking as short-term holders keep on selling.

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Bitcoin (BTC) has spent the last two months ranging between $30,000 and $40,000.

It, therefore, shows that bulls and bears have been embroidered in a tussle, and William Clemente III acknowledged this fact. The on-chain analyst explained:

“Long Term Holders keep stacking: +20,969 BTC to their holdings today, +145,021 BTC to their holdings in the last week, and +397,487 BTC to their holdings in the last month.”

He added:

“Short Term Holders keep selling: -15,085 BTC from their holdings today, -112,950 BTC from their holdings in the last week, and -428,749 BTC from their holdings in the last month.”

These statistics show that as long-term holders continue buying more Bitcoin, their short-term counterparts are offloading their holdings.

Crypto data provider Dilution-proof recently disclosed that short-term holders were selling at a net loss since May 13.

Total fees paid on the Bitcoin network hit an 11-month low

According to on-chain metrics provider Glassnode, the BTC total fees reached an 11-month low of 1.488 BTC.

This is related to recent the market crash, which drove Bitcoin price from an all-time high (ATH) of $64.8k to lows of $30k on May 19.

Google searches for legal tender reached an ATH. Lucas Outumuro, a senior analyst at IntoTheBlock, acknowledged that google searches for “legal tender” had gone through the roof. He stated:

“The World is paying attention. Google searches for “legal tender” hit a new high following El Salvador’s Bitcoin Law.”

El Salvador recently became the first country to adopt Bitcoin as legal tender. This move is expected to generate jobs in a nation where 70% of the population works in the informal economy and does not hold a bank account.

Furthermore, it is anticipated to be a way that offers access to investment, savings, credit, and secure transactions.

Image source: Shutterstock

He added:

Source: https://blockchain.news/analysis/long-term-bitcoin-holders-keep-stacking-while-short-term-holders-keep-selling

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