The price of bitcoin returned above $40,000 on Wednesday, marking a big recovery from Sunday when it was trading at just above $30,000 – less than 50 per cent of its all-time high from April. The latest dip was brought about by China announcing yet another crackdown on crypto mining, though more positive news in the space has helped boost the crypto market.
Major cryptocurrencies including Ethereum (ether), Cardano (ada) and dogecoin rallied by between 5 and 15 per cent overnight and were trending upwards on Wednesday morning.
The market rebound at the start of the week has been partly assisted by comments from Elon Musk that he has been in talks with bitcoin miners about renewable energy solutions, as well as news that hedge fund billionaire Ray Dalio has invested in bitcoin.
A number of prominent analysts remain optimistic about bitcoin’s prospects, with some speculating that the bull market is “just warming up”.
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John McAfee’s wife fears he will ‘die in prison’ for crypto charges
Janice McAfee, the wife of imprisoned cyber security pioneer John McAfee, has likened Elon Musk’s market-moving tweets to those of her husband – claiming that Musk does it “with impunity”, while her husband “faces the real possibility of dying in prison for allegedly engaging in similar activities”.
I spoke to John McAfee’s lawyer Andrew Gordon back in March, who is representing him for his case in New York, relating to crypto securities, and his case in Tennessee, relating to tax charges.
“This is certainly a very different case,” he told me. “While it’s not the first crypto criminal tax indictment, it’s definitely one of the first, and the most high profile.”
Whatever the outcome, it could set a benchmark for future cases.
Anthony Cuthbertson26 May 2021 12:54
Dogecoin founder says thank you to Elon Musk
Dogecoin co-founder Billy Markus has thanked Elon Musk for clarifying his stance relating to the meme-based cryptocurrency.
The Tesla CEO has been dogecoin’s most prominent cheerleader during this latest market rally, with his tweets and comments often pushing it to new record highs.
Despite briefly changing his Twitter bio to “CEO of Dogecoin” back in 2018, Musk tweeted that “no one reports” to him due to the decentralised nature of the technology and the community surrounding it. In a separate Twitter post yesterday, Musk explained why he favours dogecoin over other, more technically advanced, cryptocurrencies like Ethereum or Cardano.
“Doge has dogs and memes,” he said. “The others do not.”
Anthony Cuthbertson26 May 2021 09:48
Bitcoin price back above $40,000
The price of bitcoin is back above $40,000 on Wednesday morning for the first time since last week. It’s been several days now of steadily recuperating its losses, with $40k proving to be a key resistance point.
Passing the milestone, which it only passed for the first time in its history back in February, appears to have also given a boost to other major cryptocurrencies.
Cardano (ada), Ethereum (ether) and Binance Coin were all up by between five and 15 per cent overnight, with the latest gains also meaning that the crypto market is now up week-on-week and heading back towards that $2 trillion market cap.
Anthony Cuthbertson26 May 2021 07:36
How Elon Musk’s ‘green’ solution to bitcoin mining may already exist
Elon Musk has once again caused a stir within the crypto world by revealing that he is in discussions with bitcoin miners in an effort to address climate concerns within the industry.
The Tesla CEO, who withdrew support for cryptocurrency payments earlier this month, hinted at a “potentially promising” solution, but gave no further details.
There are already a number of mining operations that use renewable energy, as well as various crypto projects that do away with the vast energy requirements altogether.