Elon is at it again, and this time it’s not great news for the Bitcoin market. Elon Musk took yet another jab at Bitcoin when he tweeted on Friday. This time he tweeted the Bitcoin hashtag alongside a heartbroken emoji. This tweet alone took the value of Bitcoin down by over 6%. Since Bitcoin is the most influential coin in the cryptocurrency space, this will affect almost every other currency. Cryptocurrencies like Dogecoin, Ethereum, among others, all suffered from this single tweet. In turn, this value depreciation will affect the trade predictions of many Bitcoin and cryptocurrency traders.
If you’re a trader in the crypto market, you may have had nothing but love for Elon Musk at the beginning of the year. At that point, Elon took a sudden interest in cryptocurrencies like Bitcoin and Dogecoin. Soon enough, he became probably the most prominent individual with so much influence on the crypto market. With his social media platform, Twitter, Elon single handedly brought Dogecoin to the limelight and took it to its highest value of over 60 cents.
More so, his company, Tesla, announced that they were ready to invest over one billion dollars into Bitcoin. Also, they announced that they were going to accept Bitcoin as an exchange for their products. These two announcements increased the value of Bitcoin excellently and contributed heavily to the all-time high of Bitcoin in April. The currency grew in importance to over $60,000.
However, since the Bitcoin market and Musk’s Tesla are closely watched entities, reactions started to drop. These reactions, as expected, were mixed. On one side, we have the traders and investors who were grateful for the value pump. On the other side, some critics began to question the company’s value. Tesla is a company that hopes to keep the environment safe by introducing electric cars. This brand is an eco-friendly brand. Bitcoin, on the other hand, is not precisely eco-friendly because of Bitcoin mining.
To mine Bitcoin, you need a lot of energy from electricity and, subsequently, release carbons. This high energy process affects the environment, which is what many pointed out to Elon. Elon took that advice, and Tesla went back on their earlier decision. They announced that they were no longer accepting Bitcoin. Elon went further to add fuel to the fire by explaining the reasons.
This decision by his company and his explanation affected the value of BTC heavily. Coincidentally, a Chinese regulation ban against crypto hit again. This further depreciated the value of Bitcoin in the market. At this point, many traders had lost their initial love for Elon Musk.
As usual, Bitcoin and other cryptocurrencies have enjoyed some stability for a while. Just some twenty-four hours before Elons’ tweet, Bitcoin showed some growth signs. More so, Dogecoin had an interesting value increase when Coinbase announced that they’d list the currency on their platform. However, both Bitcoin and Dogecoin have been affected by Elon Musk, yet again.
Final Words
Any time Elon tweets on any crypto-related subject, it has a significant influence on the crypto market trends. His tweets can influence the market positively or negatively. So if he keeps tweeting crypto-related tweets, the market will take effect. However, you can escape this sort of market volatility and earn free tokens on our blockchain-based fantasy platform-Fanspel.
As a newbie in the cryptocurrency space, it’s normal for you to get confused of the difference between coins and tokens.
In most cases, you’ll see these two terms often used interchangeably in cryptocurrency platforms and blogs.
Asides from being a currency, a crypto coin is a means of exchange as well as a means of saving passively.
Some features common to most crypto coins include;They are primarily decentralized entitiesThey depend on a blockchainThey follow the cryptocurrency graph system.You can use crypto coins in many ways.
In most cases, you can even liken a coin to the regular money you have, as you can use it to pay for items.
Some ways to use crypto coins include;Money TransfereCommerceSavingsToken building (Ethereum)Making network decisions (Dash)What is a Crypto Token?The primary difference between crypto coins and tokens is the blockchain difference.
If you’re an active crypto trader, you must have thought, at one point or the other, about the security of your assets.
How do you know that one day, the whole system will not become flawed?
One of the ways to ensure the security of your assets is by the concept of proof of work.
Proof of work is a mechanism that ensures that participants in a blockchain network perform transactions and reach agreements while ensuring the security of the network.
Proof of work is employed by many cryptocurrencies but our primary focus is on its functions in the Bitcoin network.The concept behind proof of workIt may surprise you to know that the primary purpose for proof of work was not for security.
As you know, Bitcoin and other cryptocurrencies all depend on the blockchain network.
This month we'll be taking a glance at the simplest exchanges for coin staking, a replacement various for collateralized loans and also the initial actually global crypto card & its loyalty reward program.
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Holders that become active participants within the consensus method area unit rewarded with a form of passive interest in the same cryptocurrency within the case of Stellar XLM, or through another currency within the case of modern and GAS.
Although the typical holders might not have the technical information, time or need to move participants; their area unit still ways that to earn staking rewards by staking through exchanges or staking pools.
Binance has recently proclaimed it'll be adding XLM to the list of currencies obtainable for staking.