Tesla shed $936 million of its $BTC holdings despite its CEO’s prior assurance that there were no plans to sell its $BTC.
Irresponsible Behavior
Bitcoin ($BTC) fell on the news of Tesla’s decision to sell its Bitcoin reserves to improve its cash flow. Tesla is one of the largest corporate holders of Bitcoin and its decisions in the past have shown to be directly correlated to the price movement of $BTC.
Elon Musk, the Chief Executive Officer (CEO) of Tesla, has been incredibly vocal about his views on cryptocurrencies. Tesla’s decision to allow $BTC to be used for buying Tesla vehicles led to a surge in the price of crypto assets as the move was seen as a vote of confidence for $BTC and what it represents. The automobile maker however reversed its decision two months later and this led to a more than 10% decline in $BTC’s price.
The tweets made by Elon Musk are dangerous because the richest man in the world is capable of affecting the market. This time around, Tesla’s Bitcoin sale was uncovered in its Q2 quarterly update despite the CEO giving the assurance that Tesla would not be unloading its $BTC stash in May last year.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Crypto assets are generally showing signs of bottoming out as the news of Tesla’s Bitcoin unloading did not cause widespread panic. The sell-off was very much contained.
Bitcoin and other crypto assets have staged a relief rally but whether that is sustainable will depend on whether it can consolidate above $22K. If Bitcoin dips below $20K, there is a strong possibility that the current rally is a mere fake-out.
Weekly Recap
- Ronaldinho joins New World as their global ambassador.
- FEG token rallies after roadmap release.
- Crypto.com gets permission to operate in Italy.
- Binance aims to onboard promising Indian blockchain tech companies.
- Binance announces scholarship program.
- BNB Chain now has a channel on Reddit.
- Thetan Arena records increased daily users.
- Polygon launches layer-two solutions compatible with Ethereum.
- The UK government publishes stablecoin adoption rules.
- BACC Finance announces a compensation plan for victims.
- ENS joke turns into a 100 $ETH loss.
- Cronos partners with Moralis to launch a metaverse gaming hackathon.
- Shiba Inu partners with Hollywood studio on metaverse.
- Vitalik announces Ethereum’s roadmap after the Merge.
- Leading metaverse platforms combine to create DAO.
- BSC News NFT unlocks benefits on top BNB Chain projects.
Market Sentiment
The overall sentiment on Bitcoin has improved after its recent price rally. The main crypto asset by market cap however failed to break above $24K. The improving sentiment in the crypto market is also the result of Ethereum’s ($ETH) performance in the past week.
However, there are reasons to be skeptical of the hype that is building up on $ETH for the following reasons:
- $ETH’s price action is largely correlated to $BTC. If $BTC tumbles, it will take the whole crypto market with it.
- $ETH’s price action is because it has been in ‘oversold’ territory and this rally could be just a relief bounce.
- A report by Finder published on July 19 says:
“ETH is currently worth $1,339 but the panel predicts it'll sink further before rebounding to close out 2022, with the panel expecting lows of $675. That's not to say they don't see it bouncing back, with the panel also seeing ETH top out at $2,673.”
Coins to Watch
- Ethereum ($ETH) - Anticipation is building around Ethereum 2.0 and rightly so because of a major milestone scheduled to take place soon. The Merge will make the Ethereum network more scalable, secure, and sustainable.
- The upgrade has been subjected to many delays and the long-awaited Merge will likely take place on Sept. 19.
- Ethereum might stage a mini rally despite the unfavorable market condition as market participants are getting ready to capitalize on the building euphoria.
- Finder predicts that by 2030, $ETH might be worth $14,412.
- Optimism ($OP) - Optimism is a rollup that helps Ethereum scale. It is a layer-two network that utilizes the security of the Ethereum network while reducing cost and latency.
- Most projects that utilize the EVM are on the Ethereum network. Rollup solutions such as Optimism, Arbitrum, and ZK will be the future of the Ethereum network.
- Ethereum as a layer-one solution is merely a consensus layer. Execution will be relayed to layer-two solutions such as Optimism.
- $OP is a new token and has yet to unleash its full potential. A strong surge in $OP’s price is expected once Ethereum gains momentum.
- More projects will be using the distributed ledger technology and smart contract enabled platforms will soon be a norm.
- New layer-one solutions that are faster and cheaper than Ethereum are posing a threat but the first mover advantage gives Ethereum a head start.
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Delve into the highs and lows of the crypto market's rising stars, including exclusive insights on BlastUP's game-changing trajectory.
Bitcoin's halving has sparked excitement across the crypto world, with some experts hinting at a major bull run that could see values soar to staggering heights. This potential surge highlights the broader market optimism, turning the spotlight on low-key altcoins. These under-the-radar digital currencies offer a tantalizing promise for high potential gains, drawing attention from investors looking for the next big breakout in the crypto landscape.
BlastUP Goes Viral, Raising $3 Million in Just One Month
BlastUP, the premier launchpad on Blast, has recently made waves in the crypto world with its stunning debut, raising $3 million in just one month. Many smart investors are rushing to buy BlastUP tokens before their value skyrockets.
Holders of BlastUP tokens may benefit from a number of privileges including participation in an Airdrop, exclusive loyalty rewards for participating in IDOs, and the ability to earn interest through staking.
BlastUP stands out from the crowd in the crypto world. Backed by Blast, the sixth largest blockchain by TVL, it offers genuine utility as a launchpad for DApp ventures. With its motto Grow faster, earn more, BlastUP is dedicated to propelling the success of blockchain startups. Those who join BlastUP now become part of a project poised to become the next big thing in this bull run.
>> Buy BlastUP tokens before they skyrocket <<
Jupiter's Impressive Growth: Risks and Potential
The recent performance of Jupiter has been impressive, with a monthly increase of over 150% and an even more substantial six-month rise. This trajectory suggests a robust positive trend, which could continue to push the price up, targeting the next resistance at $0.81. The current price of $1.25, slightly below the 10-day SMA of $1.27, implies a healthy momentum, possibly igniting investor interest for further gains. Despite this, any unexpected shifts in market dynamics could see the price test nearer support levels at $0.68 or even $0.42, underlining the importance of vigilance among investors.
In looking at long-term prospects, this meteoric rise of over 4000% in the past half-year positions Jupiter as a noteworthy contender in the market. This kind of movement garners attention, potentially attracting new investors and increasing buy pressure. Nevertheless, market history tells us that assets with such rapid ascents can be susceptible to corrections. Jupiter's support levels at $0.42 and $0.30 could come into play if the tide turns.
Mantle's Price Doubles, Eyes on Upward Trend
Mantle's recent surge to $1.28 from $0.63 in just one month shows a strong upward trend, with the price more than doubling. If Mantle maintains this growth, it could soon break past the second resistance level of $1.27. Long-term, the six-month increase of 223.57% suggests solid momentum. Holding above the simple moving averages of $0.88 and $0.75, respectively, supports a continued rise. However, such rapid increases can invite corrections, potentially testing support levels if traders decide to lock in gains.
On the flip side, if we consider the significant short-term climb, there's a risk of pullback towards the nearest support at $0.63 or even the second support at $0.37. These levels might act as safety nets for the price. In the long run, if the upward trajectory stalls, the price might oscillate around the current simple moving averages. Mantle's ability to sustain above these averages in the face of potential market headwinds will be critical for ongoing growth.
Ondo's Market Surge: Growth & Volatility Risks
Ondo's seen impressive growth, with a one-month jump of over 105% and six-month rocketing close to 2780%. If it keeps catching eyes, the current $0.87 might push past the near resistance at $0.55 and challenge the second at $0.66. This hype could spill over, making short-term gains likely, with the 10-day average at $0.73 hinting at solid interest.
Looking long term, if Ondo holds strong above its support levels at $0.26 and $0.08, we could see steady growth. Such support suggests a faithful base, which helps during downturns. Still, with any asset that's seen a 2779.90% half-year surge, there's a risk of a pullback as early investors take profits.
FLOKI's 1304% Surge: Can It Reach New Highs?
Looking at the impressive growth over the past month of 512.87%, FLOKI's positive momentum could continue. Investors have seen a staggering six-month surge of 1304.41%, pushing past previous expectations. Based on these trends, there's potential for FLOKI to climb towards its all-time high of $0.000313. If buyer enthusiasm persists, the current price could be seen as a stepping stone for further gains.
However, it's crucial to remember that past performance isn't always indicative of future results. The asset has yet to return to its peak, and digital currencies are highly volatile. While historical data provides optimism, it's essential to prepare for fluctuations.
Conclusion
It becomes evident that while the likes of Jupiter, Mantle, Ondo, and FLOKI have piqued investor interest, BlastUP emerges as the most tantalizing of them all. Thriving within the robust Blast ecosystem, BlastUP's concept appears to be a compelling beacon for those seeking substantial returns, potentially outshining its contemporaries. As the crypto community anticipates where the next big rush will materialize, BlastUP's profound potential remains a standout in the current tide of market exploration.
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Disclaimer: This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $400. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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