When Elon talks Bitcoin, the market listens. It was no different early in European business hours as the Tesla CEO announced that the company would accept Bitcoin as a form of payment for one of its cars.
While that would be enough for the markets to take a tick upwards - see the Elon effect - the chief executive also announced that the company will keep the money it receives in crypto as crypto. Then things went nuts. Global market cap had been hovering around $1.6-trillion and suddenly shot up into the $1.7 trillion range.
Tesla CEO Elon Musk announced today on Twitter, that the EV manufacturer has begun accepting payment for its range of electric cars in Bitcoin. A Bitcoin payment button has appeared on the Tesla website.
Notably, the Tesla chief executive added that it will hold any Bitcoin paid to the company rather than converting it to fiat currency; it will be added to the cryptocurrency reserves the carmaker already holds.
Earlier this year, Tesla bought $1.5 billion in Bitcoin. In its February SEC filing,...
Within minutes of the announcement, Bitcoin’s price headed north. It had been trading sideways at around $54,000 overnight, but began climbing aggressively and now sits comfortably in the $56,000 and looks like it will continue into the $57,000s.
The news rippled across the broader markets, lifting Ethereum by 1.3% and Binance by 1.24%. In fact, almost all major cryptocurrencies benefitted from the Elon Musk effect, by the looks of the price charts.
The Elon Musk effect. IMAGE: Nomics
The only projects that didn’t feel Musk’s warm embrace was Ripple, as its price cools from earlier gains in the week and Uniswap, and its Eth-powered markets.
Theta Token meanwhile, continues its blistering hot streak, as it adds another 26% to its price. The streaming service has been riding a wave of popularity since Sony announced it was going to be a node on the network and is now being pulled along by the promise of a staking token sometime later this year.
A new token has seemingly boomed out of nowhere into the top 10 cryptocurrencies by market capitalization. Theta, which is up 17,000% in the past year, is now the ninth biggest crypto with a market cap of $13.2 billion, as per Messari data.
The token (THETA) is the currency for the blockchain network, Theta Network. At the time of writing, Theta was worth $12.97—up 31% in the past 24 hours and nearly 81% in the past week, overtaking DeFigiant Chainlink and the popular peer-to-peer cash Litecoin...
Outside of the money markets, crypto has been making serious money moves. This morning, blockchain.com, a London-based firm that provides a variety of cryptocurrency services to retail and institutional clients raised $300 million to give the company a $5.2 billion valuation. That makes it the third-largest raise in crypto's relatively short history, with only Bitmain ($400 million) and BlockFi ($350 million) raising more.
Stateside meanwhile, crypto exchange FTX announced it had signed a 19-year deal to become the sponsor of the Miami Heat arena, the first crypto sponsorship of a major professional sports venue in the US.
Crypto exchange @FTX_Official has become the official sponsor of the Miami Heat arena in a $135M naming-rights deal, making them the first crypto exchange to sponsor a major professional sports venue in the US pic.twitter.com/bnT0tr132v
“The research found that for many investors, emotions and feelings such as enjoying the thrill of investing, and social factors like the status that comes from a sense of ownership in the companies they invest in, were key reasons behind their decisions to invest,” the FCA said in a post on its findings.
Crypto asset manager Canary Capital has applied for an exchange-traded fund tracking Cronos (CRO), the token affiliated with the Crypto.com exchange, according to a filing with the U.S. Securities and Exchange Commission on Friday.
The S-1 registration form marks Canary Capital’s latest step toward potentially debuting its Canary Stake CRO ETF in the U.S. and adds to the growing list of altcoin-based funds before the regulator.
The issuer registered a Delaware Trust entity earlier this month, l...
Just three days after debuting a multi-billion dollar fundraising plan to purchase Bitcoin, President Donald Trump’s Trump Media & Technology Group announced Friday that it has successfully raised $2.4 billion for its crypto treasury.
The funds were raised via an offering of common stock and convertible senior secure notes, the company said. Roughly 50 institutional investors participated in the sale, which produced $2.32 billion in net proceeds.
Those funds will now be used to create a Bitcoi...
How do you save an ailing publicly traded company in 2025? One answer, and an increasingly popular one at that, is: pivot to crypto—or more specifically, become a crypto treasury company.
The previously unknown online gambling marketer SharpLink Gaming did just that earlier this week, when it announced it had raised $425 million in investment to establish an Ethereum treasury. It was a notable departure from the more common route of building a Bitcoin treasury, with Ethereum being the second lar...