The price of Bitcoin (BTC) rose over 14% on Monday, easily crossing the magic $40,000 mark, after almost three weeks of languishing in the mid-to-high $30,000’s.
Bitcoin's price peaked at $41,117, setting a new monthly high for June, and coming on the heels of a weekend of wild price swings.
Musk has been something of a Pied Piper to Bitcoin since the electric car maker announced a $1.5 billion BTC buy in February and said that it would allow cars to be paid for in the cryptocurrency. The move helped to push the cryptocurrency's price to over $60,000 during the following weeks.
Soon afterward, however, Musk changed his tune and said that Tesla would no longer accept Bitcoin, citing concerns about the cryptocurrency's energy use. A regulatory crackdown in China added to Bitcoin’s woes.
Now, in another apparent volte face, the Tesla boss has indicated that the Bitcoin ban was not permanent while responding to criticism about his influence on the price of the cryptocurrency.
"When there's confirmation of reasonable (~50%) clean energy usage by miners with a positive future trend, Tesla will resume allowing Bitcoin transactions," Musk tweeted on Sunday. He did not state how this confirmation would happen.
This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.
When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
Last week's announcement that El Salvador planned to make Bitcoin legal tender in the country failed to significantly affect the price, but the move may have started a larger trend.
Yesterday, Tesla CEO Elon Musk announced that Tesla would “resume allowing Bitcoin transactions” if and when there’s “confirmation of reasonable clean energy usage by miners,” following the EV company’s decision to stop taking payments in Bitcoin last month over concerns about its environmental impact.
Musk suggested that the threshold for “reasonable clean energy usage” should be as high as 50%. Bitcoin advocates argue that a majority of Bitcoin is already produced using renewables.
The discr...
Several south and central American nations have signalling their intent to follow El Salvador’s lead, and on Sunday, Tanzania’s President, Samia Suluhu Hassan, told financial chiefs of the East African nation that they should prepare plans to introduce cryptocurrency, or risk being caught out.
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Standard Chartered is teaming up with digital assets prime brokerage FalconX in a deal aimed at bolstering crypto services for institutional investors.
FalconX said in a statement it will tap into Standard Chartered's banking infrastructure and foreign exchange capabilities to streamline access to digital assets for its institutional clientele.
It will initially focus on clients in Singapore before expanding to other parts of Asia, the Middle East, and the U.S.
Matt Long, General Manager, APAC...
Long before it was a blockchain, Solana was a word for sunshine. Now, it's shining as one of America's fastest-growing and trending baby names.
The name, derived from Spanish and Latin roots meaning the "sunshine" or "sunny place," has surged in popularity, according to new data from the Social Security Administration.
As a baby name, Solana has risen to the 242nd spot this year, up from 691st last year and 933rd in 2023, when it first joined the list of top 1,000 names.
Naming experts note that...
A Solana meme coin trader turned $332—or less than 2 SOL at the time—into nearly $190,000 by trading a newly launched meme coin called Gooncoin over the past 24 hours.
The GOONC token was introduced late Monday night via Believe App’s "Launch Coin" mechanism, which allows any X (formerly Twitter) user to create a Solana token in a post that tags the Launch Coin account. Since debuting, the token has skyrocketed 70,000% to a $54.6 million market cap.
@launchcoin + gooncoin
— Pata van Goon (@b...