once again, Elon Musk Has tweeted and pushed the bitcoin price beyond a significant resistance zone for now. At the time of writing, BTC trades at $ 39,022 with a 15.5 percent gain on the daily chart.
The cryptocurrency had a bloody weekend, and it took the entire market with it. Top projects on the ranking by market cap saw 40% to 60% improvement. Now, they were seen bouncing back with the price of BTC.
Most experts agreed that the accident was imminent, but The influence of the Tesla CEO was undoubtedly a catalyst that sent the market on a downtrend. Musk made two key statements at a critical moment when BTC was fighting to maintain support at $ 47,000 and $ 43,000 in price.
He previously stated that bitcoin mining has a negative impact on the environment. Later, he threatened to dump $ 1.5 billion of Tesla in BTC. The crypto community went against the entrepreneur. Now, as the price struggles, Moscow Manifested written below:
Talked with North American bitcoin miners. He committed to publishing current and planned renewable use and asking miners to do the same. Potentially promising.
Michael Sayler, The CEO of the software company MicroStrategy claimed that he was the bridge between the BTC mining sector and Musk. According to the executive, the miners have decided to form the Bitcoin Mining Council, Saylor The couple:
Yesterday I had the pleasure of hosting a meeting between Elon Musk and the leading bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy use transparency and accelerate sustainability initiatives around the world.
Organization Mining Pool Argo, Blockcap, Hut8, Marathon Digital Holdings, Riot; Core Scientific, an infrastructure and software solution based on blockchain technology; Investment firms Galaxy Digital, and HIVE Blockchain Technologies.
According to the CEO of MicroStrategy, the Bitcoin Mining Council: “will standardize energy reporting, pursue industry ESG targets, and educate the market”.
Bitcoin community divided over mining initiative
The response from the crypto community was mixed. While some celebrated the initiative, others rejected it outright and claimed that “private” meetings are not in the spirit Bitcoin. Marty Bent, host of Podcast Tales from the Crypt, said The following on the initiative:
They do not care for clean energy; They care about control. #Bitcoin has one if not the highest mix of renewable energy usage in a large industry.
Prior to Elon Musk’s announcement, market sentiment was still mostly bearish. More than $ 8 million of short-position liquidations were recorded on all exchange platforms, as analyst William Clemente reported.
Boom, shy of $ 4 million in small liquidations in 10 minutes pic.twitter.com/e0dbA71BiI
– William Clemente III (@WClementeIII) May 24, 2021
The market has now reset and is awaiting confirmation of a more persistent slowdown or bullish trend. Price action, at least in the time frame, appears to be more inclined to favor optimists. Clemente said: “Bear in disbelief”.