Elon Musk criticized the Bitcoin crisis, the ether boom, and Dogecoin survived: Hodler’s Digest, May 9-15

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Come every saturday Hodler Digest Will help you keep track of every important news story that happened this week. The best (and worst) quotes, summary of adoption and regulations, leading coins, forecasts, etc.-in a link on Cointelegraph, one every week.

Popular stories this week

After Tesla cancelled payments due to carbon emissions concerns, Bitcoin lost 6% within an hour

With the growth of altcoins, they have lost their dominance in the cryptocurrency rankings, and with Elon Musk’s shocking announcement, Bitcoin’s situation is getting worse this week.

On Twitter, the billionaire CEO announced that he had stopped using BTC to buy Tesla cars due to concerns about the environmental impact of cryptocurrencies.

Although Musk said that Tesla has no plans to sell more of its bitcoins, he confirmed that the company is looking for other cryptocurrencies that are less dependent on energy.

After a sudden statement, BTC entered a state of free fall, which seemed to surprise traders.Fell to as low as $ 46,980.02 And have Try to stay above $50,000 since.

Traders began to buy on dips and expressed strong opposition to Elon Musk’s blockbuster

Not surprisingly, Musk’s statement was met with fury from the crypto community.

Given that the energy use of the blockchain is nothing new, since Tesla invested $1.5 billion in Bitcoin a few months ago, many people have been confused by the changes.

Some people accused the CEO of manipulating the market by manipulating his 280-character short message, thus carrying out a “big sale” scam. Others insist that miners mainly use renewable energy, but the data suggests that this may be just an embellishment. Although 76% of miners sometimes use renewable energy, the University of Cambridge estimates that only 39% of the total electricity consumed by proof-of-work cryptocurrency is eco-friendly.

Barstool Sports founder David Portnoy is also suspected of joining Musk, accusing him of “playing with people’s future and destiny.”

Others pointed out Proof of work is essential for BitcoinAnd tried to assure investors that the cryptocurrency has proven to resist criticism.

Saifedean Ammous, author of “The Writer” Bitcoin standard: a decentralized alternative to central banks, I heard it right speak Musk: “Unless you also convert rocket and battery manufacturing to’more sustainable energy’, you will look like a clueless hypocrite here. The world needs sound currency funds far more than you need rockets and government subsidized electric cars.

Ether broke through the market value of $500 billion for the first time

ETH is inevitably caught in the dilemma of the cryptocurrency market. But before the launch of the Tesla TV series, it has reached a series of astronomical milestones, which preempted the TV show’s prologue.

The world’s second largest cryptocurrency soars to $ 4,362.35 -Briefly push its market value higher 500 billion U.S. dollars the first time. After ETH broke through the $4,000 mark on Monday, Ethereum entered an unprecedented field.

Ether’s parabolic growth has made its valuation more than that of companies such as Visa and JPMorgan.

Although any lasting impact of Tesla’s announcement remains to be seen, analysts believe that ETH reaches $5,000 Still a question, not when.

DOGE skyrocketed because Elon Musk said he was working with developers to “improve efficiency”

This week, Musk’s fingerprints did not only appear on Bitcoin. Seems to be a lifetime ago Saturday night live —And send The price of DOGE plummeted After the weird entrepreneur described the joke about cryptocurrency As “busy”.

Dogecoin lost 40% Within 24 hours from last Saturday to Sunday, its value fell to $ 0.43. Although some analysts have always expected altcoins to rebound after the broadcast, the opposite statement is ultimately correct.

But the warning about the catastrophic collapse of XRP in 2018 is unfounded…at least for now. In recent days, DOGE has returned to the top $0.50 Behind the two good news.

Altcoins reacted enthusiastically After Musk revealed that he is working with the developers of Dogecoin to improve the efficiency of the cryptocurrency. A few days ago, he published a Twitter poll asking whether Tesla should accept DOGE as a payment method. Coinbase also encouraged the market, confirming that it plans to list Dogecoin in the next six to eight weeks. All this makes DOGE one of the few winners in the Red Sea.

This is not the only drama facing DOGE this week, many “Dogecoin killers” broke into the stage. One of them is Shiba Inu (Shiba Inu), Surge After being listed by many well-known exchanges.

Unfortunately, it turns out that Shiba Inu’s bark is much worse than its bite.The coin’s website says 50% Given that he is unlikely to use tokens, his token supply has been sent to Ethereum co-founder Vitalik Buterin. But shocking, Buterin took full advantage of unsolicited donations-donating a large part of his SHIB tokens to a fund that provides assistance to India to fight COVID-19. Since then, prices have plummeted.

As the exchange plans to add bank-like services, Coinbase’s revenue tripled in the first quarter

Immediately after listing on the Nasdaq, Coinbase released its first quarter revenue on Thursday-as expected, the bull market helped the exchange obtain a very healthy set of data.

Total revenue was 1.8 billion US dollars, or 3.05 US dollars per share, slightly lower than analysts’ previous expectations of 3.07 US dollars per share. But this is $585 million Generated in the previous quarter.

Net profit also soared to $771 million, Four times the fourth quarter twenty four This is twice the amount in the first quarter of 2020.

Coinbase ceases to provide detailed guidance on future performance, warning: “For investors, it is important to remember that our business is inherently unpredictable.”

Unfortunately, these have not translated into an increase in the COIN stock price, and the price is getting closer and closer to the COIN reference price. $250 It was seen when it debuted in mid-April.

David Trainer, senior Wall Street analyst and CEO of New Constructs Expect Coinbase stock to fall to $100 It even decreased as competition intensified, and even warned: “The company is unlikely to meet its future profit expectations after baking into the stock price.”

Winners and losers

During the weekend, Bitcoin was $ 49,594.02,ether $ 4,028.01 And XRP in $ 1.40.The total market value is $ 2,329,213,762,738.

Among the 100 largest cryptocurrencies, the top three altcoins rose by Shiba Inu, Polygon with resurrection.The top three altcoin losers this week are Dogecoin, Holo with Siakine.

For more information about cryptocurrency prices, please make sure you have read Cointelegraph’s market analysis.

The most memorable quotes

“We see Web3 as the future of the Internet, where everyone owns and controls their own content.”

Matthew Gould, The unstoppable domain name CEO

“We know that replacing gold as a store of value will benefit the environment […] The reduction in the use of large banks and coins will benefit society and the environment. “

Mark Cuban, Billionaire investor

“These moments have historically been good buying opportunities because they indicate panic in the market.”

Whale illustration

“Whether through Bitcoin or NFT, the emergence of digital property rights may be the greatest opportunity for financial inclusion for the bottom 3 billion consumers in frontiers and emerging markets.”

Manuel StotzChief Executive Officer of Kingsway

“The world’s demand for sound far exceeds the demand for rockets and government-subsidized electric vehicles.”

Said Amis, Bitcoin standard: a decentralized alternative to central banks Author

“As competition enters the market, Coinbase may not be able to sustain future blowout earnings.”

David Trainer, CEO of New Constructs

“In the long run, I am still very optimistic about Bitcoin and do not believe that the announcement will significantly affect the price or adoption rate.”

Adrian Przelozny, Chief Executive Officer of Independent Reserves

“Unless there is a black swan incident, I don’t think this rally will end soon.”

Lex Moskovski, Analyst

“DOGE is a fashion that will continue to exist in an ever-evolving sport.”

Nick Spanos, Founder of Zap Protocol

“There are thousands of coins, and DOGE is really useless. They are just utility tokens with no basic value or use cases, and they will eventually disappear.”

Mark Yusko, Founder of Morgan Creek Digital Management

Forecast for the week

Morgan Creek Capital CEO: BTC trading price may reach $250,000 within five years

Although Bitcoin has been hit in the short-term, there is no lack of optimism about the long-term forecast.

Take a look at Mark Yusko of Morgan Creek. He believes that BTC is likely to be traded at $250,000 per coin before 2025.

His prediction is based on the assumption that Bitcoin will rival gold by its “monetary value.”

Yusko’s appearance on CNBC did attract investors who like altcoins. He added: “There are thousands of coins, and DOGE is really useless. They are just utility tokens with no basic value or use cases, and they will eventually disappear.”

FUD this week

According to reports, Binance is under investigation by the Internal Revenue Service and the Department of Justice

According to reports, Binance is under investigation by the US Department of Justice and the Internal Revenue Service.

According to Bloomberg News, the two government agencies are investigating Binance Holdings Ltd. as part of an investigation into U.S. residents who use cryptocurrency for illegal transactions.

According to reports, officials are seeking information from Binance employees and customers, but not all of their inquiries are necessarily related to allegations of misconduct.

A Binance spokesperson stated that the company “takes its legal obligations very seriously and interacts with regulators and law enforcement agencies in a collaborative manner.”

If you cannot repay the tax, the IRS will confiscate your cryptocurrency

The Internal Revenue Service (IRS) is ready to catch cryptocurrency owners struggling to pay unpaid tax debts, sending a strong signal that the agency treats digital assets in the same way as any other type of property. Confiscated.

Robert Wearing, Deputy Deputy Chief Counsel of the Internal Revenue Service (IRS), said at a virtual meeting held by the American Bar Association that the government classifies digital assets as property. As a result, these assets may be confiscated in order to repay outstanding outstanding taxes.

According to Bloomberg News, he said: “The IRS will confiscate the property and will try to sell it in accordance with its usual procedures and use it to satisfy collection requirements.”

From the perspective of the US federal tax law, BTC and other cryptocurrencies are classified as property.

Turkish customs confiscated more than 500 smuggled Bitcoin mining equipment

Turkey’s customs enforcement agency cancelled a smuggling operation and the country’s record-breaking of illegal bitcoin mining equipment in the country was reportedly broken.

After receiving the tip, the anti-smuggling and intelligence team of the Turkish Customs Protection Agency raided a warehouse in Izmir earlier this week, where they found 501 ASIC bitcoin mining equipment in a closed cardboard box.

Customs enforcement agencies in $ 600,000. As part of the investigation, four suspects were detained.

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