Cryptocurrency
Bitcoin: While everyone is discussing the Tesla sale, the onchain data is worrisome
Bitcoin pulled back from Wednesday’s highs, losing all of its gains for the day and closing in the red zone. Today, the BTCUSD quotes remain under pressure, but until the support level of 21,900 is broken, it all looks like a pullback and may well end with confirming the indicated horizon as support followed by a rebound up.
An alternative scenario for the main cryptocurrency would be a return to the sideways 18,900 – 21,900 level, and then there is little to keep the price from falling. Meanwhile, the cryptocommunity is actively discussing the news of the day that Tesla sold its bitcoins, which probably caused yesterday’s drop.
Why Tesla sold Bitcoin
During Tesla’s quarterly report, it was revealed that the electric car company sold almost all of its BTC reserves, having only 25% of the bitcoins acquired during the 2021 bull market.
Tesla converted most of its bitcoin assets into fiat currency, earning about $936 million, which showed up on its balance sheet as “proceeds from the sale of digital assets.” The electric car maker now owns about $218 million in BTC.
Tesla CEO Elon Musk explained that the sale was not a “verdict on bitcoin.” It was a forced move because of liquidity problems. Also, parts shortages and delivery failures also led to further delays in production and deliveries. Musk also said that the company would be open to increasing its bitcoin assets in the future.
Tesla’s CFO explained the sale of BTC
Tesla CFO Zachary Kirkhorn said the sale was for “realized gains.” This means that the company sold the cryptocurrency at a higher price than it bought it.
However, he also pointed out that the bitcoins left on the balance sheet were worth far less than their purchase price, indicating that the drop in cryptocurrency prices was significant enough to offset the gain from the sale in the second quarter of 2022. Kirkhorn said the actual net result was $106 million for the company’s balance sheet.
Because Tesla’s brand is focused on sustainability, the high energy consumption of bitcoin mining was an issue. The CEO also explained that Tesla would reconsider opening this payment method if Bitcoin could move to a more sustainable energy model.
Bitcoin whale are selling Bitcoin
Miners also appear to have taken advantage of the recent upward price movement to make some profits. The balance of bitcoins held on trading platforms also shows a surge in inflows since July 12. The number of new daily addresses created on the network is decreasing. This indicates a lack of interest in bitcoins among outside investors at current price levels.
Increased open interest coupled with declining network growth and increasing selling pressure from whales and miners suggests that the recent upward price movement that Bitcoin has shown is due to leverage. These network dynamics increase the likelihood of a steep correction.
Around 630,000 addresses previously bought 524,000 BTC worth between $20,220 and $20,900. This demand zone must be maintained in the event of a downturn to prevent excessive losses. If the major cryptocurrency fails to hold that level, a sell-off could send it to around $16,000.
Bitcoin would probably need to close the daily candle above $23,660 to be able to rise higher. Breaking this important barrier of resistance could help BTC rise to $25,000 or even $27,000. However, as long as whales and miners continue to sell and the growth of the network slows, the threat of a steep correction remains.
Cryptocurrency
Shiba Inu (SHIB) Outperforms Bitcoin and Dogecoin on This Front: Details
TL;DR
- SHIB tops some trading charts for April, surpassing BTC, DOGE, and ETH, showcasing its consistent popularity among traders.
- Analysts like Ali Martinez and Rekt Capital anticipate a potential Shiba Inu bull run, with buy orders placed and bullish predictions suggesting triple-digit price increases.
SHIB’s Solid Achievement
Shiba Inu continues to make the headlines by registering substantial price spikes and achieving numerous advancements.
For example, it topped WazirX’s ranking as the most-traded cryptocurrency for April, leaving Bitcoin (BTC), Dogecoin (DOGE), Pepe (PEPE), and Ethereum (ETH) behind.
Top five traded coins on WazirX in April’24:
🚀 $SHIB
🚀 $BTC
🚀 $DOGE
🚀 $PEPE
🚀 $ETHWhich one did you trade the most? pic.twitter.com/Fc1E76f8Lk
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) May 3, 2024
This is not the first time the meme coin has topped that ranking. It was the most-traded digital currency on WazirX’s platform in March, surpassing BTC, PEPE, FLOKI, and DOGE. Recall that SHIB was the second-most traded cryptocurrency on the trading venue for 2023.
It is worth mentioning that WazirX is among the leading Indian cryptocurrency exchanges, with over 6 million registered users and monthly trading volume equaling billions of dollars. It is part of the Binance group and serves clients in more than 180 countries.
Recent SHIB Price Predictions
The meme coin’s price has been flashing green for the past few days, with some analysts suggesting that a more substantial rally could be on the horizon. One example is the X user Ali Martinez, who admitted placing buy orders, hoping for a 300% surge.
Rekt Capital and crypto content creator Jake Gagain also outlined bullish predictions recently. The former envisioned a triple-digit price increase, whereas the latter argued that “fading” Shiba Inu “is a major mistake.”
The resurgence of Shiba Inu‘s burn rate and the development of the layer-2 blockchain solution – Shibarium – are two major factors that could positively impact the asset’s value. As CryptoPotato reported, over 81 million tokens were destroyed in the last 24 hours, while the network underwent two essential upgrades.
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Cryptocurrency
BTCC Exchange Launches World Trading Competition with Record-breaking 10M USDT in Prize Pools
[PRESS RELEASE – Vilnius, Lithuania, May 6th, 2024]
BTCC Exchange, the world’s longest-serving cryptocurrency platform, announces the BTCC World Trading Competition (BWTC) 2024 kickoff, featuring an unprecedented prize pool of 10 million USDT. This global competition, organized into three main categories, invites participants worldwide, underlining BTCC’s commitment to inclusivity and diversity in cryptocurrency trading.
The competition’s categories—individual trading, copy trading, and referral competition—are designed to accommodate traders of all skill levels and preferences. The individual trading competition, already open for registration, features a significant shared prize pool of 1.4 million USDT, offering participants the chance to earn up to 26,700 USDT monthly.
As in the copy trading competition segment, participants are divided into two groups: lead traders and copy traders. Lead traders compete for a 50,000 USDT prize pool based on their lead trading performance, while copy traders vie for 30,000 USDT, with rankings determined by their copy trading volume.
In addition to the typical trading formats above, BTCC stands out by including a referral competition. This encourages existing users to introduce new traders to the platform, with a prize pool of 65,000 USDT awarded monthly based on the referred traders’ volume and the number of new users brought in.
Alex, Head of Operations at BTCC, shared his excitement about the launch: “Our competitions reflect our dedication to inclusivity. We offer diverse contests ranging from solo trading to copy trading, and reward those who expand our community through referrals.”
The BWTC 2024 will introduce more categories of trading competitions, providing users with exciting opportunities to win from the extensive prize pools.
This year, BTCC continues to demonstrate its dedication to making crypto trading more accessible through various rewarding campaigns. Their recent Bitcoin halving campaign celebrated the platform’s observation of its fourth Bitcoin halving since its inception, distributing significant rewards to participants.
Now entering its 13th year, BTCC remains focused on expanding its campaign offerings to attract both novice and seasoned traders, maintaining its prominence in the crypto exchange industry.
About BTCC
Established in 2011, BTCC is one of the world’s most established cryptocurrency exchanges. Its mission is to make cryptocurrency trading accessible and reliable for everyone, continually adapting and innovating to meet traders’ needs across the globe.
Website: https://www.btcc.com
Twitter: https://twitter.com/BTCCexchange
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Cryptocurrency
DOGE Skyrockets After Tesla Adds Dogecoin аs Payment Method
Tesla, the renowned electric car manufacturer led by Elon Musk, has officially integrated Dogecoin (DOGE) as a payment option on its website.
This month, DOGE has surged over 35%, with the Tesla announcement significantly fueling its rise.
Tesla Integrates DOGE Payments
Tesla has officially embraced Dogecoin, with the payment page updated to feature the OG meme coin. The addition specifies that DOGE can only be used to pay for select products, including merchandise within the online Tesla Shop.
The first response in the FAQs section instructs users to search for the Dogecoin symbol next to the “order” button for eligible products. According to the support page, individuals interested in making a purchase on the Tesla shop using Dogecoin must first own a “Dogecoin wallet.”
A disclaimer also states, “It is the responsibility of the purchaser to ensure that Dogecoin is transferred to Tesla’s Dogecoin wallet accurately.”
Following the announcement, Dogecoin surged by 21% to $0.1685, presently trading at $0.1672, marking a 4% increase in the last 24 hours, indicative of the market’s favorable response to Tesla’s adoption of the cryptocurrency for payments.
Meanwhile, analysts suggest that DOGE is on a bullish path. Various indicators related to the Dogecoin ecosystem have seen notable increases. Over the past three months, the number of non-empty DOGE wallets has surged by 13.8%.
The aggregate daily volume for transactions exceeding $100,000 has nearly reached $1.5 billion, marking a 12% rise compared to figures observed on May 1.
Daily active addresses have experienced a 20% increase, surpassing 66,000. As of May 4, Dogecoin stood out as one of the top performers with a 6% increase doubling down on its bull run.
Tesla’s History with DOGE
This isn’t the first time Elon Musk’s companies have dabbled in cryptocurrency payments. Elon Musk had previously stated that Tesla would start accepting Dogecoin as payment for some of its merchandise.
In January 2022, Tesla began accepting Dogecoin as an experiment, offering various company merchandise for DOGE, such as the Tesla Cyberwhistle and the “Giga Texas” belt buckle. Following suit, SpaceX, another Musk-led company, also embraced Dogecoin payments.
Fast forward to March 2024, during Musk’s visit to the Giga factory in Berlin, where he hinted at implementing Dogecoin payments for Tesla’s electric cars. Musk’s statement caused a 10% price surge in DOGE immediately after.
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