Musk tweeted on Sunday that the electric carmaker will resume allowing Bitcoin transactions when miners who verify transactions use more renewable energy. Bitcoin, the world's biggest and best known cryptocurrency, is over 42 per cent down from the year' low.
"We can see a lot of consolidation across markets. Trading volumes remain low. This consolidation was quite expected and might prevail throughout the month. The selloff had very little trading volume, which is a positive sign for the crypto market," said Edul Patel, CEO and Co-founder, Mudrex.
El Salvador’s bold move to accept Bitcoin as legal tender has Wall Street once again wondering whether a cryptocurrency could really ever replace the old-school dollar. Corporates like Tesla, MicroStrategy and Square incorporated Bitcoin into their balance sheets without igniting a broader corporate revolution. Now the focus is turning to governments.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 09.30 hours, IST on June 14, 2021)
Bitcoin: $38,996.77, up 11.51%
Ethereum: $2,478.09, up 5.82%
Tether: $1.00, down 0.05%
Binance Coin: $358.86, up 5.58%
Cardano: $1.54, up 5.59%
Dogecoin: $0.3212, up 4%
XRP: $0.8708, up 5.50%
USD Coin: $0.9996, down 0.05%
Polkadot: $21.72, up 7.35%
Uniswap: $22.8, up 8.89%
Trade by Siddharth Menon, cofounder & COO, WazirX Bitcoin is trading between its weekly support at $32,000 and its weekly resistance at 200 DMA (Daily moving average) of $42,000. There is a lot of fear in the market because President Biden will be talking about cryptocurrency and its role in the recent ransomware hacks. A weekly close below $32,000 would be problematic for Bitcoin.
Source: EconomicTimes