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Elon Musk does it again – pumps MarsCoin by 3,000%

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  • Elon Musk tweeted in jest about the need for a MarsCoin, in line with his love for cryptocurrencies and Mars.
  • An existing project, known as MarsCoin, spiked by 3,000% to hit a new all-time high following the tweet.

Elon Musk is undoubtedly one of the biggest influencers in the cryptocurrency industry. He has been behind some of the biggest pumps in Bitcoin, and most notably, Dogecoin, usually by just a few tweets. His latest tweets have now pushed an entirely new, and little-known cryptocurrency, MarsCoin, to new heights.

While he is most famous as the CEO of electric vehicle giant Tesla, Musk is also the founder of SpaceX. His love for outer space is unmatched and during a recent Twitter exchange, he combined it with his other love – cryptocurrencies.

Musk started off by criticizing the centralization in Dogecoin where most of the supply is controlled by a few wallets. Another Twitter user suggested that Musk should launch Elon Coin and issue it to major Dogecoin holders as an incentive to reduce their positions. Changpeng Zhao, the CEO of the world’s largest exchange Binance pitched in, suggesting MarsCoin as the best name for it.

Musk then went on to confirm that there will definitely be a MarsCoin.

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Incidentally, there exists a cryptocurrency by the name MarsCoin already. Musk mentioning it was all the publicity it needed and since then, it has recorded a parabolic surge. Before the tweet, MarsCoin (MARS) was trading at $0.08. Following the unofficial endorsement by Musk, it skyrocketed to hit $2.50, its highest all-time price, a 3,025% surge.

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The price has now corrected but is still trading over 987% higher at $0.8769. Its market cap now stands at $21.8 million, up 693% in the past 24 hours. The trading volume also surged by 8,000% to $60,185.

A cryptocurrency for the red planet

MarsCoin is a cryptocurrency that bases its mission on the possibility of human settlement on Mars. On its website, it even cites Musk’s company SpaceX as one of the leaders in this field. It is derived from Litecoin and touts itself as the most viable blockchain platform for voting, trading, capital allocation and inventory tracking on Mars, once man colonizes the red planet.

“If you share our dream of making humans a multi-planetary species, we invite you to join us. Purchasing and using Marscoin supports the non-profit Mars Society and allows you to directly contribute to the exploration and settlement of Mars,” the project states.

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On Musk, the team states on the website that they are big fans, because “Who is not?!? And yes, we bought a lot of those Boring Company caps… Elon, if you read this, thanks for all your efforts in getting us to Mars. Forever grateful.”

However, MarsCoin has made it clear that it’s in no way affiliated with the world’s richest man.

This is not the first Musk has tweeted about MarsCoin. In December last year, he backed MarsCoin to be the currency of Mars, once man starts to inhabit the planet. However, at the time, his tweet had little effect on MarsCoin’s price.

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New Survey Shows Australian’s Love for Crypto is Fueled by These Noble Drives

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Australians appear to be more knowledgeable in their investment strategies as many are beginning to buy into cryptocurrencies for the right reasons. As highlighted in a recent survey conducted by BTC Markets, it was shown that acquiring digital assets was not a function of ideas to get rich quickly, rather, investors who are purchasing digital currencies are doing so to build wealth, and for retirement purposes amongst others.

Per the survey, 70% of the respondents to the survey said their sole aim of embracing crypto is to build wealth. This is a possible scenario seeing the high rate of growth of established coins compared to traditional investment assets. 34% of respondents buy-in to crypto so they can fall back on the gains when they retire, with some 28% affirming their aim to be portfolio diversification.

Cryptocurrencies have matured when compared to the level it was in the past decade. Today, institutional investors, as well as retail buyers, are all bullish on Bitcoin (BTC), Ethereum (ETH), and other altcoins with unique fundamentals.

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“The motivations for investing in cryptocurrency are many and varied. A majority of respondents to our survey, 70 per cent, say they are looking to build wealth. A significant percentage, 34 per cent, say that one of their goals for investing in cryptocurrency is to retire early.”

The reasons for acquiring crypto also span such needs as paying down for debts (at 12%), and in starting a business claimed by 4% of the respondents.

Diversity in Investor’s Portfolio

The investors who responded to the BTC Markets survey show diversity in their investment portfolios. This trend shows that despite the rising popularity of crypto assets, the bulk of investors are not in it for the frenzy attached to meme-tokens.

Of the total respondents, as much as 63% said they have investments in stocks or shares, 29% have injected capital in investment properties, while 20% said they have funds in precious metals including Silver and Gold. Of the profiled investors, only 20% said they hold only cryptocurrencies.

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Drawing on this diversity, the report reads;

“This spread of investments across a wide range of asset classes consolidates the view that a large majority of investors are not using cryptocurrency as a “get rich quick” investment. Instead, it is as part of a carefully considered asset allocation strategy for an overall wealth portfolio”

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What changes in the cryptocurrency market with China’s new rules

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The Chinese government started a new wave of repression of cryptocurrencies in the country, continuing the bans it has already imposed on the sector in the past, in 2013, 2017 and May 2021.

The People’s Bank of China, together with the country’s main financial regulators, released on Friday (24) a document called “Notice on the Prevention and Elimination of Risks in Virtual Currency Transactions” in which it announces the tightening of measures to repress negotiations of Bitcoin and other cryptocurrencies in the Asian country.

The point that draws the most attention in the document is a new understanding that any person or company that facilitates the negotiation of bitcoin and other cryptocurrencies in the country is breaking the law.

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The text states that “the provision of services to foreign exchanges to Chinese residents over the internet is an illegal financial activity” and those who engage in this activity will be investigated in accordance with the law.

The Central Bank has explicitly said that cryptocurrencies such as Bitcoin, Ethereum (ETH) and Tether (USDT) “are not legal, should not and cannot be used as currency in the market”, stating that all “commercial activity related to virtual currency is illegal” .

The agency once again reinforced a request it had already made in June for the country’s financial institutions to help fight cryptocurrencies, preventing their clients from making transactions to foreign exchanges and over-the-counter (OTC) markets.

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China attributed the tightening of measures to the rise in the popularity of cryptocurrencies in the country, which “seriously endangers the security of people’s property” and “grows criminal activities such as gambling, illegal fundraising, fraud, pyramid schemes and money laundering”.

At this pace, the document indicates that ordinary people who lose money in investing in cryptocurrencies will no longer be protected by law.

Keeping an eye on exchanges

Chinese journalist Colin Wu, one of the biggest references in the coverage of the cryptocurrency market in the country, told the Bitcoin Portal that it is still difficult to see in practice what changes in the cryptocurrency market with the new wave of repression in China.

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“We have to wait, it’s hard to say now. The expectation is to find out how big exchanges like Huobi and OKEx will tackle this, as they still operate OTC tables here. They have a strong government relationship and will make a rational choice”, he explained.

He pointed out that it is already possible to identify that most Chinese companies operating in the cryptoactive sector are looking for friendlier jurisdictions to base their operations on, such as Singapore.

“Singapore is open and tolerant of cryptocurrencies, not just Chinese companies, but many international companies in the area are also moving there, such as 3ac,” explained Wu. “Another reason is that Singapore’s culture is similar to China.”

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The government’s hardening has already been able to scare some market participants. The world’s largest Ethereum mining pool, the Spark Pool, announced today that it will no longer provide its services to users in mainland China as a way of “complying with the latest industry regulatory policies.”

Second Wu, the popular NBMiner mining software also confirmed that it will no longer offer technical support services to Chinese customers.

Attack on miners intensifies

At the same time as the Central Bank issued the new restrictions, China’s state planning body, the NDRC, also issued a “Virtual Currency Mining Rectification Notice” that focuses on combating mining.

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The text orders electricity providers to stop serving miners through hotlines and increase the cost of energy to $0.05 per kilowatt-hour for identified miners.

The NDRC also urges local authorities to increase the search for illegal mining farms and generally crack down on activities in their territories as a way of phasing out the industry.

According to Colin Wu, larger miners are likely to continue the trend started during the May crackdowns and leave China to operate in other countries such as the United States.

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“Meanwhile, small miners must find some factories to mine secretly. If they cannot find a safe place, they will probably have to sell their machines,” he told the report.

Bitcoin remains resilient in the long run

Bitcoin prices were not immune to this Friday’s negative news coming out of China. According to CoinMarketCap, the currency has devalued 3.6% in the last 24 hours, trading at US$42,220.

Although it is already common for the price of bitcoin to react negatively to the Chinese government’s statements, the drop tends to be a passing event, with the cryptoactive being able to recoup its losses in the long run.

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According to data from Kraken disclosed by analyst Pete Humiston, bitcoin typically appreciates an average of 53% about 90 days after the FUD news — fear, uncertainty and doubt — departs from China.

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Netflix Eyes Mysterious Disappearance of $190,000,000 After Death of Crypto Exchange CEO

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One of the biggest mysteries in the cryptocurrency sector is getting fresh scrutiny in a Netflix documentary.

The online video streaming giant says in a tweet that it will air an investigative documentary titled “Trust No One: The Hunt for the Crypto King”.

The documentary focuses on Gerald Cotten, the founder and CEO of QuadrigaCX, Canada’s biggest cryptocurrency exchange until two years ago.

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Cotten, a Canadian, died in December of 2018 while on a honeymoon in India, but his death went unannounced until January 2019.

The QuadrigaCX CEO was allegedly the only one with the private keys required to access the crypto assets in the exchange’s custody, believed to be worth $145 million (C $190 million) at the time of his death.

Netflix says the documentary will air starting next year.

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“TRUST NO ONE: THE HUNT FOR THE CRYPTO KING

Follow a group of investors turned sleuths as they try to unlock the suspicious death of cryptocurrency multimillionaire Gerry Cotten and the missing $250 million they believe he stole from them. Premieres in 2022″

Cotten’s sudden death in a foreign land and the disappearance of millions of dollars worth of crypto assets led to conspiracy theories that included suspicions that Cotten might have faked his death.

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report by Canadian Broadcasting Corporation in May quoted Cotten’s widow denying the theory, saying through her lawyer that “she was with Mr. Cotten at the time of his death and he is most certainly dead.”

QuadrigaCX entered bankruptcy proceedings soon after Cotten’s death, and by May, the amount recovered to pay the roughly 76,000 creditors totaled $36,357,894 (C $46 million).

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