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Bitcoin Saved at $30K as Tesla Might Resume Accepting It: The Weekly Crypto Recap

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In a very eventful week, Bitcoin managed to ultimately recover above $30K following the highly-anticipated discussion between Jack Dorsey, Cathie Wood, and Elon Musk.

It’s safe to say that this was a rather intense week in the cryptocurrency market, despite Bitcoin being only about 2% up throughout the period.

Things started off rather calmly, and the market was pretty flat until Monday. Bears took control and brought the price down to slightly above $30K before landing the final blow on Tuesday and pushing BTC below $30,000.

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It was on Wednesday, though, when the highly-anticipated B Word event took place, which saw Elon Musk, Jack Dorsey, and Cathie Wood discussing Bitcoin. All of them had important and impressive things to say about the primary cryptocurrency, but the attention was more or less on Musk. The Tesla CEO spoke fondly of the cryptocurrency, revealing that he, as well as SpaceX, owns it, apart from Tesla, which already bought a few months back. He also said that the electric vehicle manufacturer is likely to start accepting BTC again soon.

This positively impacted the market as BTC bounced and gained around $3K in a day. It’s been up only since then, and the coin is now trading at around $32,500.

The altcoin market was also taken ablaze by volatility as a lot of cryptocurrencies crashed and recovered after that. Ethereum, for instance, is almost 8% up, DOGE is 4.6% up, UNI – about 4% up, and so forth. Others, however, failed to capitalize throughout the week and saw some losses. BNB is down almost 8%, ADA is down about 4.2%, Ripple pretty much traded flat, and so forth.

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Overall, the week could be considered rather positive. Musk’s words resonated within the community. Jack Dorsey also said that Bitcoin would be a big part of Twitter’s future, while Cathie Wood’s Ark Investments bought this week’s dip by purchasing shares of GBTC.

Whether or not this is the start of a recovery, however, only time will tell.

Market Data

Market Cap: $1325B | 24H Vol: 201B | BTC Dominance: 45.8%

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BTC: $32,450 (+2%) | ETH: $2,060 (+7.8%) | XRP: $0.59 (-1%)

This Week’s Crypto Headlines You Better Not Miss

Elon Musk: Tesla Would Resume Accepting Bitcoin, Most Likely. Elon Musk has a changed outlook on Bitcoin’s energy use as he sees a trend towards renewables. According to him, the company he runs, Tesla, will most likely resume accepting BTC as a means of payment.

Jack Dorsey Sees Bitcoin as a Big Part of Twitter’s Future. Jack Dorsey believes that Bitcoin will have a big part in Twitter’s future. He thinks that the cryptocurrency can potentially help a lot with some of the company’s existing and future products. This became clear in this quarter’s earnings calls.

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Mysterious Bitcoin Whale Who Sold at $60K Bought Over 17K BTC Between $30-39K. While the predominant sentiment in the cryptocurrency market continues to be rather negative and fearful, this doesn’t seem to be the case for the third-biggest BTC address. This whale has been buying BTC in the range between $30K and $39K aggressively.

Bought the Dip? Cathie Wood’s ARK Invest Purchased 450,000 GBTC Shares in Two Days. Cathie Wood’s investment fund has purchased $13 million worth of Grayscale’s Bitcoin Trust (GBTC) shares. The company bought more than 140K additional shares of GBTC in a day for its ARK Next Generation Internet ETF.

JPMorgan Becomes First US Banking Giant to Give Wealth Clients Access to Crypto Funds. International banking giant JP Morgan reportedly became the first US bank to give its wealth clients access to crypto funds. The latter have been given access to several crypto products, including the Grayscale Bitcoin Trust.

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Rap Legend Busta Rhymes Officially a Bitcoin HODLer. The rap legend Busta Rhymes is now officially a Bitcoin HODLer. He said that Elon Musk, Jack Dorsey, and Cathie Wood, speaking at the B Word event, was the final push he needed to buy BTC. He’s looking into Ethereum next.

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Bitcoin Drops as China Declares Crypto-Businesses Illegal

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  • China declared that cryptocurrency-related businesses are illegal
  • Bitcoin, Ether, and stablecoin Tether do not qualify as legal tender in China
  • BTC drops in price as the announcement went out

Once again, China reiterated its antagonistic stance on Bitcoin and the cryptocurrency industry as a whole.

In an announcement, the People’s Bank of China (PBOC) mentioned that BTC, ETH, and USDT are not legal tenders in China. They added that these cannot be used in the currency market.

Additionally, the central bank deemed all crypto-related businesses as illegal. This includes overseas exchanges serving residents within China and derivative transactions.

Following the news, Bitcoin’s price fell by almost $2,000 as the news circulated. This has been a common pattern whenever China FUD comes out.

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Earlier, China also reiterated its stance on crypto trading and mining while testing the Digital Yuan. According to the PBOC, it will continue releasing regulatory pressure over the crypto trading industry.

Despite the negative news, many analysts remain bullish on Bitcoin and the cryptocurrency industry as a whole. According to analyst Lark Davis, this is not new and will happen again in the future.

In a tweet, Davis mentioned that “The year is 2025, #bitcoin has just corrected from 400k to 250k on China banning BTC fears.”

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Can Bitcoin Surpass $6,000,000? Ethereum and Polkadot Creator Details Possible Future of Crypto

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Early Bitcoin developer and co-founder of Ethereum and Polkadot, Gavin Andresen, is outlining a future where BTC rises to a staggering $6,000,000 per coin.

Gavin Andresen, who took over as Bitcoin’s lead maintainer from founder Satoshi Nakamoto in 2011, just published a new blog post detailing how BTC’s theoretical evolution could look.

Andresen describes a “possible” scenario where Bitcoin hits a price tag of $6,000,000 by 2061, transaction fees 326x higher than they are now, and the blockchain is used chiefly by whales.

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“Imagine: it is the year 2061. The BTC price is six million US dollars – equal to about a million 2021 dollars because of inflation.

Miners are being rewarded 0.006103515625 BTC per block, plus transaction fees of about 5 BTC for 4,000 or so transactions ($7,500 per transaction).

But most BTC transactions don’t happen on the BTC network. Most BTC is locked up in multi-signature outputs secured using multiparty computation and mirrored on another chain as ‘wrapped’ tokens.”

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In his scifi scenario, Andresen says those who do remain on Bitcoin’s network will be incentivized to keep it alive.

“The transactions that do occur on the main BTC network are high-value, mostly between super-whale-size holders…

These whales maintain the BTC network forever. They are the miners and the transaction creators; they don’t care how high transaction fees go, because they receive as many fees as they pay.”

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However, Andresen says that by 2100, even those users would likely leave the blockchain.

“In the year 2100 the whales notice that the mining reward is basically zero… Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

Crypto trader Michaël van de Poppe is looking at what’s ahead for Bitcoin (BTC) and the smart contract platform Cardano (ADA).

The analyst tells his 420,000 Twitter followers that the best entry point for Cardano may be gone after the asset bounced off a key support level at $1.86.

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“If you want to get into Cardano, this was the region where you would want to get into it, and the higher low that might be created.

So based on the daily timeframe, the best entry might be gone, but you’re still getting a better entry than the ones who have been buying around $2.80.”

Van de Poppe is now looking to see if ADA can turn resistance at the $2.37 level into support.

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If the markets correct further, he is keeping an eye on the $2.15 level as a potential buy zone.

“When you’re looking at the four-hour time frame, I think you’re getting the exact same view as what you have right now on Bitcoin and [Ethereum], actually. So you’re going to look for an entry point which is around the fact of $2.15, so anything in this region might be a good entry point if we get a corrective move.”

Looking at the Bitcoin pair, van de Poppe thinks that ADA will most likely consolidate briefly after retesting support at its previous all-time high.

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“We can see that we’ve had a beautiful retest of the previous high here too, and therefore some consolidation is most likely going to take place before we’re going to have new impulse waves.

So both the USDT and BTC pair are looking for continuation, and I think that’s just great, and I think that’s just what we want to see with the markets right now.”

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