Your Weekly Update On All Things Crypto |
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Tesla To Start Accepting Bitcoin Again Once BTC Mining Goes 50% Green
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B-Cube Rolls Out Suite of New Features Following Successful ICO
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BitDAO Raised $230M to Support DeFi
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Bearish Sentiment Floods Market In Anticipation of Bitcoin Death Cross
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Altcoin Dominance Holds Above 50-Day EMA, But Support Is Weakening
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Event Spotlight: Blockchain Start-up Competition & Hackathon
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Elon to Start Accepting Bitcoin for Teslas Again Once Bitcoin Mining Goes 50% Green |
It seems as though Elon's opinion surrounding Bitcoin's true use of renewable energy is changing. Is he realizing how Bitcoin can serve as the world's greatest propellant for the renewable energy industry, and understanding better how Bitcoin's potential does in fact align with his business goals. It should be pretty obvious to all that his business could benefit from a surge in renewable energy product demand. Being able to buy a Tesla solar roof with Bitcoin is a no-brainer, should be an initiative observed to support Tesla's ESG and profit mandates, and be a top priority.
Elon has lost some credibility and taken flak for his cryptic Tweets, and what some are interpreting as Bitcoin price manipulation, via his social media posts and influence. A little disappointing to realize our new champion of crypto is a novice tourist, who is misinformed. With his latest market-moving Tweet, however, Elon illustrates that his understanding of the facts is evolving, and we may be buying his vehicles with Bitcoin again soon.
Elon recently Tweet reacted to a Cointelegraph article that said Musk had deliberately pumped up the price of Bitcoin, so Tesla could sell off a big chunk of it. Musk disputes this in his latest Bitcoin price moving Tweet.
'This is inaccurate. Tesla only sold 10% of its holdings to confirm BTC could be liquidated easily without moving the market. When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions.'
It is not explained whom Elon would accept this clean energy usage confirmation, but it does identify his acceptance level that we may already be at, or be close to. El Salvador has demonstrated a positive future trend by announcing a plan to use volcanic geothermal power production as a means to create their own Bitcoin, attract Bitcoin miners, and stimulate their economy. China also seems to be indirectly pushing an improved renewable energy penetration in Bitcoin by forcing miners drawing on their coal-powered energy to leave and set up elsewhere. Many miners will land in countries or regions outside of China that have much greater renewable energy infrastructures and supply, thus pushing Bitcoin's overall application of renewable energy even higher than it presently is. Elon's wants are already in motion, and in fact, may have already been achieved.
Electricity is the biggest expense involved in Bitcoin mining, and the adoption, pursuit, or purchase of renewable energy sources can reduce or eliminate that expense. I can't think of a better motivator than profit for Bitcoin miners to incorporate as much renewable energy as possible. Bitcoin profit is a driver for the renewable energy industry.
For Elon to profit is a motivator, and he showed his cards with some real non-sense tweets that left many in crypto hyper suspicious of his motives. It is nice to see his position on Bitcoin changing back, as he digs deeper. Elon and Tesla certainly have much to gain in the renewable energy future, and in a Bitcoin price expansion. We hope he sees a way to facilitate both these things with his announcements, Tweets, and business moves surrounding Bitcoin. His credibility and reputation would be well served by not circulating incorrect facts and FUD on social media, impacting the crypto investments of so many others, on a whim.
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B-Cube Rolls Out Suite of New Features Following Successful ICO |
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It's been a few months since we last covered b-cube, but we wanted to share an update on one of our favorite up-and-coming projects in the crypto-trading niche. b-cube.ai is an AI-powered trading bot platform democratizing access to top-tier AI-trading tools. They completed a successful public token sale in March and have been on a tear adding new features and functionality to their platform. We wanted to take a minute to discuss some of the new announcements and features they're launching:
B-Cube Staking & Tokenomics:
The b-cube team has built-in some innovative utility into their BCUBE token. Users will have the ability to lock up their tokens for a given period on the b-cube platform to earn APY. Users that stake their tokens will also be granted free b-cube bots trading courses and other products depending on their amount staked. Token holders will also benefit from profit sharing from the B2B side of b-cube's business. When hedge funds pay b-cube to build them custom trading bots, a percentage of the proceeds will be distributed back to BCUBE token holders.
Burning Program:
A percentage of the tokens collected for payment of the services and products on the platform will be burned. 100% of the payments received in BCUBE directly will be burned from August 2021 to August 2022 & 25% of the FIAT payments received for our bots and services will be used to buy BCUBE tokens by the company and will be burned. The b-cube team hopes to reduce the supply of b-cube tokens by 50% within one year time.
New Trading Bots:
The b-cube team is getting ready to release 10 trading bots on their platform. While these bots are new to the public, they have already been hard at work building successful track records. Their results are already available on the site.
DEX Integration:
B-cube makes it easy to integrate your bot with leading exchanges like Binance, FTX, Kucoin, and BitMEX, however, they are now rolling out DEX integration. You will be able to add APIs to leading DEX's like Uniswap, but don't worry about trading fees.. trading fees are aggregated by the b-cube algorithm and one gas fee can be shared by up to 120 users. Trading fees are also covered by the b-cube so there is no need to worry about trading frequency.
Defi Stake & Trade:
No longer will you have to choose if you want to trade crypto or stake it. Defi stake & trade is one of the most innovative features we have seen in a crypto project. b-cube has partnered with MontraDAO to allow you to stake your defi tokens and automatically unlock your tokens when your bot finds you a trading opportunity. In Q1 2022, you will be able to earn while staking and benefit from AI-powered trading at the same time!
We are excited to watch this project unfold and bring AI-powered trading to the masses. If you are interested in purchasing the b-cube token you can find it on Uniswap, or find more information here.
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BitDAO Launches After $230M Private Sale Round |
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There's a new decentralized autonomous organization on the block.
BitDAO has launched after a $230M private funding round featuring over 20 institutional investors and DeFi partners, already making it one of the world's largest DAO's. The round saw participation from Peter Thiel, a billionaire entrepreneur and co-founder of Paypal, Alan Howard, Dragonfly Capital, Fenbushi, Founders Fund, Jump Capital, Pantera Capital, and more.
In addition to the funding, Bybit, one of the largest crypto derivatives trading platforms, has pledged to contribute 2.5 basis points from all of its futures contracts transaction volume as recurring support for the BitDAO treasury. Based on 2021 numbers, this could amount to roughly $1B annually.
BitDAO aims to improve adoption, collaboration, and innovation within DeFi. Through the BitDAO treasury, the organization will support new and existing DeFi protocols with funding, R&D, and liquidity. The holders of BDAO, BitDAO's governance token, will be given the opportunity to vote on where this capital is allocated. The BDAO token is pegged to the value of Bitcoin but BitDAO has plans to launch additional pegs. The DAO's utilizes a multi-chain design to counteract the potential downsides of centralized pegged tokens.
The fresh capital, and future inflows, will fund new DeFi initiatives through BitDAO's grant program and help existing protocols with liquidity using token swaps. Another key objective is to attract talent. BitDAO has plans to employ hundreds and launch development and research centers posed to tackle some of the pressing technical problems facing DeFi.
This is exciting news for the DeFi space. For the past few years, DeFi has had the attention of major VCs, both crypto and non-crypto. Taking a decentralized approach to support the long-term growth of the industry is only fitting.
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Bitcoin - All Prior Death Crosses
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Weekly Roundup: Goldman Sachs Trading Bitcoin, Grayscale CEO Gives Insight & More |
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How DAOs Are Changing the World
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Bearish Sentiment Floods Market In Anticipation of Bitcoin Death Cross |
Last week started with positive price action for Bitcoin but quickly changed course after testing resistance at $41K. The negative sentiment in crypto markets is resurfacing in response to an upcoming Death Cross for Bitcoin on the daily chart. A death cross is when the 50-day EMA crosses below the 200-day EMA, signaling the shorter-term averages are falling below long-term levels. Some analysis refers to this as a bad omen for the price while others feel it holds less importance than people think. It is worth noting that Bitcoin has had many death crosses in the past, and not all of them have been followed by sell pressure.
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Altcoin Dominance Holds Above 50-Day EMA, But Support Is Weakening |
Following the weakening rally two weeks prior, altcoin momentum has shifted bearish over the past week. As prices have consolidated across the market, more liquidity is flowing into larger, more stable assets like Bitcoin and stable coins. The last two weeks have highlighted a clear shift in momentum as the previous rally was not able to make a higher relative high. We think it is likely that altcoin dominance will retrace back to the ascending green line of support, and possibly even retest the 100-day EMA.
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We at CryptoWeekly are not Financial Advisors. None of the content or opinions expressed in this newsletter should be considered financial advice. We highly recommend that you do your own research before investing in any project within or outside the cryptocurrency space. |
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