Today’s appealing Cryptocurrency pricing:

For the first time, the market value of cryptocurrencies surpassed $2 trillion, doubling in less than two months due to increased corporate demand. Bitcoin’s price is currently $40,102.40, while its dominance is currently 24.45%. The overall volume of all stable currencies is now $91,665,317,077, accounting for an overall 24-hour value of the crypto market.

The significant reason for this up are comments from Tesla CEO Elon Musk. He brushed off accusations about his market power by saying Tesla sold bitcoin but may continue transactions using it. Bitcoin jumped to an excess of $39,000 on Monday, following yet another weekend of price fluctuations.

His remark was in response to a piece in Cointelegraph that quoted Magda Wierzycka, executive chair of South African asset manager Sygnia, as suggesting that Musk’s recent statements on Bitcoin should have provoked an SEC inquiry.

According to recent reports:
“On Sunday afternoon in New York, the cryptocurrency rose 9.3% to $39,372, the highest rate since June 3 and just below the $40,000 round-number mark viewed as critical by some chart analysts. As of 4:30 am in India on Monday, it was down around 1% to 2,852,248.49 INR.”

ELON MUSK’S TAKEAWAY :

In recent months, Musk has ripped off Bitcoin and some other digital assets. Tesla said in February that it had purchased $1.5 billion in Bitcoin and that it would begin taking Bitcoin as payment for automobiles.

“You can now buy a Tesla using Bitcoin,” Musk tweeted in March, only to announce in May that now the practice had been halted owing to worries over the use of fossil fuels for Bitcoin mining and payments.

“Tesla will restart permitting Bitcoin transactions when there is confirmation of fair (50 percent) clean energy consumption by miners with a favourable future trend,” which he later tweeted. The entrepreneur believes that cryptocurrencies have a bright future, but that they cannot come at the expense of the environment.

Musk also said that Tesla sold roughly 10% of its bitcoin assets to ensure that the cryptocurrency could be unloaded quickly and without causing a market reaction. To all of this Simon Peters, an eToro market analyst said that Musk’s statements pushed bitcoin higher.

Bitcoin received more boost on Monday when billionaire Paul Tudor Jones told CNBC that he believes bitcoin is a fantastic method to secure his money over time and it is a part of his portfolio, much like gold.

So according to Bobby Ong, co-founder of crypto analytics website CoinGecko, bitcoin prices were also aided by software business and strong bitcoin booster MicroStrategy financing half a billion dollars to acquire bitcoin. He quoted “The market had been going through another round of correction over the weekend … until Elon Musk’s tweet of accepting BTC again for Tesla purchases changed sentiment,”

Although Tesla had a bad month in April, the business was able to reverse the circumstances, around in May. Tesla’s market valuation became even larger when the company’s shares recovered on Wall Street. Bitcoin has gained roughly 40% this year. Whereas it has fallen from a record high of over $60,000 due to a governmental crackdown in China and Musk’s waning excitement for it. Tesla’s stock has dropped by nearly 30% after the firm bought bitcoin.

Meanwhile, statistics from digital asset management CoinShares revealed on June 14 that cryptocurrency investment products and funds suffered withdrawals for the second week in a row, with ether registering record withdrawals as institutional investors took a step back.

According to Reuters, total crypto outflows for the week ended June 11 were $21 million. Since mid-May, total withdrawals have reached $267 million, accounting for 0.6 percent of total assets under administration (AUM).

After more than doubling in price to $58,858 in 2021, Bitcoin, the largest of the more than 6,600 cryptocurrencies monitored is now worth more than $1 trillion. Ether, Binance Coin, Polkadot, Tether, and Cardano are the next five most valuable cryptocurrencies, worth $494 billion.

Meanwhile, according to statistics from digital asset management, CoinShares, bitcoin investment products, and funds suffered outflows for another Week. This appears to be a preventive measure in the face of increased volatility.

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