Crypto News Recap: Elon Musk's Tweets Drive Up Bitcoin, Dogecoin Rally

Published May 3rd, 2021 - 08:00 GMT
Crypto News Recap: Elon Musk's Tweets Drive Up Bitcoin, Dogecoin Rally
Technoking of Tesla and crypto advocate, Elon Musk, Sparks wild speculation with his tweets sending shockwaves through the cryptocurrency space... AGAIN! (Shutterstock)
Highlights
Let's get up to speed on the latest news of the crypto market.

Afraid that you’ve missed any news on Bitcoin or cryptocurrencies? Don’t worry we've got you covered. This week in crypto, the Technoking of Tesla and crypto advocate, Elon Musk, sparks wild speculation with his tweets sending shockwaves through the cryptocurrency space... AGAIN!

While Binance calls out to artists, creators, and crypto enthusiasts from around the world to stay tuned to its new NFT platform. On a side note, Ethereum becomes a financial giant by hitting new heights. If you're not sure what Ethereum is, check out 👉 📖 15 Crypto Terms You Must Know Before Trading!

Here are 10 things you can buy with bitcoin: Check out video⬇️

Bitcoin Chart

After a week full of heavy sell-offs, Bitcoin has recovered 10.10% and trading now at $58,026. Analysts predict that history will repeat itself and BTC bulls are eyeing new heights and the price is likely to head back to $60,000 levels.

Source: coinmarketcap.com

Crypto Charts

Things are looking amazing for Ethereum, the second-largest cryptocurrency by market cap, as Ether continues to hit all-time-highs reaching beyond $3,097 at press time. This latest boom was jolted by the European Investment Bank (EIB) decision to issue a EUR100 million digital bond on the Ethereum blockchain this week.

crypto

Source: coinmarketcap.com

While the Shiba Inu dog token, dogecoin (DOGE), began to surge again to $0.384. The dogecoin has hit all-time-high two weeks ago when it reached $0.44. This was driven by Elon Musk's tweet about appearing in SNL:

Tesla’s Q1 Earnings Show Selling Off $272 Million Of its BTC Possessions

Soon after buying $1.5 billion in BTC, the EV automaker’s Q1 earning reports indicate that the company has sold off 10% which translates into $272 million of its holdings. Although Tesla’s stocks are slipping, the report shows that the first-quarter sales had risen more than 70%. It’s worth noting that Bitcoin lates surge was driven by a tweet by the TechnoKing of Tesla as he added #bitcoin to his Twitter and announced the company’s intention to accept the world’s first digital coin as a payment method.

But Tesla didn’t reach these record earnings from selling EV alone, as The WallStreet Journal has reported that Tesla is actually making more money trading Bitcoin than selling cars, indicating that bitcoin has pushed the EV maker to hit record profits and according to CNBC, Tesla said Monday it cashed out a net gain of $101 million from sales of bitcoin during the first quarter.

China to Allow Foreign Visitors to Access the Digital Yuan at the 2022 Olympics

During the 4th Digital China Summit, The People’s Bank of China (PBoC)  has displayed a prototype of a machine that allows foreigners to try out China's CBDC. This machine that allows foreigners with valid passports to put their national banknotes into the slot then dispense a physical card, can convert 16 foreign currencies into the Digital Yuan dubbed locally as e-CNY or DC/EP.

China CBDC

Source: Yicai.com

In addition to the six state-owned banks, tech companies such as JD.com, Ali Baba’s Ant Financial, Huawei and Tencent were a part of the CBDC trials and showcased their wallet support for the Digital Yuan.

Binance to Launch Its Own NFT Marketplace in June

Crypto exchange Binance has announced its intentions to launch its very own NFT market dedicated to creating and trading of  non-fungible tokens this upcoming June.

Per the announcement, Binance promises users to offer minimal costs, low fees, high liquidity, and a better user experience. The Binance NFT platform is to share the same account system as Binance.com, which will allow users to access the marketplace alongside other ecosystem offerings.  

Gemini Chooses Mastercard for its Crypto Rewards Credit Card Roll out

Earlier this year, US-based crypto exchange Gemini teamed up with MasterCard. The multinational company announced yesterday that  the card which will be launched exclusively with MasterCard and WebBank, the issuing bank, is scheduled to be rolled out this summer in all 50 states of the US users only.

This credit card will allow holders to earn up to 3% back on qualifying purchases in bitcoin or any of the more than 30 cryptocurrencies available on Gemini. As well as offering up to 3% back on dining, 2% on groceries, and 1% on other purchases. Crypto rewards will automatically be deposited into the cardholders’ Gemini account. Gemini invites users to join the Gemini Credit Card waitlist to get early access.

Upcoming Activities

  • Binance announce $2,000+ GIVEAWAY 
  • Coinbase will list the stablecoin tether (USDT)
  • Take a quiz! Earn $FIO Tokens
  • Binance: Register an account at Crypto exchange Binance via gift link to receive a share of $100,000 in TRX, BTT, WIN, JST and SUN. 
  • Coinmarketcap: Take this quiz to earn $CKB Tokens.
  • Drive Fiat 500 and earn crypto while you drive

Upcoming ICOs

  • Deeper Network: This Silicon Valley project aims to build a more secure, private and fairer internet for everyone.

Events to Keep An Eye On:

Bloomberg Wealth Summit | May 4, 2021 | Bloomberg Live

Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated. Anyone mulling investing in it, should be aware there's a risk of losing their entire investment.


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