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Tesla confirms Bitcoin HODL strategy as new report says BTC shouldn’t have a problem reaching $100,000 during the current bull cycle thanks to impressive behavior from hodlers.
Also breaking BTC news announced today by Elon Musk that Tesla now officially accepts Bitcoin from US customers.
“You can now buy a Tesla with Bitcoin. Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.” – Elon Musk
In response, Jason Yanowitz points out on Twitter:
“The ability to buy a Tesla with Bitcoin is not a big deal. Tesla’s decision to NOT convert that Bitcoin into fiat after the sale is a huge deal. This leads the way for thousands of companies to sell products using Bitcoin without ever turning that Bitcoin back into US dollars.”
In their latest newsletter seen by Cointelegraph, analysts from trading suite Decentrader including Cointelegraph Markets contributor filbfilb sought to allay fears that Bitcoin’s bull run is running out of steam.
Backing their optimism, they said, is data showing that more and more investors are hodling BTC for the long term — one year or more.
Taken from the popular “HODL Wave” indicator, this suggests that there is less desire to sell Bitcoin at short notice at a certain price, providing a solid foundation for further growth.
“The 1Yr+ HODL Wave suggests that Bitcoin should comfortably reach the $100,000 level during this cycle,” Decentrader summarized.
“The greater the amount of Bitcoin being held for a year or longer, the less liquid the supply or potential selling pressure there will be. Typically, if 50% or more of Bitcoin is being HODLed the bull market continues, below this is potentially cause for concern.”
HODL Waves tracks the proportion of the existing Bitcoin according to when it was last used in a transaction. Previously, Cointelegraph noted that those who bought BTC during the 2017 bull run had largely held onto their position despite realizing significant gains.
As Cointelegraph reported on Monday, roughly 36% of the circulating Bitcoin supply is currently made up of “younger” coins which have moved at some point in the past six months.
Exchange data further reinforces the pro-hodl mindset among investors, as overall reserves continue to plummet in March despite BTC/USD making a new all-time high.
Even miners appear to be increasingly interested in keeping their BTC rewards, as evidenced by figures from on-chain analytics service Glassnode showing net miner positions turning positive this month. Michael Saylor, CEO of MicroStrategy, described their behavior as “onlyrational.”
According to Bitcointreasuries.org, Tesla currently holds an estimated 48,000 BTC, a number that should grow as people exchange their Bitcoin for the company’s electric vehicles.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
Remember, we didn’t choose #Bitcoin, Bitcoin chose us All will have to come to terms with this eventually
The benefits of obliterating fiat money and central banks (with BTC) are enormous. The demonetization of war and violence will have profound, positive impacts on society.
— Max Keiser (@maxkeiser) March 24, 2021
https://cointelegraph.com/news/elon-musk-says-tesla-now-accepts-bitcoin-from-us-customers
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Ethereum’s Ambitious Ascent: A ‘Parabolic Attack’ on Bitcoin as All-Time Highs Beckon
The cryptocurrency realm is abuzz with anticipation as Ethereum gears up for what has been dubbed a ‘parabolic attack’ on Bitcoin, aiming to surpass all-time highs. The question on everyone’s mind: Can Bitcoin reach the coveted $100,000 milestone in the face of Ethereum’s ambitious surge?
The focal point of this speculation revolves around Ethereum’s recent momentum, positioning itself as a formidable competitor to Bitcoin’s dominance. The article in question paints a vivid picture of Ethereum launching a ‘parabolic attack’ – a term that implies an explosive and rapid upward trajectory – in a bid to outshine Bitcoin’s all-time high.
Ethereum, known for its smart contract capabilities and decentralized applications, has seen significant developments, including the Ethereum 2.0 upgrade. As the platform evolves, investors and analysts are closely watching for signals that Ethereum could potentially outperform Bitcoin in the near future.
The idea of Ethereum beating Bitcoin to all-time highs introduces a new dynamic to the ongoing narrative of cryptocurrency market dynamics. Ethereum’s rise is not only seen as a testament to its technological advancements but also as a potential challenger to Bitcoin’s long-standing reign as the leading digital asset.
On the flip side, the article raises the question of whether Bitcoin can reach the highly anticipated $100,000 milestone. The crypto community has long speculated about Bitcoin’s potential to reach six figures, and Ethereum’s ‘parabolic attack’ adds an additional layer of complexity to this conversation.
Investors are now faced with the challenge of gauging the validity of these predictions and positioning themselves strategically in response to the evolving dynamics. As Ethereum vies for supremacy and Bitcoin seeks to maintain its position at the helm, the cryptocurrency landscape promises continued excitement and uncertainty.
It’s crucial for investors to approach these market dynamics with a comprehensive understanding of the factors at play. Market sentiment, regulatory developments, and technological advancements are among the variables that can influence the trajectory of both Ethereum and Bitcoin.
In the grand theater of cryptocurrency, Ethereum’s ‘parabolic attack’ introduces a subplot that captivates the imagination of traders and enthusiasts alike. As the crypto saga unfolds, the coming months will reveal whether Ethereum can indeed launch a successful assault on Bitcoin’s dominance and whether Bitcoin can achieve the elusive $100,000 milestone. Buckle up, crypto enthusiasts – the ride is bound to be thrilling!
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Bybit Stops Operating in France Due to Regulatory Challenges
Bybit, a prominent cryptocurrency exchange, has announced its decision to cease operations in France due to recent regulatory developments. Effective August 2, 2024, Bybit will restrict all accounts held by French residents to a “Close-Only” mode, preventing new positions from being opened or new funds from being deposited. This move comes in response to the Autorité des Marchés Financiers (AMF), France’s financial regulator, which has been tightening its oversight of cryptocurrency platforms.
The AMF had previously blacklisted Bybit in 2022, citing the exchange’s failure to register as a Digital Asset Services Provider (DASP). This blacklisting has now culminated in Bybit’s decision to exit the French market. The exchange has instructed its French users to close all open positions and withdraw their assets by August 13, 2024, after which any remaining positions will be automatically liquidated.
Bybit’s departure from France highlights the increasing regulatory scrutiny faced by cryptocurrency exchanges in Europe. The AMF’s actions are part of a broader effort to curb illicit activities such as money laundering and to protect retail investors. Bybit has expressed its intention to return to the French market once it secures the necessary regulatory licenses.
This development is a significant blow to Bybit, which had recently surpassed Coinbase to become the world’s second-largest exchange by trading volume. The exchange’s exit from France underscores the challenges that cryptocurrency platforms face in navigating complex regulatory environments. As the industry continues to evolve, exchanges like Bybit will need to adapt to ensure compliance and maintain their market positions.
