Bitcoin market is still reacting to the words of a celebrity

Bitcoin Lightning Network has continued to strengthen
  • Bitcoin is still performing over the word of celebrities as per Paolo Ardoino
  • Elon Musk cleared its stance over Bitcoin by still supporting the asset
  • There is a hope that BTC miners will shift their operations primarily towards renewables
  • Lightning Network is helping to increase the utility and use case of BTCs by growing and gaining more strength

Bitcoin is showing few positive signals of resemblance after its price lost more than 50% last month. One of the biggest reasons behind the recent crash in prices was the concerns of Elon Musk. Musk’s advocacy and back steps have affected the price of Bitcoin since the beginning of this year. However, in the current scenario, we observed that the crypto proponent is still in favour of the flagship cryptocurrency. Moreover, he also ensured the cryptosphere would soon witness BTC mining operations shifting towards renewables.

Elon Musk is still in favour of Bitcoin

Elon Musk was the reason behind the price fall, and again he is becoming the reason behind the surge in price. After being allegedly charged for price pump and dump, Musk responded in favour of cryptocurrencies. 

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On Sunday, Musk tweeted, claiming that the allegations against him were inaccurate. Notably, he clarified that Tesla sold only 10% of its BTC stash. However, the firm wanted to check whether the assets are truly liquid or not due to the price levels. Moreover, Musk revealed that Tesla would again begin to accept BTC if 50% of the mining operations shift to renewable sources of energy.

Musk’s tweet again helped BTC price soar

As Musk clarified its stance over the crypto market on Monday, the price of BTC began to surge. Indeed, the flagship cryptocurrency went up by more than 10% to achieve the price levels of $40k. 

Following the scenario, Paolo Ardoino, the CTO of Bitfinex, considered that the king of crypto is carrying cryptocurrency markets higher. Hence, the world’s most popular cryptocurrency was resurgent on Monday as the market reacted positively.

Musk gave hope to the Bitcoiners

The price of the leading crypto asset surged due to Musk’s stance. Notably, Musk not only remained optimistic but instead he also gave hope to the BTC investors. Musk claimed that when the miners shift their operations towards renewables, he Tesla will begin to support the currency once again. 

According to Ardoino, Musk took the crypto market higher amid hopes that BTC miners will move towards higher usage of renewables. Indeed, the miners will use renewable sources to generate energy as their primary energy source.

Lightning Network is continuing to strengthen

On one side of the market, Bitcoin is gaining back its bullish momentum, on the other side, Bitcoin Lightning Network (LN) is gaining more strength. Lightning Network is basically built to make BTC transactions quicker and cheaper. Ultimately, the sidechain is helping the BTC blockchain’s utility and use case to grow with strength. Paolo Ardoino also believes that the Bitcoin LN is continuing to strengthen and grow. Hence, the factor is significantly positive for the prices.

LN is working to bring optimism to the market

Lightning Network is not only helping make the transactions quick and cheap. Notably, by being a sidechain, it is assisting the Bitcoin blockchain in attracting more users. Indeed, the LN is increasing the adoption of Bitcoins as a method of payments.

According to Ardoino, we can witness a quiet return of optimism in the crypto market. Following the scenario, it is significant that the investors always take a long-term view with the incredible technology.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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