Bitcoin surges by 10% as Elon Musk, Jack Dorsey, Cathie Wood discuss issues of cryptocurrency volatility

  • The strange Bitcoin community was referenced by Jack Dorsey as his support for digital currency
  • The CEO of Twitter discussed everything concerning bitcoin with Elon Musk on Wednesday
  • Dorsey said the constantly developing network of Bitcoin reminds him of the early days of the internet

Bitcoin grew by 10% on Wednesday as Tesla Chief Executive Officer Elon Musk, Square CEO Jack Dorsey, and Cathie Wood, Ark Invest, convened on the B Word conference to discuss cryptocurrencies. A number of cryptocurrencies issues have been handled and a number of pain points relating to bitcoin, including its severe volatility, intense use of energy and reliance on fossil and sustainable energy, were addressed by Musk, Dorsey, and Wood.

Elon Musk and Jack Dorsey on Bitcoin’s future

Tesla CEO Elon Musk and CEO Jack Dorsey on Twitter spoke extensively on Wednesday of Bitcoin’s future, praising the crisis and its potential for changing more than monetary systems. Naturally, Musk also spoke of his special Dogecoin fondness. Cathie Wood, founding director and CEO of Ark Invest, joined both tech CEOs for a virtual debate during The B Word event, billed Bitcoin as a tool for economic enhancement.

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My goal is that Bitcoin will bring about peace in the world or create peace in the world, added Dorsey. The payments business of Dorsey, Square, was his entrance into the bitcoin area. He said his first Bitcoin interaction was in 2008 although he heard it years ago. He stated that the drive of the Bitcoin community motivates him and reminds him of the Internet’s early days. Recently Square started working on a digital hardware wallet to make Bitcoin more popular. Musk has also been a promoter of Bitcoin for some time and has acknowledged that he owns some Bitcoin, Ethereum and Dogecoin.

How to keep an eye on Elon Musk at The B Word

Today, a trio of Bitcoin supporters will gather for a conversation about cryptocurrencies in which nothing will be off limits. On Wednesday, Elon Musk, CEO of Tesla and SpaceX, Jack Dorsey, CEO of Square and Twitter, and Cathie Wood, CEO of Ark Invest, will participate in a live panel discussion at The B Word event. According to a FAQ on the event’s website, the goal of the B Word event is to demystify and destigmatize mainstream narratives about Bitcoin. The majority of the free virtual event will be taped talks, but the panel discussion with Musk, Dorsey, and Wood will be live.

Bitcoin and other digital coins were designed to be decentralised digital currency, but they’ve evolved into more of an investment in recent years. Prices might be quite fluctuating as well. Bitcoin’s price was just below $9,000 before the coronavirus epidemic broke out. It reached a high point in April, when it was almost $65,000.

Bitcoin’s $30000 mark is closely watched by the traders

Because the $30,000 mark is closely watched by traders, Katie Stockton of Fairlead Strategies wrote in a note on Wednesday that it is vulnerable to a shakeout below that level, often known as a fake breakdown. Bears are frequently trapped below a crucial support level by a fake breakdown before leaping higher. That strategy has worked so far, with bitcoin bursting through the $30,000 barrier on Tuesday before soaring much higher on Wednesday.

Because the $30,000 mark is closely watched by traders, Katie Stockton of Fairlead Strategies wrote in a note on Wednesday that it is vulnerable to a shakeout below that level, often known as a fake breakdown. Bears are frequently trapped below a crucial support level by a fake breakdown before leaping higher. 

That strategy has worked so far, with bitcoin bursting through the $30,000 barrier on Tuesday before soaring much higher on Wednesday. Bitcoin, according to Stockton, will face resistance near its 50-day moving average of $35,000, marking an 8% increase from current levels. If bitcoin can clearly break through that level, it will most certainly head for its 200-day moving average near $44,000. Finally, bitcoin bulls will need bitcoin to hold the $30,000 support level in order to stop the severe bleeding in the crypto market that has occurred since bitcoin peaked near $65,000 in mid-April.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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