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It’s been tough few months for Bitcoin (BTC) after several factors went into play that caused its slump. One of which is the infamous tweets from Tesla CEO Elon Musk pointing out the environmental impact of bitcoin mining. On Monday, however, its price re-entered the $40,000 territory for quite a bit before settling back to $30,000s.
The short-lived price hike happened when Tesla recently expressed their renewed support for the king of tokens before going back above $37,000. This is the first-time bitcoin’s price surged to that said price mark in almost six weeks as bullish sentiments have been felt in the market after a recent sell-off.
Tesla’s support
On Wednesday, the collective known as Crypto Council for Innovation hosted an event dubbed the B-Word Conference where the Tesla CEO revealed that his company will likely begin accepting bitcoins in purchasing their electric vehicles. Musk added that he wants to do more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent and believes that there is a trend toward increasing such figures. He went on to say that if such would be the case, Tesla will pretty much resume accepting bitcoin.
Musk further explained that long-term renewable energy will be the most affordable form of energy, though pointed out that it will not happen overnight. Nonetheless, he said that as long as it is conscious and determined, real effort by the mining community to move toward renewables, then these miners will definitely have Tesla’s support
Bitcoin broke through the $40,000 mark at 3:30 p.m. ET, though it only went as far as $40,245, CoinMetrics noted. It can be recalled that BTC hovered over that price mark on June 16.
BTC’s price took a dip on the same day after Amazon debunked a report suggesting that the massive online store would begin accepting bitcoin payments this year. For the uninitiated, the retail giant posted a job listing as they are looking for a “cryptocurrency and blockchain lead.” This implies that the website is already prepping up for cryptocurrency transactions.
Amazon debunks rumors
Per the job description, it calls for someone who can “leverage domain expertise in blockchain, distributed ledger, central bank digital currencies, and cryptocurrency.” Further, it also stated that it wants to develop the case for capabilities that should be developed, drive the overall vision and product strategy, and gain leadership buy-in and investment for new capabilities.
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.
