Elon musk dorsey bitcoin renewable energy

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Market Focus

After a bruising selloff driven by worries over a peak in earnings and a slowdown in growth momentum, the S&P 500 notched its biggest back-to-back advance in two months. Once again, the gains were led by companies that stand to benefit the most from a reopening of the economy, such as a commodity, financial and industrial shares. Meanwhile, Dow Jones rose 0.83%, or 286.01 to 34,798.00, and Nasdaq climbed 0.92%, or 133.08 to 14,631.95.

Elon Musk’s love affair with Bitcoin runs deeper than previously known. Speaking at “The B Word” conference hosted by the Crypto Council for Innovation, Musk discussed the outlook for Bitcoin with fellow backers Cathie Wood, head of Ark Investment Management, and Jack Dorsey, CEO of Twitter Inc. and Square Inc.

Musk said that he owns Bitcoin, Ethereum, and Dogecoin, while Tesla and SpaceX both exclusively own Bitcoin.


Gold steadied around $1,800 an ounce after resurging in recent weeks but failed to push much higher even with TIPS bond yields scuttle to under negative territory. Investment demand for bullion has stayed on the sideline so far, with outflows seen from ETF this fund.

For the technical aspect, the RSI indicator closes around 43 figures which suggests a slightly bearish signal, but it also heading to the natural area asymptotically.

For moving average side, 15 long SMA indicator shows get rid of the headwind movement and turn flat action. On the other hand, 60 long SMA indicator remaining a slight upside but seems flat movement.


All in all, we foresee the market volatility will continue curb by price action currently.

Elon musk dorsey bitcoin renewable energy

However, if the market slid beneath the critical support pivot in 1795, bullion will fell into a lower stage.

Resistance: 1.3665, 1.3745, 1.3896

Support: 1.36

AUDUSD (4- Hour Chart)

Aussie once slipped to the daily lowest point at 0.73, yet recovery to an intraday high at 0.736 around afterward. All thanks to risk appetite improved in global shares market, pan-commodities weathering creep up the momentum that dwindles stress to commodities-link pairs as well.
However, Aussie is still very susceptible to variant contagious at the current stage.

From the technical perspective, the RSI indicator ratchets up to 47 figures from over sought nadir, suggesting a natural momentum for the short term. For moving average side, 15 and 60 long SMA continue it descending, yet short one slowly turns into flat momentum.

Elon musk dorsey bitcoin renewable energy-i

US government bond yields were sharply up, also signaling decreasing demand for safety.

The euro pair hovers around the 1.1800 level, as caution prevails ahead of the European Central Bank monetary policy decision. The ECB is widely anticipated to maintain its monetary policy unchanged, and the general perception is that policymakers will maintain a dovish stance.

Cable is up to the 1.3700 price zone despite persistent Brexit tensions.
The EU rejected the UK’s demand for a new approach to the Northern Ireland Protocol. UK Prime Minister Boris Johnson said that there are practical steps they can take to do that, but it does not seem the Union will convene to any change.

Commodity-linked currencies were also up, with Aussie being the weakest amid discouraging local retail sales figures.

Elon musk dorsey bitcoin renewable energy-x


By William Mathis and Lars Paulsson A trio of Jack Dorsey, Cathie Wood and Elon Musk are promoting the idea that Bitcoin mining can be good for the planet actually. That’s not exactly true.

The basis of the idea is that mining crypto currencies uses a lot of power and can be deployed at any time.

That could help a developer make money minting coins at a time when there’s lots of wind or sunshine, but not much electricity demand. Making better use of wind and solar, where power generation can be intermittent, increases efficiency, lowers prices and helps encourage the green transition.

The theory is based on trends that are already happening, regardless of crypto.

The cost of renewable power is plummeting and an increasing share of energy is being supplied by electricity.

Elon musk dorsey bitcoin renewable energy-z

Loonie dropped to the 1.2560 level, and Kiwi bounced back to 0.6960, just a step to the 0.7000 level. USDJPY continues its yesterday’s lift, climbing to the 110.30 level.

Gold retreated further, with the spot ending the day at $1,803 a troy ounce.

Crude oil prices recovered, with WTI got back to $70, and Brent settles around $72.20 a barrel.

Cryptocurrencies have finally made a sharp rebound on Wednesday after a long-lasting sliding trend. Bitcoin surged 7.80% to prices around $32100, and Ethereum skyrocketed 11% to around $2000.

Technical Analysis

XAUUSD (4-hour Chart)

Gold declined as Treasury yields rose and stocks continued their revival from fears as Australia and U.K.
exacerbated in a variant pandemic. Treasury yields climbed further above 1.2% as demand for safe-haven eased, curbing bullion’s attraction.

Market Focus

After a bruising selloff driven by worries over a peak in earnings and a slowdown in growth momentum, the S&P 500 notched its biggest back-to-back advance in two months. Once again, the gains were led by companies that stand to benefit the most from a reopening of the economy, such as a commodity, financial and industrial shares.

Meanwhile, Dow Jones rose 0.83%, or 286.01 to 34,798.00, and Nasdaq climbed 0.92%, or 133.08 to 14,631.95.

Elon Musk’s love affair with Bitcoin runs deeper than previously known. Speaking at “The B Word” conference hosted by the Crypto Council for Innovation, Musk discussed the outlook for Bitcoin with fellow backers Cathie Wood, head of Ark Investment Management, and Jack Dorsey, CEO of Twitter Inc.

and Square Inc.

Musk said that he owns Bitcoin, Ethereum, and Dogecoin, while Tesla and SpaceX both exclusively own Bitcoin.

A bank would probably want to charge a higher interest rate on a project that plans to sell power to a Bitcoin miner than it would if the customer were Google (NASDAQ:GOOGL).

“I don’t know how you’d assess the risk profile of a Bitcoin mining operation,” said Albert Cheung, head of analysis at BNEF. “You kind of want your offtaker to be around for 20 years, or at least 10.”

For now, lots of Bitcoin is being produced by the most-polluting source of electricity. Research from the Centre for Alternative Finance shows that Bitcoin mining is dominated by China, a country currently driving a boom in new coal plants.

In the second quarter of 2020, the latest data available, the world’s biggest polluter mined as much as 65% of the coins.

By comparison, Iceland and other Nordic nations, once seen as a green haven for Bitcoin, were producing less than 1% of the coins each.

A bank would probably want to charge a higher interest rate on a project that plans to sell power to a Bitcoin miner than it would if the customer were Google.

“I don’t know how you’d assess the risk profile of a Bitcoin mining operation,” said Albert Cheung, head of analysis at BNEF. “You kind of want your offtaker to be around for 20 years, or at least 10.”

For now, lots of Bitcoin is being produced by the most-polluting source of electricity. Research from the Centre for Alternative Finance shows that Bitcoin mining is dominated by China, a country currently driving a boom in new coal plants.

In the second quarter of 2020, the latest data available, the world’s biggest polluter mined as much as 65% of the coins.

By comparison, Iceland and other Nordic nations, once seen as a green haven for Bitcoin, were producing less than 1% of the coins each.

For example, the environmental impact would be vastly different if the computers were powered by renewable energy.

A 2020 study from the CCAF said that 76% of cryptocurrency miners use renewable energy as part of their energy mix. The same researchers said, however, that only 39% of crypto mining’s total energy consumption comes from renewables.

A separate study on Bitcoin’s environmental impact published in the peer-reviewed journal Nature Communications in April said that China accounts for more than 75% of Bitcoin mining operations around the world, largely due to its relatively cheap electricity costs and easier access to some of the hardware needed for the computers.

The study estimated that carbon emissions from Bitcoin blockchain operations in China are expected to peak in 2024 and generate more than 130.5 million metric tons of carbon emissions that year alone.

In a white paper published on Wednesday, Mr Dorsey’s payments company Square and cryptocurrency investor Ark Invest argued that Bitcoin miners are the “key” to increasing the world’s renewable energy capacity by making solar and wind power more lucrative.

Mr Dorsey retweeted the paper with the comment “Bitcoin incentivises renewable energy”, to which Mr Musk replied: “True.” Ark’s chief executive Cathie Wood said the research “debunk[s] the myth that Bitcoin mining is damaging the environment”.

But academics and analysts specialising in renewable power questioned those claims, warning that they relied on dubious assumptions or cautioning that many other technologies could achieve the same goal.

Lucas Davis, a senior professor at Berkeley’s Haas School of Business who studies energy markets, told the Telegraph: “This article vastly overstates the role of Bitcoin…

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