🚀 China vs. Elon

Bitcoin Bear Battle, Ticket Tokens, Banks Blow Smoke

May 24th, 2021 | Sign Up

Good Morning. If you need more proof we’re in a simulation, you can now buy tickets for the Floyd Mayweather vs. Logan Paul fight with a random s̶h̶i̶t̶c̶o̶i̶n̶ crypto called EthereumMax


Markets

⬆️  Bitcoin: $37,910 (+13.7%)

⬆️  Ethereum: $2,412 (+26.1%)

⬆️  Dogecoin: $0.328 (+10.25%)

🚀 SushiSwap: $10.39 (+45.3%)

🚀 Polygon: $1.45 (+62.2%)

⬆️ Nasdaq: $13,632.56 (+1.20%)

Prices as of 10 AM EST 5/24, data from Zerion, Yahoo
  • Markets: U.S. stock futures are up and bond yields are down as the economy bounces back. Investors are waiting to see the effects of inflation over the next several months, expecting a mixed market

  • Covid: For the first time in almost a year, the daily average of new cases in the U.S. has fallen below 30,000, signaling an end to the pandemic

  • World: Belarus President, Alexander Lukashenko, ordered a fighter jet to forcibly divert an Irish flight in order to detain an activist onboard who criticized Belarus’ government, sparking outrage from international leaders


MARKET

Bitcoin Saga: Key Levels To Watch

Bitcoin tanked to under $34K over the weekend, in part due to fears that China’s recent regulatory crackdown on large Bitcoin mining farms would be detrimental to the industry, as China is responsible for 75% of all Bitcoin mining. HashCow, the Chinese company that owns the largest mining farms in the world, has already stated it will no longer sell mining equipment to clients in China for fear of regulatory risks.

Meanwhile, Elon Musk’s Twitter account has been relatively quiet, allowing Bitcoin to creep up to a key level of $37,500, enough past the midrange of $37K to trigger the chance of a rally up to the next major resistance point, $42K, the same point where Elon had last tweeted about not selling Tesla’s Bitcoin. If Elon can remain quiet, a rally above $42K is possible.

But Eugene Ng, the head of business development at Gemini Asia, thinks outlook for Bitcoin and Ethereum is still bearish:

Elon please, no more tweets. 🤞


NFTS

Top Soccer Team To Sell NFT Tickets

Ukrainian soccer team Dynamo Kyiv, the top team in the Ukrainian Premier League, will sell 25% of the tickets for their 2021 season as NFT’s. The unprecedented move is led by tech savvy Vice President of FC Dynamo Kyiv, Mark Ginzburg:

The tokenization of the legendary club is not a tribute to fashion and not following an opportunistic hype. We have a well-calculated strategy and follow a clear goal – to make Dynamo, the best club in Ukraine, the greatest technological leader of football in Europe within the next two years

The team is partnering with the Binance NFT marketplace and Moonwalk as exclusive partners to facilitate the transactions.

Looking Ahead

NFT ticketing was one of the first imagined use-cases for non-fungible tokens before they became a craze in the art world. Now that the idea has hit the mainstream, purchasing NFT tickets as well as memorabilia may soon become the norm for sports fans.


ENVIRONMENT

Bitcoin is Energy Efficient?

Recently Bitcoin has been in the news regarding its power consumption, which is estimated to be about as much as an entire small country like Sweden. We covered Bitcoin’s environmental impact once before, not knowing that hours later Elon Musk (yes, him again) would tweet that Tesla would stop accepting bitcoin due to “increasing use of fossil fuels.” Don’t worry, we brought out the big guns this time.

So, how much does Bitcoin actually harm the environment? As it turns out, not that much. It consumes a ton of energy, but a lot of that energy uses renewable resources which even by the most conservative figures is more than twice as renewable as the U.S.’s much dirtier energy grid that also happens to power Tesla’s charging stations all over the country.

In fact, up to 50% of mining is powered by excess hydro energy in the heartland of China that would otherwise go to waste due to not be able to be stored or transported. That’s the sort of thing us Americans might call a “win-win”…

Looking Ahead

If you believe that Bitcoin is a Ponzi scheme with no value, then yes, Bitcoin is a waste of energy and resources. But if you believe the opposite, then Bitcoin may very well replace the banking system as we know it, and eliminate the environmental impact of that sector. If that happens, well, you like graphs right?

🤔 Hmm, that looks like less of an impact than we were led to believe, Mr. Musk…


Small Bitez 📰

  • The market for Neuromorphic Computing (sensory technology that mimics the human brain) is projected to double in value after 2025, when Moore’s Law is expected to resolve the current bottleneck.

  • On May 28, proprietary blockchain network Reef Finance will launch the “Canary” version of their mainnet built on Substrate, the same framework that powers the Polkadot network, aiming to make it easy for beginners to invest in Defi

  • The first full trailer for Marvel’s Eternals has dropped, written and directed by Oscar-winner Chloé Zhao who is already receiving praise for her talents despite the film’s far-off release date of November 5th

  • A foundation launched by Asian American business leaders earlier this month said it has raised more than $1 billion to support Asian American and Pacific Islander communities.


Thanks for reading!

written by Bay & JB

Come hang out in our free full-featured Discord community, where we go over our stock and crypto moves, including charting and options plays from our analysts, and exclusive info from traders and content creators!