Hello as always, and welcome to today's edition of Overbit News.
Just last week in our edition of Overbit News, the biggest story of the day was the selloff in Bitcoin and crypto markets everywhere. Virtually no crypto asset was spared as the entire market fell to early 2021 levels and sometimes below. Well, in typical crypto fashion, last week's headline has been flipped on its head come Monday, 24th May.
After a week of hell, as CNBC referred to it as, Bitcoin, Ethereum and the cryptocurrency market at large rebounded strongly to start off the week on Monday, 24th May.
The price of Bitcoin rebounded above the $39,000 level Monday after plummeting to less than $32,000 on Sunday. Ether, the world's second most popular cryptocurrency, rose from less than$1,800 on Sunday to over $2,600 on Monday.
Elsewhere in the market, virtually every coin showed signs of life, with a minimum bump from the bottom at nearly 20%. Even memes like DogeCoin also showed signs of recovery, with its price rising from 24cents on Sunday to 36 cents on Monday. Broadly speaking, the crypto market was a sea of green on Monday, with just a few lesser-known coins down in the previous 24 hours.
Last week's crypto selloff came after authorities in China and the U.S. moved to tighten regulation and tax compliance on cryptocurrencies. On top of these problems in both the West and the East was also Elon Musk's chiding of the Bitcoin community online, in which he honed in on its environmental usage as a problem. This narrative was picked up by almost every media organization in the meanwhile.
While that concludes today's market coverage, Elon Musk has given the Bitcoin community yet another reason to speak about him. And he wasn't alone this time.
A little less than two weeks after Tesla CEO Elon Musk announced that the electric car manufacturer would no longer allow Bitcoin as a means of payment for its electric cars, citing environmental concerns, the prankish billionaire tweeted that he met with executives of North American Bitcoin mining firms.
The meeting culminated in the formation of the Bitcoin Mining Council, which is dedicated to encouraging sustainable cryptocurrency mining initiatives. "I spoke with Bitcoin miners in North America. They agreed to publish current and expected renewable use and to request that miners WW do the same. Possibly promising, "Musk said in a tweet on Monday.
Simultaneously, and in what seemed to be a concerted effort, Michael Saylor, CEO of the largest corporate holder of Bitcoin, the business analytics company MicroStrategy, revealed that he had hosted a meeting between Elon Musk and executives from major Bitcoin miners in North America, including Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, HIVE Blockchain, Marathon Digital Holdings, and others.
According to the statement, "the miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency and accelerate sustainability initiatives worldwide."
Whether the Bitcoin Mining Council will grow into prominence is yet to be seen, but it’s definitely interesting and appears the market is reacting positively.