Bitcoin price surged after Elon Musk indicated that Tesla will once again accept Bitcoin (BTC) payments once 50% of Bitcoin mining runs from renewable energy sources.
Late on the evening of Sunday, June 13, Musk responded to a tweet that the CEO of Tesla Inc. is manipulating the price of Bitcoin and is responsible for pumping and emptying it.
This is not accurate.
Tesla sold only about 10% of its bitcoin holdings to confirm that bitcoin can be easily liquidated without moving the market.
When there is confirmation of reasonable use of clean energy (~50%) by miners with a positive future trend, Tesla will resume allowing bitcoin transactions.
This confirmation from Musk was enough for Bitcoin fans to raise its price.
However, the $40,000 level is a critical resistance and any move above it will confirm a move higher.
Last week, Michael Saylor of MicroStrategy along with other people in the North American Bitcoin mining industry launched the Bitcoin Mining Council, which aims to drive the industry toward renewable and sustainable energy mining solutions.
Public sentiment towards altcoins turns negative:
Altcoins declined after the decline of the bitcoin currency, but the recent rise of the bitcoin by more than 10% in the last 24 hours has not been matched by the altcoins, which also rose in modest proportions, except for some of them.
All of the top 10 cryptocurrencies recorded a 5-10% price increase.
Many of these altcoins are still trading below the major resistance.
Data from Santiment shows that public sentiment for some of the best altcoins such as:
Ethereum, Cardano, Ripple, Polkadot.
It has turned negative.
But the data also indicates that this is the time for an eruption and move these currencies to get more supplies.
Colin Wu, a well-known Chinese journalist on the crypto market, points out that the decline and recovery of alternative cryptocurrencies is roughly equivalent to half of the decline and recovery of Bitcoin.
Also, cryptocurrency trading volumes in decentralized finance protocols have been declining.
Wu points out that this could likely be the end of the altcoin season and also the end of the bull run.