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Blogsia - Elon Musk has reiterated that he does not actively promote cryptocurrencies, despite his favorable views on Bitcoin and Dogecoin. This statement comes in response to misuse of his image in various crypto scams.
Musk, CEO of Tesla, has publicly expressed a positive stance towards Bitcoin, acknowledging its value and hinting at appreciation for other digital currencies. He has also reaffirmed his fondness for Dogecoin, the meme-inspired cryptocurrency featuring the Shiba Inu dog.
In a recent X Takeover event, Musk praised Bitcoin and other cryptocurrencies, without naming specific ones. He shared his affection for Dogecoin, stating, “I somewhat like Dogecoin because I like dogs and memes,” as reported by Yahoo Finance on August 3, 2024.
Despite his personal interest, Musk stressed that he does not actively promote cryptocurrencies, addressing concerns about his image being exploited in crypto frauds. He has been previously sued by crypto investors for allegedly endorsing Dogecoin.
“I will not promote crypto, at most in a joking manner. If you see me pumping crypto, that’s not me,” Musk clarified.
His image has been exploited in various scams, including hacked Twitter accounts, fake ads, and deepfake videos, deceiving unsuspecting victims into giving away large amounts of cryptocurrency.
At the X Takeover event, Musk urged users to be cautious of scams and to verify the authenticity of crypto promotions.
Bitcoin's Market Dominance Hits 3-Year High
Bitcoin’s market capitalization has reached over 55.05% of the total crypto market value, marking its highest level in three years. The market cap of Bitcoin has surged to USD 1.27 trillion, equivalent to IDR 20.685 trillion (based on an exchange rate of IDR 16,288 per USD), according to CoinMarketCap.
In comparison, the entire crypto market is valued at USD 2.43 trillion, with Ethereum representing 16.5% of the market at USD 389 billion. The recent rise in Bitcoin’s dominance was somewhat unexpected, as altcoins typically outperform Bitcoin during bullish markets.
While meme coins experienced a resurgence earlier this year as Bitcoin reached new all-time highs, other cryptocurrencies have not seen similar benefits. Former CoinShares Chief Strategy Officer, Meltem Demirors, highlighted key factors influencing this shift on her social media.
“ETF flows have essentially changed market dynamics. BTC gains are no longer circulating into altcoins and other crypto assets,” Demirors noted, according to Coinmarketcap on August 2, 2024.
Continued Growth
Bitcoin’s dominance continues to grow, despite an increase in the market capitalization of Tether (USDT), the largest stablecoin and the third-largest cryptocurrency after Bitcoin and Ethereum. Stablecoins, backed by fiat currencies, are often excluded from Bitcoin dominance metrics due to their different value model.
Although altcoin performance has been underwhelming, there is optimism about a potential resurgence. CryptoQuant CEO Ki Young Ju observed on Tuesday that whales (large Bitcoin holders) are preparing for the next altcoin rally, noting an increase in buy-limit orders for non-Bitcoin and non-Ethereum assets.
“I will not promote crypto, at most in a joking manner. If you see me pumping crypto, that’s not me,” Musk clarified.
His image has been exploited in various scams, including hacked Twitter accounts, fake ads, and deepfake videos, deceiving unsuspecting victims into giving away large amounts of cryptocurrency.
At the X Takeover event, Musk urged users to be cautious of scams and to verify the authenticity of crypto promotions.
Bitcoin's Market Dominance Hits 3-Year High
Bitcoin’s market capitalization has reached over 55.05% of the total crypto market value, marking its highest level in three years. The market cap of Bitcoin has surged to USD 1.27 trillion, equivalent to IDR 20.685 trillion (based on an exchange rate of IDR 16,288 per USD), according to CoinMarketCap.
In comparison, the entire crypto market is valued at USD 2.43 trillion, with Ethereum representing 16.5% of the market at USD 389 billion. The recent rise in Bitcoin’s dominance was somewhat unexpected, as altcoins typically outperform Bitcoin during bullish markets.
While meme coins experienced a resurgence earlier this year as Bitcoin reached new all-time highs, other cryptocurrencies have not seen similar benefits. Former CoinShares Chief Strategy Officer, Meltem Demirors, highlighted key factors influencing this shift on her social media.
“ETF flows have essentially changed market dynamics. BTC gains are no longer circulating into altcoins and other crypto assets,” Demirors noted, according to Coinmarketcap on August 2, 2024.
Continued Growth
Bitcoin’s dominance continues to grow, despite an increase in the market capitalization of Tether (USDT), the largest stablecoin and the third-largest cryptocurrency after Bitcoin and Ethereum. Stablecoins, backed by fiat currencies, are often excluded from Bitcoin dominance metrics due to their different value model.
Although altcoin performance has been underwhelming, there is optimism about a potential resurgence. CryptoQuant CEO Ki Young Ju observed on Tuesday that whales (large Bitcoin holders) are preparing for the next altcoin rally, noting an increase in buy-limit orders for non-Bitcoin and non-Ethereum assets.
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