Positive developments in Bitcoin adoption fail to lift bearish mood

07 Jun 2021

???? BTC | $36,306 (+584, +1.6%)

???? ETH | $2,752 (+117, +4.4%)

???? XRP | $0.98 (+0.04, +4.4%)

???? LTC | $178 (+3.8, +2.2%)

Square (payments company) has announced possible plans to build a hardware crypto wallet, as well as a $5M investment into building a solar-powered Bitcoin mining facility. The facility is meant to act as a proof-of-concept, and is intended to accelerate the adoption of renewable energy in Bitcoin mining.

In a series of events more suited for television dramas than for serious investments, Elon Musk tweeted negatively about Bitcoin again last week, causing a near-immediate -5% plunge. This has however prompted the loose collective of hackers Anonymous to issue a statement yesterday, declaring their intent to target Elon Musk for “destroying” the lives of retail investors over the past few months.

China has seemingly begun cracking down on domestic social media that promote or talk about cryptocurrencies, so far suspending several dozen Weibo accounts. Many have since moved their “operations” to Twitter, but it remains to be seen if the authorities will take even more targeted action.