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This Week In Crypto: Musk's Environmental Move, DOGE Millionaires, Market Bloodbath

May 16, 2021 8:34 pm
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This Week In Crypto: Musk's Environmental Move, DOGE Millionaires, Market Bloodbath

It could have been just another crazy week in crypto. But then Musk decided to drop the “BTC is bad for the environment” bomb, and it became an even crazier week. 

Let’s recap on what happened and what you should take into consideration for the next one.

Musk strikes again

To be honest, we’re not sure what we, the journalists, would be doing without the one and only, Mr. Elon Musk. He creates EV vehicles, tunnels, conquers the space and Mars, performs on SNL..and tweets. A lot. 

And it does not always turn out nice.

This week the highlight has been Tesla Inc's (NASDAQ:TSLA) decision to stop accepting Bitcoin as a means of payment for the automaker’s vehicles.

Why, you ask? The company cited “environmental concerns” that the mining of the leading cryptocurrency brings. 

The weird thing about it is that Bitcoin and other cryptocurrencies mining are believed to use more renewable energy than any other activity.

See for yourself:  Tesla Suspends Vehicle Purchases Via Bitcoin Over Environmental Concerns

Elon Musk Says Tesla 'Looking At' Other Cryptos That Use Less Than 1% Of Bitcoin's Energy. Which Could Be It?

NFTs on eBay, in hockey, and more

NFTs are “here to stay,” they say. And Paris Hilton confirms it.

This week has brought more news, including eBay introducing NFT sales on its platform, Floyd Mayweather’s digital collection, a $17M Crypto Punk sale, and more.

Read more: eBay Becomes First E-commerce Company To Embrace NFT Sales On Its Platform

Not Beeple High, But Good Enough: Nine CryptoPunk NFTs Sold For $17M At Christie's Auction House

Boxing Star Floyd Mayweather Launches NFTs This Month

Crypto.com Becomes Official Crypto And NFT Sponsor For IIHF Ice Hockey World Championship

Woof, woof

The DOGE, dog-inspired, and meme-based cryptomania is not going away, apparently. And it hasn’t stopped even after the brutal fall the crypto markets have seen this week.

Bankers leaving their jobs because they made millions with DOGE, Shiba Inu investor making millions from $17, and a person who made his first crypto bet with DOGE earning a fortune –– just a tip of the iceberg in this doggy craze.

See more: Goldman Sachs Director Allegedly Leaves The Bank After Making Fortune From Dogecoin: Report

He Invested $17 In Shiba Inu. Now He Has Almost $6M

Dogecoin Millionaire? A Luxury Penthouse Is Waiting In Portugal To Be Snagged With Your Coins

Meet The Dogecoin Millionaire Who's Holding Onto His Bag

Coins on the move

Bloodbath –– might be the best word to describe what happened with prices after the infamous Musk’s tweet. Around $356 billion was wiped off the crypto market cap in a matter of hours. Bitcoin has lost over $11,000 in price since $57,880 on May 12 to $46,115 today.

This week's survivors are Cardano (ADA), Revain (REV), and BakeryTokeN (BAKE).

See also: How to Buy Dogecoin (DOGE) on Webull

ADA has reached its all-time high over the weekend and was trading at $2.29 at press time, up 30% in a week.

Cardano has reached its all-time high over the weekend and was trading at $2.29 at press time.

Revain (REV), an online Ethereum blockchain reviews platform, saw a 47% increase in a day and 140% over the past week. It has reached $0.02931 on Sunday.

BAKE, or BakeryTokeN, is a part of the BakerySwap ecosystem, which is a Binance Smart Chain-based decentralized automated market-making protocol. It gained 16.45% over the week and 24% from yesterday’s price. It was trading at $7.13 at the time of writing.

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.


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