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Latest Events in the Crypto Industry

Crypto market gains about $165 billion, as Elon Musk tweets on Tesla accepting Bitcoin

The Crypto market was all fired up, from Sunday night to the early hours of Monday amid Elon Musk revealing Tesla will soon resume allowing Bitcoin transactions, howbeit with a condition tied to it.

The 48-year-old tech billionaire and leader of the world’s most valuable car marker spoke via Twitter saying:

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions.”

Such macros boosted the market confidence of many leading altcoins which include Ethereum, Theta Fuel, Aave, and Chainlink, all posting significant gains with Bitcoin trading within the striking distance of $40,000.

At the time of writing, the market valuation of the global crypto market stood at $1.64 trillion, posting gains of nearly 10% for the day.

The total crypto market trading volume stood at about $93 billion, postulating gains of nearly 16% for the day. The total volume in DeFi is currently at $6.52 billion, or 7% of the total crypto market 24-hour volume.

Bitcoin’s price traded near the 40,000 mark with its dominance level currently around 45%.

The tech billionaire also claimed that the car company only sold 10% of its Bitcoin, further boosting market confidence across the market spectrum

Also, global investors are weighing positively on the flagship crypto becoming a legal tender in some frontier markets on the back of a central American country announcing its adoption of Bitcoin as legal tender, and Tanzania’s leader Samia Suluhu Hassan telling its finance chiefs to prepare a framework for crypto assets.

Source: Nairametrics