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Top 5 Crypto News – Musk Responds to Dorsey’s Bitcoin Maximalism

Top 5 Crypto News – Musk Responds to Dorsey’s Bitcoin Maximalism

Kavya Barua

Kavya Barua is a voracious learner captivated by crypto and Fintech breakthroughs. Graduated from the University of Delhi's B.A (Hons) English program at Janki Devi Memorial College. She desires to be a successful professional with a strong interest in learning and accomplishing outcomes.

Table of Contents

“That’s Why I’m Pro Doge,” Elon Musk Responds to Dorsey’s Bitcoin Maximalism

Former Twitter CEO Jack Dorsey has long supported Bitcoin and is an occasional user of his social network. Since leaving his post, Dorsey has engaged in a heated debate with supporters of Web 3.0, Venture Capitalists, and centralized entities, one of which is Ethereum, in his opinion.

Web 3.0 refers to a set of technologies, tools, and decentralised protocols driven by blockchain networks that have the potential to drive the internet’s evolution.

Its supporters argue that it will offer people greater control, while its adversaries; like Twitter CEO Jack Dorsey and Tesla CEO Elon Musk, question its very existence.

While many have turned against the Twitter co-founder and his promotion of Bitcoin as the ultimate instrument capable of dethroning the US dollar as the world’s reserve currency, others have attempted to persuade him of the merits of these technologies.

Farokh, an Ethereum supporter, told Dorsey:

Yo Jack I promise if you look outside of your bubble of rich dudes you’ll see that there are creators actually building web3 and a whole revolution in the form of digital renaissance. Come say hi or listen in on our conversations, the NFT space is filled with geniuses.

As BuyUcoin mentioned earlier, in their daily crypto news, former Twitter CEO and co-founder Jack Dorsey believed that Bitcoin would ultimately replace the US currency. The statement was made in response to Grammy-winning musician Cardi B’s tweet asking if cryptocurrencies will someday replace the dollar.

Parag Agrawal, CEO of Twitter Receives an NFT From An Indian Company

To honour Parag Agarwal, Twitter’s recently appointed CEO, premium tea firm Vahdam India revealed on Thursday that it had given the Indian-origin CEO a bespoke NFT.

The NFT is available on the marketplace site OpenSea. It depicts Agarwal sipping tea at his workplace; revelling in the historic day in his life that Indians are now celebrating worldwide.

Top 5 Crypto News - Musk Responds to Dorsey’s Bitcoin Maximalism image 2 | BuyUcoin

“This is a proud moment for all of us here in India. As a CEO of a homegrown Indian brand, Parag’s achievement feels not only thrilling but personal,” the founder and CEO, Vahdam India, Bala Sarda.

“The realisation of Twitter being led by an Indian is simply surreal. We wanted to gift him something special to capture this landmark moment” Sarda added.

This is the second NFT for Vahdam India. Earlier this year, the brand released its inaugural NFT; ‘Vahdam India’s Ticket to Mars,’ an exclusive virtual token that took one on a one-of-a-kind cosmic voyage while sipping their favourite beers among breathtaking scenery.

Tesla CEO Elon Musk was also there at the NFT, enjoying VAHDAM Teas.

Leading SHIB Whale Purchases 93 Million SLP, But SHIB Remains The Portfolio’s Greatest Asset

According to a recent tweet by WhaleStats, the fourth-largest SHIB holder, “Light,” has acquired 93,360,440 SLP. That is the equivalent of $2,815,687.

Smooth Love Potion is rated 446th on the CoinMarketCap scale of digital currencies; and as of press time, it is trading at $0.03008, following a minor fall of more than 2%.

It has a market cap of $96,451,213 and a trading volume of $103,339,910 during the last 24 hours.

However, detailed data from WhaleStats reveals that the “Light” whale still mostly bets on Shiba Inu. This second most popular cryptocurrency accounts for 36.56% of his portfolio and $1,348,413,820 in USD equivalent.

After Setting A New High, Polygon (MATIC) Is On The Verge Of Overtaking Shiba Inu (SHIB)

Polygon (MATIC), the native token of the namesake Layer 2 solution built on the Ethereum blockchain, hit a new high of $2.70 earlier today.

The token is currently just a hair’s breadth away from overtaking Shiba Inu (SHIB) and moving the meme currency to 14th position in terms of market valuation. According to CoinMarketCap statistics, the two cryptocurrencies mentioned above are worth $19.3 billion and $18.7 billion respectively.

Since holders of Uniswap’s UNI token unanimously voted to install the third version of the popular automated market maker on Polygon last week, the MATIC token has increased by 24%. Polygon co-founder Mihailo Bjelic first proposed the idea in November.

On December 22, Uniswap v3 contracts (core, periphery, and staker contracts) were deployed to Polygon; igniting a fresh MATIC rally that boosted the token’s price to an all-time high.

Uniswap has been hampered by high Ethereum network costs, making the DEX costly for ordinary Joe. Polygon, on the other hand, provides significantly lower transaction fees.

Uniswap v3 is already available on Arbitrum and Optimism, two additional Ethereum scaling solutions, although these installations account for a negligible part of the total locked  value.

Bitcoin Reclaims $50,000; Why Isn’t The Rally Over Yet?

Bitcoin’s price created a base and began a new upward trend over $48,000. BTC gained momentum as it moved above the $48,200 barrier and the 100 hourly simple moving average.

On the hourly chart of the BTC/USD pair, a crucial descending channel with resistance at $48,800 was broken. The pair surged over the $50,000 resistance zone to enter the positive zone. The bulls were able to drive the price beyond $50,000.

Top 5 Crypto News - Musk Responds to Dorsey’s Bitcoin Maximalism BTCUSD 2021 12 24 15 09 51 | BuyUcoin

Bitcoin has reached a high of $51,500 and is presently consolidating gains. It is far above the 23.6% Fib retracement line of the latest climb from the $48,105 swing low to the $51,500 high. It also trades for over $50,000 and the 100 hourly simple moving average.

On the upside, the $51,500 mark represents an immediate barrier, and the next important resistance level might be $52,000.

A definitive breach over the $52,000 barrier level may cause the price to rise. The next important resistance level for the bulls might be around $53,200.

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