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Bitcoin Mining Council Confirms Elon Musk Has No Role in The Council

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The Bitcoin Mining Council made a formal debut on Thursday as the debate regarding the environmental impact of the digital asset intensifies.

The Bitcoin Mining Council describes itself as a “voluntary and open forum of Bitcoin miners committed to the network and its core principles.” Its mandate is to promote transparency, endorse good practices, and foster Bitcoin education according to the official website.

MicroStrategy CEO Michael Saylor is one of the founding members, who posted a call to arms on his Twitter feed on Thursday.

“The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles. We promote transparency, share best practices, and educate the public on the benefits of #Bitcoin and Bitcoin mining”.— Michael Saylor (@michael_saylor) June 10, 2021

The organization consists of a group of energy-conscious North American Bitcoin mining companies. It was first suggested by Elon Musk in a tweet in late May, but he has since clarified that he will have no role at the council. The site goes out of its way to underline this point:

“Elon Musk has no role at the BMC. The extent of his involvement was joining an educational call with a group of North American companies to discuss Bitcoin mining.”

In addition to MicroStrategy, founding members include investment management firm Galaxy Digital, blockchain mining company Argo, blockchain technology firm Hive and Bitcoin mining company Riot. The founding members will cover any running costs and invite any Bitcoin miner from anywhere around the world to join. It stated that any miner joining should:

“Believe that transparency around energy usage for mining is important and agree to voluntarily share their energy mix and hash rate size for research and educational purposes.”

The BMC will hold quarterly meetings in order to analyze mining trends, partner with industry researchers, gather data for educational purposes, and foster growth in the North American BTC mining industry.

The group confirmed that it is completely independent of the Bitcoin network itself and has no intentions to disrupt its decentralization.

“We don’t seek to change the decentralized nature of Bitcoin or its core principles, but rather are working to raise awareness about Bitcoin and Bitcoin mining.”

It added that the council believes that Bitcoin’s energy usage is a feature, not a bug, providing tremendous network security. The energy consumption of global mining operations has come under the spotlight recently in the wake of Musk’s comments regarding its environmental impact.

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Bitcoin Tests $66,000 Amidst Volatility Forecast

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As Bitcoin surged to a $66,000 price level during Asian trading hours, cryptocurrency markets brace for heightened volatility, with market observers predicting turbulent times ahead.

The cryptocurrency’s price volatility has been a subject of much discussion, particularly in light of recent events.

Semir Gabeljic, Director of Capital Formation at Pythagoras Investments, who highlighted the ongoing volatility cited a recent drawdown of 10% fueled by spot Bitcoin ETF outflows from GBTC, totaling approximately $300 million on March 20.

Gabeljic emphasized that such drawdowns typically occur in the lead-up to Bitcoin halving events, signaling a potential for increased volatility in the near future.

Meanwhile, the CoinDesk 20 (CD20), which tracks the world’s most liquid digital assets, experienced a minor dip of 0.5%.

However, amidst this overall market movement, CoinDesk’s Digitization Index (DTZ) saw a notable uptick, led by protocols like Ethereum Name Service (ENS), which rose by 2.7% during Asia trading hours.

Singapore-based trading firm QCP Capital noted the current consolidation in the market, with Bitcoin and Ethereum trading within a relatively tight range.

They suggested that the market might see a pause in activity over the weekend following the volatility leading up to the previous weekend’s Federal Open Market Committee (FOMC) meeting.

Also, QCP Capital highlighted the continued outflows from the Grayscale Bitcoin Trust (GBTC), expecting a fourth consecutive day of BTC spot exchange-traded fund net outflows.

The firm also pointed out a widening discount on Grayscale’s Ethereum Trust (ETHE) and the market’s diminishing expectations for the approval of a spot Ethereum ETF.

With Bitcoin’s test of $66,000 and ongoing market dynamics, cryptocurrency investors and analysts remain vigilant, anticipating further fluctuations in the days to come.

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Binance CEO Forecasts Bitcoin Surge Beyond $80,000 on Institutional Inflows

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Binance Chief Executive Officer Richard Teng has set his sights on Bitcoin surging beyond the $80,000 price level on the back of rising institutional investments into crypto-backed exchange-traded funds (ETFs).

Speaking at an event in Bangkok on Sunday, Teng highlighted the significant impact of the launch of Bitcoin ETFs in the United States earlier this year.

He noted that this development has attracted a considerable influx of institutional investors, propelling fresh funds into the cryptocurrency market.

Teng expressed confidence in Bitcoin’s upward trajectory, emphasizing that “we’re just getting started.”

Initially estimating Bitcoin to reach around $80,000 by the end of the year, Teng now believes that the cryptocurrency’s price will surpass this milestone.

He attributed this bullish outlook to a combination of decreasing supply and sustained demand within the market.

However, he cautioned that the rally wouldn’t be without its fluctuations, suggesting that the market’s ups and downs would ultimately benefit its overall health.

Bitcoin has already surged by an impressive 56% this year, reaching a record high of nearly $73,798 last week.

Despite concerns among some investors about a potential bubble, Teng remains optimistic about Bitcoin’s future trajectory.

Teng’s forecast comes in the wake of his appointment as CEO of Binance, succeeding co-founder Changpeng Zhao in November following the company’s $4.3 billion settlement with US authorities.

With relentless inflows into US spot Bitcoin ETFs since their approval in January, Teng expects further institutional adoption in the near term, with more endowments and family offices anticipated to increase their allocations into Bitcoin ETFs.

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Bitcoin Retreats from Record Highs Amid Debate Over Market Speculation

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The cryptocurrency retreated from its recent record highs, igniting a debate over the speculative fervor gripping global markets.

In Asian trading on Friday, Bitcoin plummeted by as much as 5.6%, shedding its gains from the previous day when it reached a new pinnacle of nearly $73,798.

Despite recovering slightly to trade at $67,300, the retreat has triggered concerns about the sustainability of the crypto bull run.

The moderation in Bitcoin’s surge, alongside a similar trend in other top cryptocurrencies like Ether, BNB, and Solana, reflects a broader shift in investor sentiment.

With both Bitcoin’s ascent and the performance of the top 100 tokens hovering around 60% for the year, market participants are reevaluating their risk appetites amidst a backdrop of escalating inflationary pressures.

In a Bloomberg Television interview, Bank of America Corp.’s Chief Investment Strategist Michael Hartnett sounded alarms, likening the market’s euphoria to the characteristics of a bubble, particularly evident in the technology sector’s “Magnificent Seven” stocks and the soaring highs of cryptocurrencies.

The debate over market speculation is gaining traction on Wall Street, with questions looming about the vulnerability of various asset classes to a potential pullback.

Proponents of Bitcoin point to fundamental supports, such as significant net inflows into US exchange-traded funds and an impending reduction in token supply growth.

However, Bitcoin’s stumble coincided with a surge in US yields and the dollar following a report revealing a spike in producer prices, exacerbating concerns about the Federal Reserve’s ongoing efforts to rein in inflation.

Also, data from Coinglass indicates a rise in caution within the derivatives market, with a notable increase in liquidated bullish crypto wagers and a slump in funding rates for Bitcoin perpetual futures, favored by speculators.

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