Tesla Selling 75% of Its Bitcoin Is ‘Great News’

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CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary
Cryptocurrency prices dropped slightly over the past week, with the second-largest cryptocurrency by market capitalization, Ethereum, outperforming Bitcoin ahead of its upcoming Merge upgrade.
While Bitcoin lost around 6% of its value over the last few days, ETH went down only 0.03%. Meanwhile, the stock market’s benchmark index, the S&P 500, is up 0.36% over the same period, while gold moved up 1.31%.
Equities have been relatively muted as this week several high-profile companies with a significant influence over the index are set to reveal their Q2 earnings. These companies include Google’s parent Alphabet, Microsoft, Meta, and Apple, among others.
In the cryptocurrency space, Bitcoin trading into stablecoin has risen significantly last month as investors remained cautious amid fears of a liquidity crisis striking crypto lending companies. CryptoCompare’s Exchange Review report reveals BTC trading into USDT rose 24.3% to 6.67 million BTC, making it the dominant stablecoin/fiat pair with a market share of 67.2%.

Tesla Selling 75% of Its Bitcoin ($BTC) Is ‘Great News,’ Says Tron Founder Justin Sun
Chinese entrepreneur Justin Sun, who founded TRON Foundation (which is behind the TRX token) has said that Tesla selling 75% of its Bitcoin ($BTC) holdings is actually “great news” for a number of reasons.
In a tweet Sun shared with his over 3 million followers on the microblogging platform Twitter, TRON’s founder said that the market “no longer needs to worry about Tesla selling BTC,” which per his words had been haunting it for a long time. 
H.E. Justin Sun🌞🇬🇩
.@Tesla selling #BTC is great news for @Bitcoin! 1st, market no longer needs to worry about @Tesla selling #BTC which has been haunting us for a long time. 2nd, @Tesla selling nearly 1 BIL USD worth of #BTC shows the liquidity of @Bitcoin to all big corps.
Moreover, Sun argued that Tesla selling nearly $1 billion worth of bitcoin shows that the flagship cryptocurrency’s liquidity can handle investments from large corporations.
Sun, who now serves as Grenada’s representative to the World Trade Organization in Geneva, added that Tesla completing bitcoin transactions “shows a good precedence for all enterprises holding BTC” and that as a result, he believes more large corporations will buy the cryptocurrency in the future.
ADA: Crypto Analyst Says Once Vasil Hard Fork Date Is Announced ‘This Puppy Will Rip!’
New Zealand-based crypto analyst and educator Lark Davis said that since ADA-USD has gone above its 50-day Exponential Moving Average (EMA), he expects $ADA to start enjoying a big rally as soon as IOG Co-Founder and CEO Charles Hoskinson announces the exact date for the hotly-anticipated Vasil hard fork (which is expected to go live on the mainnet before the end of this month).
Lark Davis
#cardano $ada has broken past its 50 day EMA, now we just need Charles to announce the date of the Vasil hard fork and this puppy will rip! https://t.co/yQTiCiCE6H
Meanwhile, Dan Gambardello, Founder of Crypto Capital Venture, who has long been a huge fan of Cardano and is a respected member of the Cardano community, sent out a tweet today that suggested he expects $ADA to have roughly a billion dollar market cap by 2030.
Crypto Expert Panel Sees Solana Trade at $166 by End of 2025
A panel of cryptocurrency and fintech experts has revealed that they expect, on average, that the price of Solana ($SOL) will jump to $166 by the end of 2025, up from the $45 they expect the cryptocurrency to trade at by the end of this year.
On average, the panel of experts sees SOL trade at $45 by the end of this year and at $166 by the end of 2025, before exploding to $512 by the end of 2030.
Notably, the panel’s predictions on the cryptocurrency’s performance are down when compared to a similar survey conducted in January of this year, when the panel saw SOL trade at $222 by the end of the year. At the time, the panel predicted Solana would trade at $486 by 2025 and at $1,267 by 2030.
Does Ethereum Have a Supply Cap?
We often hear the argument that BTC is the ultimate hedge against inflation since its supply is capped at 21 million and halving every four years. This has led to a misperception that cryptocurrencies without a supply cap are inflationary, meaning their value declines over time. This begs the question, does Ethereum (ETH) have a supply cap?
On April 1, 2018, Vitalik Buterin jokingly suggested that the total supply of ETH be capped at 120 million. His reasons? To guarantee a more stable and sustainable economy for Ethereum. While this was just an April Fool’s joke, it brings us to the inflationary vs. deflationary discussion surrounding the supply of cryptocurrencies.
Ethereum doesn’t have a supply cap, but that doesn’t mean we’ll have billions of Ether in circulation. The number of ETH issued has been steadily declining, which means that inflation isn’t a major concern for Ethereum. Read more on Ethereum’s monetary policy.
What Else is Going On?
Cryptocurrency investor sentiment is remaining low as its Fear & Greed index, which serves as an aggregate for investor confidence and attitude towards the market, surged from 22 last week to 30, moving to a state of “fear.” The index has risen from 6 when BTC dropped below $18,000.
The index, it’s worth noting, is based on emotional behavior in the market. When fear sets in, some investors may see a buying opportunity, while greed may be a sign the market is due for a correction.
Total value locked in the decentralized finance (DeFi) space has meanwhile risen to $84.3 billion, according to data from DeFiLlama. MakerDAO, the entity behind the DAI stablecoin, makes up 9.81 % of the TVL with little over $8.27 billion on its protocol.
Other Top Stories
$ADA: Founder of ‘Perfect People CNFT’ Community Explains Cardano’s Vasil Upgrade | Cryptoglobe
Cardano ($ADA): Price Action, Listing on xINVESTOR, Reliability, Adoption, Michael Saylor’s Head | Cryptoglobe
Chipotle Launches ‘Buy the Dip’ Game That Will Give Away $200K in Cryptocurrency | Cryptoglobe
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