Market Analysis Report (17 May 2021)

In a Twitter exchange, Tesla CEO Elon Musk implied that the electric car maker may sell or had already sold all of its cryptocurrency holdings. The price of bitcoin was negatively impacted by the exchange, dropping to $42,000 before recovering.

Crypto-friendly digital payments firm Square has confirmed it has no plans to change its investment strategy when it comes to bitcoin, contradicting earlier reports suggesting the firm was halting bitcoin purchases.

A report from blockchain analytics firm Chainalysis has revealed that so far this year, addresses tied to ransomware attacks have received as much as $81 million in cryptocurrency.

Sponsored: $HOPE is a charity crypto token with a robust charitable strategy, designed to maximize profitability for investors and social impact reach worldwide. On the 5th of May 2021, the HOPE development team made their first monthly donation of $100K to Save the Children – an amount raised in just 3 weeks.

Top stories in the Crypto Roundup today:

• Elon Musk Clarifies Tesla Has ‘Not Sold Any Bitcoin’
• Square Does Not Plan to Change Its Bitcoin Buying Strategy
• Ransomware Victims Paid At Least $81 Million in Crypto So Far This Year: Report
• Sponsored: $HOPE TOKEN Raised $100K to donate to Save the Children

Elon Musk Clarifies Tesla Has ‘Not Sold Any Bitcoin’

In a Twitter exchange, Tesla CEO Elon Musk implied that the electric car maker may sell or had already sold all of its cryptocurrency holdings. The price of bitcoin was negatively impacted by the exchange, dropping to $42,000 before recovering.

Musk’s comments came after several others that affected the cryptocurrency market. After disclosing in early February that Tesla bought $1.5 billion worth of bitcoin, it then revealed last week the electric car marker was suspending vehicle purchases using bitcoin over concerns surrounding the “rapidly increasing use of fossil fuels for bitcoin mining.”

Responding to a user on Twitter who claimed bitcoiners were “going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting,” the Tesla CEO responded with “indeed.”

After popular users revealed the price of BTC dropped significantly after Musk’s Twitter exchange, the CEO clarified Tesla is still hodling its bitcoin:

“To clarify speculation, Tesla has not sold any Bitcoin.”

Bitcoin hasn’t moved up significantly after Musk clarified Tesla is still hodling, as some speculators believe the company may soon dump its bitcoin on the market.

Square Does Not Plan to Change Its Bitcoin Buying Strategy

Crypto-friendly digital payments firm Square has confirmed it has no plans to change its investment strategy when it comes to bitcoin, contradicting earlier reports suggesting the firm was halting bitcoin purchases.

According to Decrypt, a Square spokesperson clarified that the company will continue to evaluate bitcoin as an investment opportunity on an ongoing basis. To date, the firm has purchased a total of $220 million in BTC, which are now worth over $400 million.

Square is led by Twitter CEO Jack Dorsey and helped start a wave of institution bitcoin buying last year, when the firm announced its first Bitcoin purchase. It bought the cryptocurrency after MicroStrategy started buying.

Dorsey himself has been a vocal cryptocurrency proponent.

Ransomware Victims Paid At Least $81 Million in Crypto So Far This Year: Report

A report from blockchain analytics firm Chainalysis has revealed that so far this year, addresses tied to ransomware attacks have received as much as $81 million in cryptocurrency.

The firm stressed the $81 million figure “must be considered a floor for the time being,” as it believes it will “almost certainly grow as we identify more ransomware addresses.” The firm reported that last year $406 million in cryptocurrency were sent to ransomware addresses.

The report comes after ransomware made headlines throughout the U.S. after Colonial Pipeline, a major energy transportation firm, was hit with an attack that locked its files and caused a shutdown of a pipeline system. The firm ultimately paid $5 million in bitcoin as the pipeline system that was shut down was said to supply nearly half of the fuel on the East Coast of the country.

The group behind the attack, DarkSide, has reportedly seen its servers get seized after the attack. Data from analysis firm Elliptic showed DarkSide’s bitcoin wallet received 75 BTC from Colonial on May 8, and had already received $4.4 million from Brenntag, a European chemical distributor that was also hit with a ransomware attack.

Crypto AM DeFi & Digital Inclusion Summit

Want to learn all about DeFi, smart contracts, decentralized computing and much more? Join us, and a great panel of speakers on Thursday the 20th of May for six hours of engaging content and discussions.

Powered by Cointelligence, this summit features speakers such as Genevieve Leveille, Principal Founder and CEO of AgriLedger, Jamie Burke, Founder & CEO of Outlier Ventures, Justin Banon, Co-Founder Boson Protocol, Mark Hipperson, Founder & CEO of Ziglu, James Harris Commercial Director of CryptoCompare, James Bowater, Founder & Editor at Large of Crypto AM, Barney & Oscar Chambers, Co-founders and Co-lead developers for Umbria Network, On Yavin Founder & Managing Partner at Cointelligence Fund, Erika Federis, Charles Kerrigan as well as many others.

Free tickets are available via the link below – we hope to see you there.

📅  20th May, from 14:00 BST

🌎 https://bit.ly/3ohN7Ck

$HOPE TOKEN Raised $100K to donate to Save the Children

$HOPE is a charity crypto token with a robust charitable strategy, designed to maximize profitability for investors and social impact reach worldwide.

On the 5th of May 2021, the HOPE development team made their first monthly donation of $100K to Save the Children – an amount raised in just 3 weeks. The donation was broadcast and shared with an audience of loyal crypto investors who support $HOPE, joined by the common vision of developing products to help bridge the crypto space with humanitarian aid.

In the first donation, Save the Children received 80% of the raised amount. The remaining 20% were re-injected into $HOPE and will be given to the charity in smaller amounts over the next months.

HOPE TOKEN Tokenomics

Symbol: $HOPE

Total supply: 1,000,000,000 tokens

$HOPE applies an 8% tax fee, subtracted from every transaction and used as follows:

• 3.5% is allocated to monthly donations made to organizations chosen by their holders.
• 1.5% is allocated to a cumulative disaster relief fund that will be released in case of an emergency event.
• 1% is allocated to marketing and operational expenses.
• 1% is allocated to the six owners & every member of the organization.
• 1% is burned.

$HOPE Advantages

$HOPE is committed to ensuring proper governance practices, integrity, transparency, and accountability of their project and diligent management of their investor’s funds.

HOPE TOKEN excels over other charity crypto tokens by:

• Focusing on a different category of aid every month.
• A dedicated natural disaster relief fund which will be deployed in case of a world emergency event.
• $HOPE’s charitable strategy follows international philanthropic benchmarks which are constantly reviewed and adjusted to make sure the roadmap follows world trends.
• $HOPE believes in community and the power of participatory investment. Token holders get to nominate charities they would like to contribute to and also vote on who receives.

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