Did Elon Just Stop the Bull Market?

One single tweet can go a long way

May 14

Hey DEFI TIMES community,

The bull market reached another peak while memecoins went through the roof! People were losing their minds about Shiba Inu, and all kinds of other animal tokens - wtf?!

And just as gas prices touched unbearable heights, Elon stopped the bullish sentiment with one single tweet:

Tesla has apparently stopped accepting Bitcoin as payments. The reason: fossil fuels as an energy source for Bitcoin mining. Of course, Elon Musk cares about the environment - one of the major reasons why he started Tesla!

The market reacted quite harshly to this: the correction that followed after Elon’s tweet was one of the biggest in months.

There are two learnings I took away from this:

As Bitcoin reaches mainstream, it will suffer more and more from its energy problem. The mainstream trend is clear: We will move in a green direction. People will criticize Bitcoin for consuming too many resources. But are these claims really justified?
Environmentally friendly coins will benefit from this trend. Ethereum, which will switch to PoS fairly soon, could take advantage of this movement. The magnitude certainly depends on how long this trend will last; however, I strongly believe that it will not end anytime soon, which could become a major problem for Bitcoin and other PoW coins.

Could this be the beginning of the end of PoW?

Well, probably not!

However, one thing is for sure: Elon killed the short-term bullish momentum with one single tweet!

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Memecoin Hype

Larry Cermak @lawmaster

Vitalik is starting to dump dog tokens. etherscan.io/tx/0x6ee1174e0…

You all know about the memecoin hype that happened this week. People were buying all kinds of useless meme tokens on Uniswap, and pumped them to dizzying heights.

But then it happened: People sent Vitalik billions of dollars worth of meme tokens to his wallet. Of course he dumped them immediately and donated the money to charities, including the Indian Covid Relief Charity.

Cryptocito | YouTuber @Cryptocito

Vitalik decided to end the Memecoin hype Elon decided to end the bull run What a day

Arbitrum Launch

Arbitrum @arbitrum

Arbitrum mainnet opens to developers May 28. Join the initial cohort!

Wen Arbitrum?tl;dr: We’ve added Sequencer support and will open an Arbitrum Sequencer testnet on May 14. We plan to open Arbitrum mainnet to developers on May 28. Yes, we hear you! Loud and clear! Gas fees are…medium.com

The Arbitrum mainnet will open to developers May 28. It’s the main competitor to Optimism, which will only launch in July!

DEFI TIMES @defitimes

The battle is on: Optimism vs. Arbitrum Let's gooo🚀🚀🚀

Arbitrum @arbitrum

Arbitrum mainnet opens to developers May 28. Join the initial cohort! https://t.co/mL8CcMYE61

Sushi Launchpad

SushiChef @SushiSwap

Get your spoons ready...

Sushi is launching a new token launchpad, MISO, making it easy for anyone to launch their token.

UMA Optimistic Oracle

UMA @UMAprotocol

1/ UMA’s Optimistic Oracle is live. It can be used to resolve markets and get cheap, precise data on almost anything.

Introducing UMA’s Optimistic OracleTl;dr: UMA’s Optimistic Oracle is live now. It can be used to resolve markets and bring all types of data on-chain. It is not limited to use only for UMA financial contracts, but can be “plugged…medium.com

UMA’s optimistic oracle is live! Literally anyone will be able to publish data and it will only be disputed if the data is wrong.

Balancer v2

Balancer Labs @BalancerLabs

We are thrilled to announce that Balancer V2 is live 🚀 Everything you need to know about the most flexible and efficient AMM ⬇️ medium.com/balancer-proto…

The Most Flexible and Efficient AMM is Live — Meet Balancer V2After more than a year of development, Balancer Labs is thrilled to announce that Balancer V2 is now live and accessible with a new user interface. For those who missed it, Balancer V2 offers a…medium.com

The second version of Balancer launched this week! Check it out!

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DISCLAIMER: All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.

Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.