Gate.io Blog Gate.io’s Daily Market Trends（May 25）: Musk tweets again about energy, Bitcoin nears $40,000 mark

Gate.io’s Daily Market Trends（May 25）: Musk tweets again about energy, Bitcoin nears $40,000 mark

25 May 16:30

As of 12:00 EST Bitcoin spot price closed at $38,147.2 and ethereum spot price closed at $2570.01.

Influenced by Musk's tweet, Bitcoin’s price spiked up to $39,777.93 after 00:00 on the 25th but failed to break the $40,000 mark. At 8:00 on the 25th, Bitcoin’s price failed to probe the $40,000 mark at its second attempt. On the 15-minute scale, Bitcoin price formed a long "M" pattern on the 25th, but Gate.io data shows that the market's long-short ratio was 52.65:47.35, with multiple forces at play. Later in the afternoon, parties continued to build momentum towards $40,000 once more.

Elon Musk tweeted that he has spoken with North American Bitcoin miners, who committed to publishing their current and planned renewable usage. They also asked the miners worldwide to follow suit. Michael Saylor, the CEO of MicroStrategy, later reposted the tweet and replied that the miners have agreed to form a Bitcoin Mining Council to ‘promote energy usage transparency and accelerate sustainability initiatives worldwide.’

According to Bloomberg, Chia Network Inc, founded by Bram Cohen, the creator of BitTorrent, has received an investment of $6.1 million from investors, including Andreessen Horowitz and Richmond Global Ventures. The blockchain startup nabs a $500 million valuation and is eyeing an IPO this year.

Ray Dalio, the founder of Bridgewater Fund, has declared himself to be a Bitcoin holder. As the founder of the world's largest investment fund, Ray Dalio had expressed concerns about the future of Bitcoin, but has now changed his tune and believes that the dollar will continue to weaken and Bitcoin will be the new international currency.

Author: Gate.io Researcher: Charles.F & Gazer.C
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

Gate.io spot prices (12:00 BST)
BTC: $38,147.2 (+8.04%); ETH: $2570.01 (+19.76%); DOGE: $0.3416 (+11.39%); SHIB: $0.0000099 (+24.03%); GT: $4.700 (+20.79%); XRP: $0.9701 (+ 21.18%); ADA $1.525 (+10.56%).

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Gate.io’s Daily Market Trends（May 25）: Musk tweets again about energy, Bitcoin nears $40,000 mark

Gate.io’s Daily Market Trends（May 25）: Musk tweets again about energy, Bitcoin nears $40,000 mark

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