Crypto News: Clean Energy Bitcoin Mining Threshold Puts Elon Musk and Tesla in Focus

Key Insights:

• Bloomberg Intelligence: Bitcoin miners surpass the 50% clean energy mark, a key industry milestone.
• SEC’s focus sharpens on the digital asset landscape, targeting Stoner Cats 2 LLC over NFT offerings.
• Deutsche Bank’s leap into crypto; a collaboration with Taurus SA pushes institutional token services.

Thursday Crypto Market Overview:

Bitcoin Mining and Clean Energy: Bloomberg Intelligence reported Bitcoin miners now meet the 50% clean energy threshold. Jamie Coutts shared the latest on X (formerly Twitter), saying, “The Bitcoin energy narrative is flipping! A new note out this morning on the Bloomberg Terminal looks at the rapid rise of sustainable energy sources in BTC mining.” In 2021, Elon Musk announced that Tesla (TLSA) would resume accepting BTC when miners reach the 50% clean energy threshold.

Genesis Ceases Crypto Trading Services: On Thursday, news hit the wires of Genesis halting crypto trading services permanently. Genesis previously announced the end of spot trading by September 30. Derivatives trading services will cease immediately.

SEC v Stoner Cats 2 Draws Condemnation: Stoner Cats 2 LLC became the latest victim of the SEC onslaught on the US digital asset space. The SEC announced charges against Stoner Cats 2 LLC for conducting an unregistered offering of crypto asset securities in the form of NFTs that raised $8 million to fund Stoner Cats, an animated web series. Ripple CLO Stuart Alderoty called out the SEC move. SEC Commissioners Hester Peirce and Mark Uyeda dissented.

Deutsche Bank Enters the Crypto Space in Earnest: German banking giant Deutsche Bank (DB) and Taurus SA announced a partnership to offer crypto and tokenized asset custody services to institutional clients. Deutsche Bank Global Head of Securities Services Paul Maley reportedly said, “As the digital asset space is expected to encompass trillions of dollars of assets, it’s bound to be seen as one of the priorities for investors and corporations alike.”

Technical Analysis

Bitcoin Analysis

The $26,755 resistance level rejected a BTC move toward the 200-day and 50-day EMAs. However, BTC continued to break out from the trend line as investors responded to hopes of Tesla reaccepting BTC and eased fears of a US economic hard landing.

A break above the $26,755 resistance level would support a BTC move toward the 200-day and 50-day EMA. However, a bearish cross of the 50-day EMA through the 200-day EMA would send BTC toward the trend line and $25,506 support level.

The 14-Daily RSI reading of 50.86 shows BTC can retarget the $26,755 resistance level and the EMAs before entering overbought territory.

Ethereum Analysis

ETH held above the $1,626 support level after a rejected break below $1,626 to target sub-$1,600. An ETH move through $1,650 would support an ETH run to the 50-day EMA. However, an ETH fall through the $1,626 support level would signal an ETH move to sub-$1,600.

SEC v Coinbase (COIN) and Ripple case-related news and crypto-spot ETF updates would influence investor sentiment.

The 14-Daily RSI reading of 45.87 shows ETH can revisit sub-$1,600 before entering oversold territory.