GM citronauts. Grab your digital juicer – we're pressing fresh blockchain news for your morning crypto cocktail.
🏆 Judge dismisses a lawsuit against Elon Musk, SpaceX, and Tesla, which accused them of engaging in a “Dogecoin pyramid scheme” that led to losses of $86B.
🇸🇻 El Salvador’s President Nayib Bukele says that Bitcoin adoption in the country wasn’t as widespread as he had expected.
🍊 News drops: Emmanuel Macron claims he didn’t invite Telegram’s Pavel Durov to France, a crypto scammer who spent $16K on plastic surgery to become unrecognizable was arrested in South Korea + more
🍍 Market flavor today
|
| Crypto Market Cap $2.19 Trillion -2.6% (24H) | |||
| Name | Price | 24H % | 7D % |
|---|---|---|---|
 Bitcoin BTC |
$59,136.58 | -1.84% | -2.85% |
 Ethereum ETH |
$2,505.48 | -1.98% | -5.33% |
 BNB BNB |
$537.62 | -0.94% | -7.09% |
 Solana SOL |
$138.48 | -4.30% | -3.89% |
| Prices as of 10:03 AM EST. Click here to see live data. |
Crypto market sentiment remains firmly in the fear zone, with the Fear and Greed Index slightly up at 34. The crypto market cap has dipped by 2.6% in the last 24 hours, with major coins in the red.
As we navigate through this uncertain period, the prevailing advice for speculators seems to be "sit on your hands" - in other words, it might be wise to avoid making moves in the current market. Long-term investors, however, might be humming a different tune, though even their sheet music comes with no guarantees. The crypto market continues its unpredictable dance, keeping everyone on their toes 💃
🏆 Judge hands the W over to Musk
A group of lions is called a pride, a group of crows is called a murder. And what do we call a group of angry investors? A lawsuit, baby. 😎
Two years ago, some investors sued Elon Musk, SpaceX, and Tesla.
The intro to this lawsuit in a nutshell: Dogecoin is purposeless, worthless, useless, and insecure. After this bullying session, it is now also in need of therapy. Great job.
What does Musk have to do with this? Well, the plaintiffs argue that he used his status as the "richest man alive" to promote the coin and, thus, manipulated its price. They claim that thanks to Musk, investors lost around $86B. For these losses and other expenses, the plaintiffs demanded damages worth…
*drum roll*
… $258 billion. 🤠 Shoot for the stars, amirite. Would've been inspiring if Judge Alvin Hellerstein hadn't blocked this arrow by dismissing the lawsuit.
Not only did he say that the investors didn't prove market manipulation, but he also lowkey roasted them, saying that no sane investor would use whatever Musk babbled about Dogecoin on social media as financial advice.
And I agree (#nooffense) 'cause here's one of the tweets in question:
|
May this serve as a reminder that we need to be super duper responsible with where we put our money, especially during a time when every other celebrity's account gets hacked to promote scams. Take everything you see on social media with a grain of salt so that you don't become a part of this group called lawsuit.
🇸🇻 Bukele speaks on El Salvador’s Bitcoin experiment
Ah, the beautiful El Salvador: the land of volcanoes, breathtaking beaches… and Bitcoin.
In case you missed it:
- Ever since November 2022, it's been buying a Bitcoin each day;
- It launched a project to build a city powered entirely by Bitcoin;
- It's now giving Bitcoin training for government employees;
- It became the first country to adopt Bitcoin as a legal tender, making the cryptocurrency a valid form of money. This means that whether you're grabbing a coffee or paying your taxes—you can use Bitcoin to do so.
Chatting with Time magazine, the country's pro-Bitcoin president, Nayib Bukele, shared some insights on how the legal tender aspect has been goin' on. Spoiler alert: mixed feelings.
On the bright side, BTC adoption has given the country branding, brought investments, and boosted tourism.
However, Bukele mentioned that the adoption wasn't as widespread as he had hoped for, meaning that Salvadorans didn't run to hop onto the BTC train. Maybe they're walking, though?
He did say that "a lot more could definitely be done" to reach the expected goals. Then again, El Salvador is a free country, so he can't and isn't going to just force people to use Bitcoin.
At the end of the day, we can't ignore the fact that El Salvador was the first country to push this development and that many people are still skeptical about crypto in general. While, for now, the results may be underwhelming, this experiment still has the potential to become a great success and set an example for the rest of the world.
📰 News drops
🍌 Juicy memes
|
|
Wrapping up another zesty serving of crypto insights. Keep your portfolios juicy - until next time!
