{"id":567197,"date":"2021-06-06T16:10:39","date_gmt":"2021-06-06T13:10:39","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=567197"},"modified":"2021-06-06T16:10:39","modified_gmt":"2021-06-06T13:10:39","slug":"25-of-bitcoin-users-have-fled-since-tesla-stopped-accepting-btc","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/25-of-bitcoin-users-have-fled-since-tesla-stopped-accepting-btc\/","title":{"rendered":"25% of Bitcoin Users Have Fled Since Tesla Stopped Accepting BTC"},"content":{"rendered":"<ul>\n<li><strong>According to Timothy Peterson, 25% of Bitcoin users have fled the network since Tesla stopped accepting BTC for car payments<\/strong><\/li>\n<li><strong>Elon&#8217;s tweet making the announcement has changed Bitcoin&#8217;s fundamentals<\/strong><\/li>\n<li><strong>Bitcoin&#8217;s network size is down 45% from its peak value in mid-April<\/strong><\/li>\n<li><strong>Bitcoin is staring at a death cross on the daily chart<\/strong><\/li>\n<\/ul>\n<p>Bitcoin and Crypto analyst, <a href=\"https:\/\/en.ethereumworldnews.com\/chainlinks-network-is-growing-at-a-rate-of-12-per-month-analyst\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Timothy Peterson<\/a> of Cane Island Alternative Advisors, estimates that 25% of Bitcoin users have fled the network since <a href=\"https:\/\/en.ethereumworldnews.com\/tesla-has-not-sold-any-bitcoin-btc-elon-musk\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Tesla stopped accepting BTC<\/a> for car payments. According to his analysis, Elon Musk&#8217;s Tweet announcing the decision to halt Bitcoin payments changed the fundamentals of BTC.<\/p>\n<p><a href=\"https:\/\/twitter.com\/nsquaredcrypto\/status\/1401478061900636163\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">His analysis<\/a> on the impact of Tesla stopping Bitcoin payments can be found below alongside a chart demonstrating the decision&#8217;s impact on the BTC network.<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">Musk&#8217;s May 12 <\/span><span class=\"r-18u37iz\">bitcoin<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> tweet has affected fundamentals. I estimate that 25% of bitcoin users have fled since <\/span><span class=\"r-18u37iz\">Tesla<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">&#8216;s decision to stop accepting <\/span><span class=\"r-18u37iz\">$BTC<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">. Network size is down 45% from the 15 Apr high. Yesterday, Active Addresses hit lowest value since Oct 2020.<\/span><\/p><\/blockquote>\n<h2><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Bitcoin-network-Elon-June-6th.png\"><img class=\"aligncenter size-large wp-image-567198\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Bitcoin-network-Elon-June-6th-1024x482.png\" alt=\"\" width=\"1024\" height=\"482\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Bitcoin-network-Elon-June-6th-1024x482.png 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Bitcoin-network-Elon-June-6th-300x141.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Bitcoin-network-Elon-June-6th-770x363.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Bitcoin-network-Elon-June-6th-1536x723.png 1536w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Bitcoin-network-Elon-June-6th-2048x964.png 2048w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Bitcoin-network-Elon-June-6th-500x235.png 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Bitcoin-network-Elon-June-6th-240x113.png 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Bitcoin-network-Elon-June-6th-717x338.png 717w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Bitcoin-network-Elon-June-6th-1347x634.png 1347w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><\/a>Bitcoin is Staring at a Death Cross on the Daily Chart<\/h2>\n<p>Bitcoin&#8217;s network shrinking by 45% is in tandem with its market pullback that saw it retest <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoins-dip-to-30k-marked-the-largest-capitulation-event-to-date\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">$30k in late May<\/a>. At the time of writing, Bitcoin is trading at $35,900 having <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-failing-to-recapture-the-200-day-ma-points-to-a-bear-market\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">failed to recapture<\/a> the 200-day moving average for close to three weeks.<\/p>\n<p>It is with this price action that Bitcoin and crypto analyst, Rekt Capital, has warned of a pending death cross in the weeks to follow as highlighted in the following screenshot of <a href=\"https:\/\/twitter.com\/rektcapital\/status\/1401276860017917952\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">a recent tweet<\/a>.<\/p>\n<h2><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTC-Death-Cross-June-6th.jpg\"><img class=\"aligncenter size-full wp-image-567199\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTC-Death-Cross-June-6th.jpg\" alt=\"\" width=\"595\" height=\"352\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTC-Death-Cross-June-6th.jpg 595w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTC-Death-Cross-June-6th-300x177.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTC-Death-Cross-June-6th-500x296.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTC-Death-Cross-June-6th-240x142.jpg 240w\" sizes=\"(max-width: 595px) 100vw, 595px\" title=\"\"><\/a>A Death Cross Confirms a Bear Market for Any Asset<\/h2>\n<p>A death cross occurs when the 50-day moving average crosses the 200-day moving average from the top. This event is usually a confirmation of a bear trend for any tradable asset. In the case of Bitcoin, the death cross is about to occur on the daily BTC\/USDT chart as demonstrated below.<\/p>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTC-death-cross-chart.png\"><img class=\"aligncenter size-full wp-image-567200\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTC-death-cross-chart.png\" alt=\"\" width=\"950\" height=\"528\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTC-death-cross-chart.png 950w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTC-death-cross-chart-300x167.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTC-death-cross-chart-770x428.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTC-death-cross-chart-500x278.png 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTC-death-cross-chart-240x133.png 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTC-death-cross-chart-717x399.png 717w\" sizes=\"(max-width: 950px) 100vw, 950px\" title=\"\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to Timothy Peterson, 25% of Bitcoin users have fled the network since Tesla stopped accepting BTC for car payments Elon&#8217;s tweet making the announcement has changed Bitcoin&#8217;s fundamentals Bitcoin&#8217;s network size is down 45% from its peak value in mid-April Bitcoin is staring at a death cross on the daily chart Bitcoin and Crypto analyst, Timothy Peterson of Cane Island Alternative Advisors, estimates that 25% of Bitcoin users have fled the network since Tesla stopped accepting BTC for car [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":566860,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[1233,6961,5302],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/567197"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=567197"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/567197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/566860"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=567197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=567197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=567197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}