Musk says X (Twitter) will never launch cryptocurrency

The leading cryptocurrencies continued to fall last week. It seems that - despite the positive moves in June - the market lacked enough spark to revive what was largely a weak summer.

Bitcoin started last week just below $29 but continued its downward trend and fell about 000% to now reach $1. The cryptocurrency saw a brief rally during the week, peaking above $28 at eToro, but still reflects the weakness of the market that prevailed in the summer. Bitcoin returned to early May levels.

Ethereum followed a similar downward trend during the week, starting just above $1850 but falling by around 1,8 percent. and currently trading around $1810. The cryptocurrency experienced significant price swings mid-week, but eventually fell.

KPMG Bitcoin ESG Report

One of the four largest accounting firms KPMG published report highlighting the potential benefits of bitcoin for ESG initiatives.

KPMG describes bitcoin as a "mature" asset that outperformed all other classes this year, but the report confirms environmental concerns about the cryptocurrency, which is known to be energy-intensive.

However, despite its high energy consumption, KPMG says the cryptocurrency has a big role to play in reducing global emissions by promoting sustainable energy practices. The company lists four ways bitcoin can help with this: through renewable energy, demand response, recycled heat, and methane reduction.

The report indicates that it is not bitcoin itself that generates the emissions, but rather the processes that generate the energy needed to run it. Bitcoin has the potential to reward renewable energy development by combining renewables with mining and providing real financial incentives for developers of green technologies.

Musk says X (Twitter) will never launch cryptocurrency

Elon Musk has confirmed that his social media platform X (formerly Twitter) will never create its own crypto-asset, in response to a warning about fake tokens purporting to be linked to the platform.

Musk's answer comes when the platform is struggling with various issues. The cryptocurrency community is constantly buzzing with rumors about Musk's next move in space, so being clear about whether he might ever want to launch a native token is just as important.

However, this leaves doubt as to whether the platform can better integrate existing cryptocurrencies to facilitate features such as payments, tips or subscriptions. Competitors in this matter have long been bitcoin and dogecoin - two cryptocurrencies that Musk has integrated with other companies such as Tesla.

It is not yet known whether this will happen in X. Anyone interested in Musk (and many people follow him) should think carefully about long-term investment cases rather than trying to guess his next move.

Valkyrie wants to add Ethereum to the Bitcoin ETF

Asset manager Valkyrie wants to add ether to his bitcoin ETF. The ETF is currently traded on Nasdaq and intends to invest in bitcoin futures, which is already permitted by regulators.

The addition of ethereum is a silent acknowledgment of the cryptocurrency's maturity and the diversification element it brings when combined with bitcoin. However, the ETF will trade futures on ethereum, not a real asset, as is the case with bitcoin.

Futures ETFs have created buzz in the cryptocurrency market, but they do not go far enough in terms of increasing access to investors interested in tracking the price. A few months ago, we saw a strong market reaction to the suggestion that BlackRock would launch a real-equity bitcoin ETF. For now, it remains unspecified, but the market is closely watching the development of the situation.