Bitcoin Price Jumps With Taproot Upgrade Approval and New Musk Tweets

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In Brief
  • BTC price surges to over $39,000.

  • The Taproot upgrade has a significant role in this price bump.

  • Elon Musk's latest tweet might also be one of the reasons for the sharp rise.

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Bitcoin’s price rose to over $39,000 as miners approved the Taproot upgrade, and Musk saying that Tesla will reinstate bitcoin payments following more clean energy usage.

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Bitcoin’s price jumped sharply to above $39,000 as two significant developments occurred in the market. First, the Taproot upgrade has received approval from bitcoin miners on June 13 and is slated for a November launch. Secondly, Elon Musk said that Tesla would support payments in bitcoin once again when the mining industry uses more clean energy.

The news has pulled bitcoin out of a downward slump, which was precipitated by a few tweets related to mining that Musk made earlier this year. The market’s top asset has been languishing at roughly 50% of its ATH value of approximately $64,000.

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Market possibly finding new support levels?

The Taproot upgrade is one of bitcoin’s most important upgrades in recent years. Miners signaled their support for it by indicating it in mined blocks — with over 99% approving. The upgrade will take place at block height 709,632, which is expected in November. Taproot improves scripting capabilities and privacy.

As for Tesla, Musk said that bitcoin transitions would be reinstated when about 50% of the energy used by the mining industry becomes clean — with a “positive future trend”. The move will no doubt have contributed somewhat to bitcoin’s price rise, though it’s hard to justify exactly how much.

Musk’s statements will nonetheless irk some in the cryptocurrency industry, who have lambasted the Tesla CEO for his tweets, which they call ignorant — specifically his statements on improving the Dogecoin network. Furthermore, cryptocurrency insiders have chided Musk for his tweets, which they say has an effect on the market given his influence.

Vitalik Buterin also addressed Musk’s comments on scalability, saying that it wasn’t as simple as changing numbers. The backlash against Musk has been fierce — and now the newly launched Bitcoin Mining Council will not involve him.

The Bitcoin Mining Council launches — sans Musk

MicroStrategy CEO Michael Saylor announced on June 13 that the Bitcoin Mining Council would have its first meeting. Saying that it “welcomes all Bitcoin miners to join,” this council is a group of individuals and organizations that will focus efforts on promoting transparency, sharing best practices, and encouraging education on mining.

The council will discuss the energy debate, network dynamics, China’s mining policy, North American mining developments, tech trends, and industry outlook. Members include MicroStrategy, Galaxy Digital, HUT8, and Riot, among others.

The FAQ section on the mining council page specifically refers to Musk, saying that he has no role on it. The extent of his involvement, they say, was only in joining an educational call with a group of North American companies.

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Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

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