Precipitous cryptoscape drop

Nano (NANO), which sits at the back tier of the 75 largest coins ranked by market capitalization – and which has been described as a more energy-efficient Bitcoin – is surging. Over 24 hours, NANO rose 58%. That was as of Thursday at 7:30 a.m. (EST). It's nearly $14. NANO has risen 142% over the past 30 days. Its all-time high is $33.69 reached in January 2018.

Bitcoin was already losing ground on Wednesday afternoon, even before the Elon Musk tweet that sent the largest crypto hurtling off the road: "Tesla has suspended vehicle purchases using Bitcoin."

Perilous, precipitous, bumpy, the 11-hour trip from about $56,000 to as low as $45,650 also could be described as not too bad; at sunrise in the east coast of the U.S., BTC was just shy of $50,000, 460% higher than it was 12 months ago.

Across the crypto board, there's a glut of double-digit declines. Of the Top 25 coins, per CoinGecko, 17 of them have fallen over 24 hours by at least 10% with the largest decline (-20%) experienced by EOS (EOS).

"Cryptocurrency is a good idea on many levels," Elon Musk tweeted yesterday announcing Tesla had suspended Bitcoin-denominated purchases of its electric vehicles. "We believe it has a promising future, but this cannot come at a great cost to the environment."

Afterward, BTC fell sharply, but, within a few hours, it began to semi-rebound, perhaps as the market fully digested the tweet, which also noted that Tesla will not be selling any Bitcoin.

Or maybe the price resilience owed to the strength of the 21-week exponential moving average (EMA).

Analysts have long told Cointelegraph the 21-week EMA would dictate the floor on the dips. And the indicator held. When it met the 21-week EMA, that fleeting wick to $45,650 got snuffed out (Cointelegraph).

The Sand Dollar revolution will not be televised. Okay, actually, here is a YouTube video chronicling the digital currency’s practical origins in the aftermath of Hurricane Dorian. But now the real push begins.

So says the Central Bank of the Bahamas. Local payments firm Island Pay has partnered with Mastercard on prepaid Sand Dollar-linked debit cards. According to Cointelegraph, citing The Nassau Guardian, CBOB Governor John Rolle recently revealed government-led plans for an entire Sand Dollar ecosystem, connecting local commercial banking systems' platforms with individual citizens who are being proactively prodded to sign up for mobile wallets. "We are literally at the cusp of beginning that push for national adoption," Rolle said.

What some have called a mere modest experiment is nevertheless likely being closely watched by central banks around the world, Reuters said.

Last October, The Commonwealth of the Bahamas became the first country to have a legal digital currency. Within a few weeks a few local eateries began accepting it, officially making the Sand Dollar an alternative to the traditional Bahamian dollar; the “B$” replaced the pound in 1966, nearly a quarter-millennium after the Bahamas first became a British Crown Colony.

Comprising about 700 islands (30 of which are inhabited), The Bahamas sit 50 miles southeast of Florida; widely thought of as being part of the Caribbean/West Indies, the Bahamas in fact are located within the island group known as the Lucayan Archipelago, not the Caribbean. Queen Elizabeth II, incidentally, used to appear on all Bahamian notes up until the early 1990s when bills there began to display portraits of deceased dignitaries such as the late Sir Lynden Oscar Pindling, considered the "Father of the Bahamas," and who led the nation to independence in 1973.