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Coinbase and Dogecoin Prove Resilient After Crypto Crash

A rough weekend tested cryptocurrencies and the newly public stock Coinbase COIN +8.90% . As of Monday, both the cryptocurrency exchange’s stock and the meme-fueled Dogecoin were showing resilience, while Bitcoin remained relatively depressed. 

Investors had been waiting for Coinbase stock to be tested after its big debut last week, and they didn’t have to wait long. Bitcoin, the cryptocurrency that accounts for the largest share of volume on the exchange, plunged over the weekend. In what should be a small vote of confidence in Coinbase, the stock fell much less than its most important asset.

Coinbase (COIN) was down 1.1% on Monday from its Friday closing price, even as Bitcoin, which is always traded, had fallen 9.2% over the same period. Bitcoin fell below $54,000 on Sunday, after trading above $64,000 as recently as Wednesday.

Mike Novogratz, CEO of crypto firm Galaxy Digital, wrote on Twitter that the drop showed that the “market got too one way,” adding “We will be fine in the medium term as institutions coming to the space. In the shorter term we will need to rebuild a trading base.  Market damage doesn’t heal overnight.”

Various news reports and rumors over the past few days could have caused Bitcoin to fall. On the list are an impending ban on cryptocurrency purchases in Turkey and power-outage issues in the Xinjiang province of China, where the bulk of Bitcoin mining takes place using computer chips that need substantial power. Rumors spread, too, that the Treasury Department could crack down more aggressively on the use of cryptocurrencies for money laundering.

It is hard to pin down why Bitcoin moves on any given day. Often, it can be traced to technical reasons. When the market’s momentum changes, prices can fall rapidly as investors start to fear that they will lose out on a windfall if they don’t sell immediately. There is substantial price support for Bitcoin at $50,000, and growing support above $57,000, according to Chainalysis, which tracks buys and sells on the blockchain.

“There are now 2.3 million bitcoin that have changed hands on-chain at a price of more than $50k,” wrote Philip Gradwell, chief economist at Chainalysis, in a report last week. “That level of demand to buy and hold at such high prices puts a floor on the price. And support at even higher prices is getting stronger, with 608k bitcoin acquired at a price of more than $57k. It also demonstrates the level of investment in cryptocurrency: those 2.3 million $50k+ bitcoin cost $125 billion. Such levels of investment require large companies that can face the scrutiny of the public market.”

That support appeared to be kicking in on Monday. After a two-day hangover, Bitcoin was on the rebound, rising 2.2% over the previous 24 hours.

At the same time, Dogecoin, a cryptocurrency with a boisterous user base, was once again nearing all-time highs. Dogecoin has substantial detractors who consider it a distraction from other crypto use cases, and it isn’t available for purchase on Coinbase. Still, it has rallied as celebrities like Tesla CEO Elon Musk have embraced it. Robinhood, which does support Dogecoin purchases, experienced outages on Friday due in part to the frenzy for the currency.

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Dogecoin and Crypto

New Delhi: Top cryptocurrencies were trading up to 7 per cent higher in Wednesday’s trade, with Polkadot and Cardano leading the gainers in the last 24 hours.

Bitcoin, the largest crypto by market value, was trading 1.07 per cent higher at $42,366. It is up 3.58 per cent in the last seven sessions. Ethereum edged 0.3 per cent higher at $2,978.58. The second largest cryptocurrency by market value has risen 11 per cent in the last one week.

BNB added 0.72 per cent, USD Coin gain ..

Avalanche tanked 4.7 per cent to $84.45. Solara rose 0.7 per cent; Dogecoin added 1.11 per cent and Shibu Inu added 0.42 per cent.

The global cryptocurrency market cap was at $1.92 trillion, up 1.36 per cent in the last 24 hours. Total cryptocurrency trading volumes rose 8.53 per cent to $99.96 billion, as per Coinmarketcap.

Global news
El Salvador postponed an unprecedented issue of a bitcoin-backed bond planned for last week, as the government decided to wait for favorable conditions in the financial market, Finance Minister Alejandro Zelaya said on Tuesday.

Cryptocurrencies are being used to avoid sanctions levied against some Russian individuals and the European Central Bank has warned firms in that industry against becoming “accomplices ..

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Does Elon Musk own Dogecoin?

Back in July 2021, Tesla CEO Elon Musk confirmed publicly during a conference that he owns a few cryptocurrencies, such as Bitcoin, Ethereum and Dogecoin, but he has repeatedly favoured the latter in interviews and posts on social media

Will Dogecoin go up after Tesla?Dogecoin value soars after Elon Musk says it will be accepted for Tesla goods. Dogecoin rose to $0.20 after Musk’s tweet early on Friday, and has soared by 5,859% over the past 12 months, according to data from the Coinbase website.

Dogecoin is an “inflationary coin,” while cryptocurrencies like Bitcoin are deflationary because there’s a ceiling on the number of coins that will be created.

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Dogecoin jumps after Elon Musk announces that Tesla accepts DOGECOIN

“Tesla merch buyable with Dogecoin,” Tesla CEO Elon Musk tweeted on Friday.

After Dogecoin appeared as a payment option on the Tesla website, the price of Dogecoin surged by 11%. Dogecoin is currently the 11th largest cryptocurrency coin with a $25.2 billion market cap, but a downturn in the broader crypto market in recent days has pushed Dogecoin’s price to its lowest point since April 2021. It remains down 74% from its all-time high in May of last year, tesla accepts dogecoin.

Tesla’s website does not allow customers to purchase its electric vehicles with Dogecoin. But it does let customers buy some collectible items—a “cyberwhistle,” a “Giga Texas” belt buckle, and a “cyberquad” four-wheeler for kids—with the cryptocurrency. The items retail for 300 DOGE ($57), 835 DOGE ($160), and 12,020 DOGE ($2,287), respectively, and appear to be sold out.

Tesla did not respond to Fortune’s request for comment on the matter. A customer service officer in Hong Kong confirmed that Tesla now accepts Dogecoin for some goods, but that it doesn’t allow for Dogecoin transactions in Hong Kong, a Chinese territory.

Tesla’s Dogecoin support page says that customers must have their own Dogecoin wallets set up to pay with the cryptocurrency and that Tesla will not accept any other digital currencies.

“Tesla only accepts Dogecoin… Non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser,” the website states.

After Tesla’s Dogecoin payment feature went live on Friday, Dogecoin co-founder Billy Markus barked his approval.

Last year, Tesla briefly accepted Bitcoin payments for its products including its cars, but Musk announced in May 2021 that Tesla would stop accepting the cryptocurrency due to concerns about Bitcoin’s environmental toll.

Tesla has not said whether it’s worried about environment issues related to Dogecoin. Analysts say that Dogecoin may be slightly more energy-efficient than Bitcoin, but mining the cryptocurrency still comes at significant cost to the environment.

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Why Tesla’s Elon Musk believes Dogecoin is better than Bitcoin for transactions

Even though Dogecoin was created as a silly joke, it is much better suited for transactions than Bitcoin is, Tesla chief Elon Musk believes. “Fundamentally, Bitcoin is not a good substitute for transactional currency,” Musk said.

Tesla CEO Elon Musk believes that even though Dogecoin was created as a silly joke, it is much better suited for transactions than Bitcoin. In a recent interview with TIME magazine, after being named TIME’s Person of the year, he said, “Fundamentally, Bitcoin is not a good substitute for transactional currency.”

Musk said: “The transaction value of Bitcoin is low and the cost per transaction is high. At least at a space level, it is suitable as a store of value. But fundamentally, Bitcoin is not a good substitute for transactional currency.”
“The total transaction flow that you do with Dogecoin in transactions per day has a much higher potential than Bitcoin,” he added
Musk has been a frequent proponent of the meme currency and has helped to boost its popularity significantly through his tweets. Dogecoin had spiked over 20 percent earlier this week to over $0.21 after Musk announced that the electric car manufacturing company will start accepting it for various merchandise it plans to sell. “Tesla will make some merch buyable with Doge and see how it goes,” Musk tweeted.
However, he did not specify what merchandise will be sold for dogecoins. Tesla sells many novelty items like belt buckles, miniature models of its vehicles. The company recently unveiled a limited edition’ cyber whistle’, a miniature replica of the much-awaited Cybertruck.
These items start from $50 and can go as high as $1,900. According to data from Coinmarketcap, Dogecoin has risen by nearly 6,000 percent over the last year.
Co-founder of the Bitcoin IRA has said, “Elon Musk has been an advocate for the crypto community for many years. His latest announcement will usher in a new era of commerce and trailblaze a path for altcoins to expand their use case.”
Musk has been a supporter of transitioning cryptocurrencies into the traditional financial market for years. But when it comes to his favourite cryptocurrency, it has always been dogecoin.
Musk has 66 million followers on Twitter and often uses his influence on the site to show support for his favourite cryptocurrency. A tweet from Musk can send the prices of the meme-inspired crypto coin soaring, and in some cases, even tumbling, as it did when he called it a ‘hustle’ during his guest-host spot on the “Saturday Night Live” comedy TV show in May.

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