Updated 3/15 below. This article was originally published on March 14
Elon Musk, TeslaTSLA billionaire and owner of
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Bitcoin's price has soared to more than $73,000 per bitcoin, sending the broader ethereum,
Now, just as Jamie Dimon, the Bitcoin-skeptic CEO at JP Morgan, is starting to warm up to Bitcoin, Elon Musk has raised the possibility of buying Tesla cars using his preferred Bitcoin-based competitor Dogecoin – declaring “Dogecoin “To the moon” despite revealing what he said. Believed to be “real currency” last month.
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“When can you buy a Tesla with Dogecoin? At some point, I think we should enable this,” Musk said in a tweet. video Uploaded by X user @dogeofficialceo, answering a question from the audience about buying a car using Dogecoin. “You can buy Tesla stuff with Doge, which is cool. So, take Dogecoin to the moon.”
Dogecoin's price has collapsed again since hitting an all-time high in 2021, but it has held on to most of its huge gains, confounding its critics, and remains among the top ten cryptocurrencies with a market capitalization of $26 billion.
Musk went on to explain that his support for Dogecoin began when he toured a Tesla factory and workers asked him to endorse Dogecoin.
“You know, Dogecoin is the people's cryptocurrency, and I will support it,” Musk said, recounting a similar experience at his rocket company SpaceX. “A lot of rich people support Bitcoin but if people… [working in factories] You want me to support Dogecoin, I will. DogecoinDOGE is for you.”
Update 03/15: The cryptocurrency market is down after skyrocketing over the past week. The price of Bitcoin suddenly fell by almost 10%, taking it back below $70,000. Ethereum ETH, XRP, Solana and dogcoin followed Bitcoin's price decline, with dogecoin price losing around 12% over the past 24 hours.
“Bitcoin lost nearly 7% in 24 hours, erasing last week’s gains and falling to $66,700,” Alex Kubtsikevich, senior market analyst at FxPro, said via email.
“We note that the current area of active buying is below last week's selling levels. Clearly, new historical highs are an incentive to sell. Some players are taking profits, which raises the question of whether or not there will be enough active buyers at current levels.” If the majority prefer to wait for a deeper correction.
Bitcoin's price “was undermined by rising US and US dollar yields that followed hot producer price inflation data,” Tony Sycamore, a market analyst at IG Australia, wrote in a note. Visible by Bloomberg.
Many cryptocurrency market watchers remain optimistic, however, confident that this is just a correction after the significant rise the market has seen over the past few months.
“BTC looks very bullish even if it sees a much-delayed correction in the coming days,” Rachel Lin, CEO of Singapore-based decentralized derivatives exchange SynFutures, said in email comments.
“The recent rise in bitcoin prices has been too rapid for the market to price it correctly, so a current correction is expected,” Greta Yuan, head of research at VDX, a Hong Kong-licensed exchange, said in a note to clients. Visible by CoinDesk.
Musk's comments have added nearly 10% to the price of Dogecoin in the past 24 hours. In 2021, Musk's regular posts about Bitcoin, Dogecoin, and other cryptocurrencies could lead to significant price fluctuations.
When Tesla announced it had added bitcoin to its balance sheet in early 2021, it sent the price of bitcoin sharply higher and sparked a wave of speculation that other companies could follow suit — though few ever did.
Tesla eventually sold most of its bitcoins, but continues to hold nearly 10,000 bitcoins worth about $700 million and accepts Dogecoin for merchandise. Musk also said that SpaceX owns some bitcoin, ethereum, and dogecoin and supports some cryptocurrency transactions.
Meanwhile, speculation continues that Tesla could add support for bitcoin and cryptocurrencies to its social media platform
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The massive rise in cryptocurrency prices has sent the Bitcoin, Ethereum, Ripple, Solana, Dogecoin and crypto markets combined back to their previous all-time high of around $3 trillion over the past year, sparking a wave of bullish expectations.
“We believe the cryptocurrency market is experiencing unprecedented institutional adoption,” Bernstein analysts Gautam Chugani and Mahika Sapra wrote in a note I reviewed. CoinDesk. “We expect the total cryptocurrency market cap to reach $7.5 trillion by 2025 versus $2.6 trillion today.”
The price boom for bitcoin, ethereum,
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