An outspoken supporter of cryptocurrencies with cult-like following on social media, Musk holds immense sway with his market-moving tweets. He has been touting Dogecoin and significantly elevated the profile of the coin, which started as a joke and now ranks the 5th largest by market value.
Dogecoin is down 9.6 per cent in the last 24 hours, according to data from CoinMarketCap.com. Tesla didn’t immediately respond to an email seeking comment on Musk’s tweet.
Musk’s Sunday social-media escapades were the latest chapter in one of the zaniest weeks in a crypto world famous for its wildness. For die hards, the renewed slumps in bitcoin and other tokens have done nothing to deter crypto enthusiasts who say digital coins could many times their current value if they transform the financial system.
“We’re looking at the long-term and so these blips, they don’t faze us,” Emilie Choi, president and chief operating officer of crypto exchange Coinbase, said last week on Bloomberg TV about the wild swings prevalent in the market. “You’re looking for the long-term opportunity and you kind of buckle up and go for it.”
Seat belts were needed by anyone watching the crypto world in the past eight days. Aside from Musk’s antics that sent Doge and bitcoin on wild rides, a host of other developments pushed around prices.
Tether, the world’s largest stablecoin, disclosed a reserves breakdown that showed a large portion in unspecified commercial paper. Steve Cohen’s Point72 Asset Management announced that it would begin trading cryptocurrencies. And a longstanding critique of the space reared its head again: illicit usage.
Loading
It was reported that the owners o ..
Support the originator by clicking the read the rest link below.
