Musk tweets, dogecoin leaps and bitcoin retreats

Bitcoin was heading on Friday for its worst week since February, while dogecoin leapt by a quarter, as the latest tweets on cryptocurrencies from Tesla boss Elon Musk sent the digital coins on a wild ride.

Bitcoin is down about 13% this week, and was last up 1.6% at $50,503. It has slumped over a fifth from its record of just under $65,000 hit last month.

Cryptocurrency markets have gyrated to Musk tweets for months, with his comments on dogecoin – a token started as a joke that has scant practical use – fuelling a hundred-fold rally this year.

Musk knocked bitcoin this week after tweeting that Tesla (TSLA.O) would stop accepting it for payment owing to environmental concerns.

“Toppy markets (are) looking for an excuse to breathe,” said Ben Sebley of crypto firm BCB Group. “Long money doesn’t care about Elon’s tweets. Fast money trades around that stuff now.”

$68 BILLION MARKET CAP

Dogecoin has climbed about 25% after Musk’s latest tweet, according to CoinGecko, and was last at $0.52, down from its record $0.73 hit last week.

“Working with Doge devs to improve system transaction efficiency. Potentially promising,” Musk wrote on Thursday. He called it a “hustle” last week, knocking its price.

It was unclear if Musk was referring to efficiency in terms of energy, ease of use or suitability as a currency, said Mark Humphery-Jenner, associate professor of finance at the University of New South Wales.

Dogecoin consumes 0.12 kilowatt hours of electricity per transaction compared with 707 for bitcoin, according to data centre provider TRG.

The token, whose logo features a Shiba Inu dog, has surged this year to become the fourth-largest cryptocurrency with a total value of $68 billion, according to CoinMarketCap.

Few major companies accept Dogecoin for payment, and its supply is unlimited.

In contrast, bitcoin’s gains this year have been fuelled by growing mainstream adoption for payment, as well as a store of value given its limited supply. read more

“Dogecoin remains a lesson in greater fool theory,” said David Kimberley, analyst at investing app Freetrade, which posits that buying overpriced assets can be profitable, so long as there is a “greater fool” to buy them.

The post Musk tweets, dogecoin leaps and bitcoin retreats appeared first on ARY NEWS.



from ARY NEWS https://ift.tt/3bnAaS4

Comments

Post a Comment

Popular posts from this blog

بھٹو اور شریفوں کے درمیان باہمی اعتماد کے فقدان سے کس نے فائدہ اٹھایا؟ سینئر صحافی نے خبر دار کردیا

اسلام آباد(مانیٹرنگ ڈیسک)بھٹو اور شریفوں کے درمیان باہمی اعتماد کے فقدان کی 1970 کی دہائی سے ایک تاریخ ہے۔ انہوں نے بداعتمادی کو ختم کرکے اعتماد سازی کیلئے اکثر کوششیں بھی کیں لیکن زخم اس قدر گہرے ہیں کہ انہیں مندمل کرنا آسان نہ ہو گا۔ اسی چیز نے پنجاب اور سندھ میں ان کے کارکنوں کے درمیان خلیج حائل کردی ہے۔روزنامہ جنگ میں مظہر عباسی لکھتے ہیں کہ نئی قیادت کو نئی سیاسی حکمت عملی کے ساتھ سامنے آنے کے بجائے وہی نفرتیں اور سیاسی عدم اعتمادی آئندہ نسل میں منتقل کی جا رہی ہے۔ مریم نواز اور بلاول بھٹو زرداری بھی اسی ڈگر پر چل پڑے ہیں۔ ان رویوں نے ملک میں سیاسی و جمہوری عمل کو شدید نقصان پہنچایا ہے۔ لیکن اس بات سے طاقتور حلقوں کو سیاسی نظام میں دخل اندازی اور ایک دوسرے کو لڑانے کا موقع مل گیا۔ چونکہ آج بھی معاملات نواز شریف اور آصف علی زرداری کے قابو میں ہیں لہذا مریم اور بلاول بھی ماضی کی سیاست کے ہی یرغمال ہیں۔انہیں اس ماضی سے نکلنے میں دشواری کا سامنا ہے۔ اپنے بزرگوں کے اختیار کردہ موقف اور راستے سے انحراف ان دونوں کے لئے آسان نہیں ہے۔ پی ڈی ایم کے سربراہ اجلاس میں یہی کچھ ہوا جب مسلم لیگ ...
Read more

CTD kills terrorist of banned outfit in Karachi

Image
KARACHI: A terrorist of a banned outfit was killed in an exchange of fire with the Counter-Terrorism Department (CTD) in Karachi, ARY News reported on Wednesday. According to details, the CTD met an encounter with a terrorist at the Hawks Bay road and managed to arrest him in injured condition. The injured terrorist was shifted to the hospital where he succumbed to his bullet wounds during treatment. According to in-charge CTD Mazhar Mashwani, the dead terrorist was identified as Saeed Loha and belonged to a banned outfit. The accused fled Afghanistan after killing of his accomplice in 2016, Mashwani added. The CTD officials also recovered two Improvised explosive devices (IEDs) which were later diffused by Bomb Disposal Squad. Read more:  CTD apprehends two alleged terrorists from Rawalpindi In the month of September, Sindh Rangers and Counter-Terrorism Department (CTD) in their joint operation had killed two terrorists of a banned organization in Karachi. CTD and Rangers ...
Read more

CJ IHC orders govt, opposition to build consensus on ECP appointments

Image
ISLAMABAD: Chief Justice of the Islamabad High Court (IHC) Justice Athar Minallah has given time to the federal government to build consensus with the opposition over the appointments of the two members in the Election Commission of Pakistan (ECP), ARY News reported on Tuesday. The high court resumed the hearing of the case related to the appointments of ECP members on two seats as the secretary of the National Assembly (NA) sought 10 days for submitting its reply in the previous hearing. During the hearing, CJ IHC Justice Athar Minallah remarked every committee has powers to legislate own rulers. The lawyer representing the Speaker NA argued that the government has made mistake in the parliament, To this, Justice Minallah remarked parliament cannot make any mistake as it the institution representing 220 million nationals. Read: Judiciary being included in parliamentary affairs: CJ IHC on ECP appointments The lawyer sought more time for the parliamentary committee to legislate rul...
Read more