Cryptocurrencies Track Lower, Dogecoin Rises as Elon Musk Tweets
Almost all large 20 cryptocurrencies turned lower as the S&P 500 and Nasdaq Composite indices were headed to end a two- and three-day winning streak, respectively. The market has been on a seesaw move, trying to recover from selloff but keep hitting resistance.
Bitcoin (BTC-USD) was recently trading 2.7% lower at $42,646. The largest cryptocurrency by market value is down nearly 8% this month, underperforming the S&P 500 Index, which is down 1.8% so far in January.
Ethereum (ETH-USD), the second-largest cryptocurrency, fell 3.5% to $3,262, whereas XRP (XRP-USD), the fourth-largest, dropped 4.1% to $0.77.
Sixteen additional cryptocurrencies logged losses in recent trading on Thursday, with Algorand (ALGO-USD) and Chainlink (LINK-USD), the 14th and 11th cryptocurrencies, seeing the biggest moves, sliding 8% each.
Dogecoin (DOGE-USD), the no. 12 cryptocurrency, was the only gainer, rising 2% to $0.16. Doge jumps after Musk tweets Tesla merchandise ‘buyable’ with the token
The meme-based cryptocurrency jumped on Friday after Tesla Inc chief Elon Musk said the electric carmaker will accept it as payment for merchandise.
“Tesla merch buyable with Dogecoin,” Musk tweeted. His mid-December tweet saying such use of Dogecoin will be allowed on a test basis sent the cryptocurrency up more than 20%.
Dogecoin, popular among retail investors, raced up 16% to above $0.2 after Friday’s tweet. Musk’s tweets on the cryptocurrency, including the one where he called it the “people’s crypto”, buoyed the meme coin and caused it to soar roughly 4,000% in 2021. # Cryptocurrencies Track Lower, Dogecoin Rises as Elon Musk Tweets
Read Also: Cryptoassets Jump as Tesla CEO Hints about Bitcoin Acceptance
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