subscribe now CryptoAsset and Blockchain Advisor for Forbes Successfully navigate the volatile Bitcoin and cryptocurrency markets
After falling to a low it hadn’t seen in more than a year, Bitcoin added about 10% to rise again above $30,000. Meanwhile, Ethereum and its biggest rival added between 15% and 25% respectively.
Last month, Musk revealed that he would target cryptocurrency scams and bots if he could make Twitter private, and suggested that Twitter Blue’s subscription could be paid for with dogecoin.
Want to stay ahead of the market and keep up with the latest cryptocurrency news? Sign up for free now Cryptocodex—Daily Newsletter for Crypto Investors and Cryptocurrency Interested People
“I enjoy that stupid things can be useful and successful,” Markus added.
Dogecoin price skyrocketed in recent weeks after news that Musk had bid $44 billion to make Twitter private, followed by expectations that Musk could embed Dogecoin on Twitter and use it to pay on the platform.
However, Dogecoin is down nearly 90% after hitting an all-time high of over 70 cents last year amid a rally by Musk and prominent investors.
sign up now Cryptocodex—Free daily newsletter for those interested in cryptocurrencies
Once again, the top 10 cryptocurrency, Dogecoin, was hit by a storm of Federal Reserve rate hikes along with Bitcoin, Ethereum and other cryptocurrencies this week, according to CoinMarketCap data. plummeted, and the Fed began shrinking its $9 trillion balance sheet. Cryptocurrencies plummeted due to the collapse of a major stablecoin.
After TeraUSD (UST), an algorithmic stablecoin worth $18 billion, it spreads like wildfire through cryptocurrency traders and investors
Tether, the largest stablecoin during the carnage, also briefly lost a dollar in value, raising fears that the bitcoin and cryptocurrency crash could get out of control.