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Bitcoin, dogecoin, ethereum pour in days after Elon Musk ‘came to the rescue’

Starting at 4:45 a.m. ET on Monday, bitcoin, ethereum and dogecoin had climbed 10%, 7.3% and 11%, respectively, in the past 24 hours, according to data from CoinDesk.

Bitcoin hit a high of nearly $ 38,133 in six weeks, while ethereum hit $ 2,330. Dogecoin was last trading at around 20 cents per coin, giving it a $ 28.8 billion in market capitalization.

The thrust came as the big tech giants signaled – or appeared to signal – their support for digital currencies until last week.

On the one hand, speculation that “Amazon may prepare to accept digital coins as payment” may have played a part in the rally, according to Jeffrey Halley, senior market analyst for Asia-Pacific in Oanda.

The conjecture was prompted by a job posting on Amazon’s website for a “digital currency and blockchain product manager.”

According to the job description – which was widely reported in various media at the end of last week – the executive is expected to help Amazon’s payments team develop “new capabilities.” The company did not immediately respond to a request for comment.

Worn by Musk and Dorsey

Virtual currencies have skyrocketed over the past week after bullish comments from You’re here (TSLA) and Twitter (TWTR) CEOs Elon Musk and Jack Dorsey, who each explained how they have incorporated or plan to incorporate them into their businesses.

This contrasted with a downturn in crypto early last week, as investors were rocked by the Delta variant of the coronavirus. Bitcoin at the time fell below $ 30,000.

But then, “Elon came to the rescue,” said Craig Erlam, senior market analyst at Oanda.

Musk said at an event on Wednesday with Dorsey that Tesla and SpaceX both own bitcoins (XBT).
Musk previously revealed that Tesla bought bitcoin, while SpaceX claimed he would accept dogecoin. The CEO also revealed last week that the only major personal investments he had outside of his companies, Tesla and SpaceX, were in bitcoin, ethereum and dogecoin.
Musk, who is known to shake the markets with his tweets, also job a meme on Twitter over the weekend that said, “dogecoin is money.”
Musk has been blunt on the matter, although his crypto posts have been mixed. In recent months, the prices of several cryptocurrencies, including the three Musk owns, have soared, in part in response to his statements and actions at his electric carmaker and elsewhere.
Dogecoin fell in May after Musk appeared on “Saturday Night Live” and called it “unrest”. That same month, Musk said Tesla would stop accepting bitcoin as a form of payment due to the sheer amount of energy used to mine it, causing the price to drop.
Last week, however, Musk said the company is keeping bitcoin on its books and will likely start accepting payments from the cryptocurrency again when about half of the energy used to mine bitcoin comes from sources. clean, such as solar and wind power.

“Cryptocurrencies got a helping hand from old friend Elon Musk… and it couldn’t have happened at a better time,” Erlam wrote in a note over the weekend. “The near term outlook looks a bit brighter for cryptos.”

Dorsey, meanwhile, told investors and analysts last week that bitcoin could become a major part of Twitter’s strategy going forward.

“There are three trends relevant to Twitter and you, our shareholders: AI, decentralization and the internet finally having access to a global native currency in bitcoin,” Dorsey said on a conference call last Thursday. “We intend to lead the way in each.”

Dorsey – including the other company, Square (SQ), bought millions of dollars in bitcoin and started an initiative for cryptocurrency developers.
Bitcoin, dogecoin, ethereum pour in days after Elon Musk ‘came to the rescue’
“That’s what I think we should really focus on. If the internet has a native currency, a global currency, we can go a lot faster with products like super subscriptions, commerce, subscription, tip pots, and we can reach every single person on the planet because of it instead of going down [a] … market-by-market approach, ”he said, noting that other social networks, such as Facebook (FB), had also jumped into space.

“I think that’s a big part of our future,” he said. “There is a clear need for this and an appreciation for it.”

– Clare Duffy contributed to this report.


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