Musk’s indirect pump of Dogecoin; Bitcoin’s turnaround after stocks



Bitcoin gained 4.1% in the last 24 hours, reaching $40.6K. Ethereum rallied even more strongly, rising 5.3% to $3,000. The other top 10 altcoins went from 2.5% (XRP) to 25% (Dogecoin). The total capitalization of the crypto market, according to CoinMarketCap, rose 3.9% overnight to $1.87 trillion. The Bitcoin Dominance Index added another 0.1 percentage point to 41.3%. The Cryptocurrency Fear and Greed Index rose 4 points to 27 on Tuesday and moved to “fear” status. Bitcoin updated in mid-March around $38,200 in the first half on Monday. BTC then rebounded and strengthened its gains in the US session alongside the reversal in US equity indices. Dogecoin soared 25% and returned to the top 10 cryptocurrencies following news of Elon Musk’s Twitter purchase of the social network. DOGE is Musk’s favorite coin for payments, and the Tesla founder has previously indicated that he intends to use it as payment for purchases on Twitter. Billy Markus: new opportunities for holders of this cryptocurrency and strengthens DOGE’s position in the ecosystem The strategy of buying bitcoins has proven to be very successful, said MicroStrategy CEO Michael Saylor. As of April 14, MicroStrategy remains the largest publicly traded company by bitcoin investment, with assets of 129,200 BTC purchased for $3.97 billion at an average price of $30,700, MicroStrategy noted in its annual financial report 2021. Hedge fund SkyBridge Capital, founded by former US politician Anthony Scaramucci, plans to shift most of its assets under management into cryptocurrency as it sees the prospect of “enormous” growth in the sector. The Central African Republic has become the first country in Africa to recognize bitcoin as a legitimate means of payment. Sang Lee, co-founder of cryptocurrency financial services provider VegaX Holdings, said institutions dealing with traditional finance and banking have already fallen far behind due to the rapid development of the crypto industry. This article was written by Alex Kuptsikevich, Senior Market Analyst at FxPro.


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