Popular perception in the developed world remains that crypto is at best the domain of meme-conversant Wolf of Wall Street-like figures and at worst of drug dealers. Regulators and policymakers seem to partially share that belief, as crackdowns and strict regulations are announced across the globe from China to Turkey to the US. And yet in the Global South more and more people are choosing to use a technology designed to help them keep their wealth safe from confiscation, tyranny, or arbitrary restrictions. Whatever you think of crypto, its role as a force for good in some parts of the world should not be ignored.
Bitcoin rallied more than 9 percent following Tesla boss Musk’s tweet. Bitcoin hit a two-week peak just shy of $40,000 (roughly Rs. 29.2 lakhs) on Monday, after another weekend reacting to tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold Bitcoin Read more…
Dogecoin has been the favourite cryptocurrency of the Internet in recent months, with wild rises in its price. But things changed after peaking around the start of this month, and it’s been in freefall since. However, although small drops continue (including fairly sharply in the last few hours) prices are starting to look a little more stable now, and are still high compared to the period before April this year.
SpaceX owner and Tesla CEO Elon Musk poses on the red carpet of the Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany.IMAGE COPYRIGHTGETTY IMAGES
Elon Musk has said his rocket company SpaceX will now accept the meme-inspired cryptocurrency dogecoin as payment.
In a tweet he said the commercial space exploration firm will launch the “DOGE-1 Mission to the Moon” early next year.
It came as dogecoin continued to fall after the technology billionaire said on television that it was a “hustle”.
Last month, he tweeted that SpaceX was going to put a “literal Dogecoin on the literal moon”.
Animal spirits are alive and well in the cryptocurrency world, with the frenzy sending Dogecoin surging as much as 50 percent again and crashing Robinhood’s trading app.
Other so-called Altcoins also took off, with Dash spiking as much as 14 percent and Ethereum Classic jumping more than 30 percent. In the world of DeFi, tokens such as Force DAO and Tierion surged more than 1,000 percent on Tuesday, according to CoinMarketCap.com data. Meanwhile, Robinhood said it resolved earlier issues with crypto trading on its platform.
“You have money looking for a home and this is one of those areas of the market where there is speculation happening, there is significant appreciation happening in a short period of time,” Chad Oviatt, director of investment management at Huntington Private Bank. “You get that excitement there.”