Kategorie: Crypto News

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Dogecoin (DOGE) skyrocketing after Elon Musk says Tesla will start accepting it as payment

On 14th December, DOGE price went up by over 25% and became the only major cryptocurrency to deliver gains for the day as the rest of the coins including Bitcoin (BTC) and Ethereum (ETH) nose-dived.

After consolidating, DOGE is currently trading at $0.1819 and still in the green with a 13.17% rise in the last 24 hours.

Why is Dogecoin (DOGE) price rising?

Previously, DOGE had followed Bitcoin (BTC) and other major Cap tokens in the drop over the course of the week.  

The current DOGE price rise is attributed to Elon Musk’s announcement that DOGE will soon be accepted as payment for merchandise by Tesla.

The current turnaround for the meme coin that had been on a slippery slope has given DOGE holders 10% weekly gains.

Musk tweeted that Tesla will make some merchandise buyable using DOGE and see how it goes.

After the announcement, Tesla adopted the unusual way of only accepting one cryptocurrency (Dogecoin) out of all possible cryptocurrency options.

The move is seen as a risk by Musk to challenge Bitcoin supporters after he disqualified BTC purchases for Tesla vehicles allegedly due to environmental concerns.

Musk ‘’person of the year’’ as declared in the Time Magazine, said that Dogecoin is better for transactions than Bitcoin, adding to the longstanding public praise record for DOGE.

“The total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin.” 

The post Dogecoin (DOGE) skyrocketing after Elon Musk says Tesla will start accepting it as payment appeared first on Coin Journal.

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Raoul Pal: Digital assets have gone nowhere since May

  • Real Vision CEO Raoul Pal believes that the crypto market is yet to top and a fresh rally is likely in the first quarter of 2022, with institutional big money the likely driver before markets become frothy.

Global Macro Investor founder and CEO Raoul Pal has said that people getting extremely bearish as the crypto markets struggle should note that the game hasn’t changed.

In his opinion, much of the sell-off pressure is down to investors taking new positions and rebalancing, given the space has seen “a good year of owning risk.”

Bitcoin price reached highs of $69,000 in early November as did many other top cryptocurrencies following a fresh momentum on the back of regulatory tailwinds presented by the SEC’s approval of the first futures-based exchange-traded funds in the US.

A downturn has since followed, with Bitcoin breaking below $50,000 to highlight the general rout seen over the past month or so. Some analysts say the market is on the threshold of a bear market, but many, including the Real Vision CEO, suggest otherwise.

According to Pal, most investors will realise that cryptocurrencies have generally “gone nowhere since May,” with the exception likely to be with those lucky to have nailed a pump.

He notes that crypto’s bullish run from July lows currently sees most crypto assets trading well below their year-to-date peaks.

“But we haven’t seen a blow-off top with record participation. We have seen speculation of some size in NFT’s but that is mainly people who already have ETH and have profits to burn,” Pal said in a Twitter thread shared on Tuesday.

The investment strategist adds that the industry is seeing meaningful institutional adoption, with a spike in new use cases that should see more investments in Q1 push prices higher. If this happens, the analyst believes there’s likely to be an explosion of new money into the market and potentially see crypto become frothy.

Pal advises that it might be time to “sit tight, add on dips and if we see another sharp rise in the entire space, reduce your more speculative holdings and rotate to higher quality.”

https://twitter.com/RaoulGMI/status/1470553490166628360 

He also believes that the market is geared for a new investment phase that should see focus shift from retail to institutional adoption. The scenario has slowly built towards this end for much of the year, but the “big herd” will really make an entry in 2022.

The post Raoul Pal: Digital assets have gone nowhere since May appeared first on Coin Journal.

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Ethereum outperforms Bitcoin because people see it as a technology bet, says Mike Novogratz

  • Ethereum price has jumped nearly 680% this past year, while Bitcoin has added about 170% to its USD value over the same period.

Galaxy Digital CEO Michael Novogratz says Ethereum is outperforming the flagship cryptocurrency Bitcoin because Ether’s fundamental outlook has investors taking it for a technology bet.

Novogratz outlined this view during an interview on CNBC’s ‘Squawk Box’, where he talked about crypto as well as the current outlook in the equity markets.

Ethereum offers more than just an inflation hedge

The Galaxy Digital exec’s comments come at a time the market is experiencing a downturn exacerbated by uncertainty across the globe regarding the Omicron variant of Covid-19. 

A recent sell-off has pushed Bitcoin’s (BTC) price below $50,000, with the benchmark cryptocurrency declining by more than 13% in the past week. Meanwhile, Ethereum has struggled to break above $4,400, with its price down nearly 6% during the past week.

But while data on CoinGecko shows BTC price is up 170% over the past year, it’s a massive 680% for Ethereum price.

According to Novogratz, part of the reason ETH is outperforming BTC is the fact that the former is attracting more investors amid a shift in investment perspectives.

He says that Bitcoin is limited in its use cases, with usage currently seeing most people go for it as a hedge asset. On the flipside, Ethereum has great use cases, from its smart contracts functionality to applications in decentralised finance (DeFi) and non-fungible tokens (NFTs).

It is this “flexibility” that is aiding Ethereum’s push and outperformance of the leading cryptocurrency.

“People see Ethereum as a technology bet and Bitcoin as a debasement of fiat currency bet,” he explained on the show.

Novogratz also talked about the crypto markets and equities, saying that crypto wasn’t trading as bullish as the equity markets. He however remains upbeat about the broader crypto space, predicting that even though Bitcoin price has slipped below $50k, it’s unlikely to dip under $40k. This, he added, will be the case even with a spike in risk-on effect from a very hawkish Fed.

He also identified institutional adoption and the steady appreciation of the crypto across nations as a good vibe for the crypto asset class.

He noted that the world has “woken up” to the fact that cryptocurrency is now an asset class, adding that people are now looking at Bitcoin as a necessary component of any crypto portfolio. 

A similar view of Bitcoin also came out during billionaire investor Barry Sternlicht’s comment that the crypto is a „smart hedge.“

The post Ethereum outperforms Bitcoin because people see it as a technology bet, says Mike Novogratz appeared first on Coin Journal.

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Ethereum developer: Crypto’s impact in “every corner” of the society

  • Lane Rettig says crypto is going to change the world by providing the “fuel” that drives the next generation of entrepreneurs.

  • He compares this disruptive technology to what happened in information technology due to cloud computing.

Crypto adoption continues to gather pace even as the space attracts new developments that could see the cryptocurrencies permeate every facet of the society, says Ethereum developer Lane Rettig.

According to the developer, cryptocurrency has provided a new start for the global economy, creating value for everyone regardless of where they are around the world. With crypto projects now virtually in every sector of the economy and daily life,  Rettig believes the impact of the whole ecosystem will be “profound and long lasting.”

He suggests that what the world has seen so far in crypto space is just the beginning, with further developments to entrench it even deeper into social life.

“[Crypto] is going to impact every corner of society in our daily lives,” the developer told Yahoo Finance.

Rettig shared his optimistic view of the crypto space during a Yahoo Finance interview on Wednesday.

Crypto is taking over the world

Asked to comment on where crypto is at the moment, he said it’s still early. There is a lot still to be done to really bring cryptocurrencies to the masses. One way is to make it even more user-friendly, he said.

Crypto is a disruptive innovation much like cloud computing in the formative years of information technology, he explained. He said that developments in the sector took time, but tech eventually took over the world through giants like Amazon and Microsoft.

Cryptocurrency is taking the same steps and apart from finance, crypto applications are already revolutionising the health, supply chain, agriculture, education, and even investment sectors. The sector is changing all facets of our lives, but that is not all.

Rettig opines that crypto is going to be the fuel that drives an entirely new group of youthful entrepreneurs, with the DAO likely to take center stage in this growth trajectory.

According to the developer, the next chapter of revolution is entrepreneurial growth through blockchain-based ‘companies’ dubbed decentralized autonomous organisations (DAOs).

Although he notes there are still issues around DAOs, he remains adamant the sector will “take over the world.”

“I think DAOs are the next step in the evolution of human organisation, and I think this is a generational shift that will take decades to play out,” he pointed out.

He says cryptocurrency has made it possible for people to unveil projects and applications that would not have been possible a few years ago

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Bank of America strategist says metaverse is a massive opportunity for crypto

  • BofA strategist Haim Israel says the metaverse space will see widespread use of cryptocurrencies in transactions within the virtual worlds being developed by the likes of Meta.

  • He notes that with “right platforms” needed to support the metaverse, crypto as a whole has a massive opportunity for further growth.

Bank of America strategist Haim Israel believes the metaverse offers a massive opportunity for cryptocurrencies, noting that the explosion in interest in virtual worlds and the race to see it developed provides a great springboard for crypto platforms.

He also notes that it’s going to be huge for cryptocurrencies as metaverse users would need digital assets for transactions.

The BofA researcher, who also heads the bank’s thematic investment department, said this in an interview with the Insider.

He told the publication that the metaverse will need to have the right platforms in place, a scenario he predicts could see the entire cryptocurrency ecosystem hit another level of development.

„I definitely believe this is a massive, massive opportunity,“ Israel said.

According to him, it is the metaverse that will see people begin to really use crypto as currencies; an eventuality that means some cryptocurrencies will have a major ecosystem in which to dominate.

While many digital assets linked to the metaverse have soared in value over the past several weeks, the Bank of America strategist says these are likely too volatile to be used. As such, he predicts the space might see stablecoins take the upper hand, he added.

Israel also sees some of the existing payments firms take a keen interest in crypto as their use in the metaverse increases. He opined that it could be another opportunity for these companies to grow, noting that widespread use of digital currencies in the virtual worlds would drive companies towards more partnerships.

Several major companies, including Meta, Google, Microsoft, and Apple are all eyeing the metaverse ecosystem, an industry Grayscale Investments recently said could soon spike to a $1 trillion sector.

The post Bank of America strategist says metaverse is a massive opportunity for crypto appeared first on Coin Journal.