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Cryptocurrency

Bitcoin gains over $6,000 aided by Elon Musk’s Twitter bio update

Thanks to a tweet by the world’s richest man, Elon Musk, Bitcoin has gained over $6,000 within a few hours,

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Bitcoin

Bitcoin is defying all odds as it gained over $6,000 within a few hours, thanks to Elon Musk.

When the world’s richest man updated his Twitter bio — simply adding the word ‘Bitcoin’ — it was followed by an impressive gain sighted in the flagship crypto asset, Bitcoin, jumping by 20% in value.

At the time of drafting this report, Bitcoin traded at $38,088.72 with a daily trading volume of $115 billion. Bitcoin is up 20.86% for the day.

More details shortly…

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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    Cryptocurrency

    Crypto aftershocks send Doge crashing by 10%

    The fast-rising crypto was trading at below 60 cent posting losses of about 10% for the day on the FTX exchange.

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    doge

    The Crypto market is currently undergoing some form of price correction amid intensified profit-taking and fear of regulatory oversights, thereby pushing Dogecoin below the 60-cent price levels.

    On the broader crypto market, for the day, about 171,444 traders were liquidated. The largest single liquidation order happened on Bybit-ETH valued at $5.98 million.

    The fast-rising crypto was trading at below 60 cent posting losses of about 10% for the day on the FTX exchange, after trading near 70 cents some hours ago.

    Consequently, market pundits argue that the crypto asset doesn’t have any real case use.

    READ: Crypto crash: 3 major risks involved in investing in Crypto

    I worry that, once the enthusiasm rolls out, there are no developers on it, there are no institutions coming in. But it’s got this moniker of the people’s coin right now,” Galaxy Digital’s Michael Novogratz said on Squawk Box.

    Dark clouds seem to be building upon recent reports that the Crypto market is about to face a wave of regulatory oversights when Janet Yellen the custodian of the world’s most powerful economy stated that the United States is yet to have the needed framework to deal with a host of money laundering, terrorist financing, and consumer risk protection that crypto raises.

    Also, the U.S. Securities and Exchange Commission Chair, Gary Gensler advised U.S lawmakers on providing more regulatory oversight to the cryptoverse.

    “Right now, the exchanges, trading in these crypto assets, do not have a regulatory framework either at the SEC or our sister agency, the Commodity Futures Trading Commission,” said Gensler, who further added, “there’s not a market regulator around these crypto exchanges, and thus, there’s really no protection against fraud or manipulation.”

    READ: Altcoins giving investors weekly returns of at least 100%

    That being said, the crypto’s stellar performance over the past few months can’t be ignored as Dogecoin maximalists try to convince the world that crypto is a serious asset class with powerful billionaires like Elon Musk and Mark Cuban giving the Crypto asset endless support.

    Crypto experts further anticipate that ongoing institutional interest will make it difficult to predict if the Doge bubble is ripe as they try to take advantage of its incredible bullish momentum, which could in turn, push the crypto value higher.

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    Cryptocurrency

    Altcoins giving investors weekly returns of at least 100%

    4 cryptos are outperforming Bitcoin by a long distance, having registered weekly gains of more than 100% at press time.

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    The world’s most popular crypto, Bitcoin is presently trading above the $55,000 price levels amid profit-taking seen across market spectrums that currently leaves the world’s flagship crypto with weekly gains of about just 3.71%.

    Still, 4 cryptos are outperforming Bitcoin by a long distance, having registered weekly gains of at least more than 100% at the time of drafting this report.

    The leader of the pack is Telcoin which rallied by 291% in the last 7 days. The fast-rising crypto is an Ethereum-based decentralized crypto created about 4 years ago in Singapore to be the bridge between blockchain, cryptos, and the telecom industry.

    The crypto project was created solely to partner with leading American Telcom firms in curbing the obstacle that is prevalent between billing platforms and mobile money, by providing users with very fast, cheap remittances fees when compared to mobile money platforms.

    READ: XRP surges by 150% in 7 days as Ripple posts early victories against SEC

    The crypto asset is an ERC-20 token meaning it thrives on the Ethereum Blockchain.

    Ethereum Classic comes in second with a weekly gain of 166%. The five-year-old crypto is a hard fork of Ethereum, solely designed as a smart contract network, with the capability of supporting decentralized applications. Its native token is ETC.

    The crypto asset gained its relevance for preserving the integrity of the existing Ethereum blockchain after a major hacking event that led to millions of Ethers stolen.

    OKB comes in third on the account that it rallied by 117% over the past week, OKB is a fast-rising altcoin that operates on the Ethereum blockchain. The crypto asset currently has a supply of 300,000,000 with 60,000,000 in circulation.

    READ: Billions of dollars lost in Crypto market, as over 500,000 investors get wrecked

    The utility crypto is issued by the OK Blockchain Foundation with the major objective of connecting prospective crypto projects to OKEx users as well as investors.

    The fourth is Dogecoin with a weekly gain of 102% at press time. The popular crypto asset facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”

    It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.

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