Cryptocurrency News Update: Elon Musk trolls Dogecoin, Bitcoin and major altcoins stay range-bound


Here's what you need to know on Monday

Markets:

BTC/USD settled at $9,180 after a move to $9,223 during early Asian hours on Monday. The first digital coin has barely changed both on a day-to-day basis and since the start of the day; The coin is moving within the short-term bearish trend amid low volatility.

At the time of writing, ETH/USD is changing hands at $238.58. The price touched $239.88 during early Asian hours but failed to hold ground. ETH/USD has grown by 1.4% in the recent 24 hours and stayed unchanged since the start of the day. The coin is moving within a short-term bullish trend amid low volatility.

XRP/USD tested area above $0.2000 during early Asian hours and retreated to $0.1984 by the time of writing. The price has stayed unchanged on a day-to-day basis and since the beginning of the day moving in sync with the market. Now the short-term bearish trend amid low volatility.

Among the 100 most important cryptocurrencies, Swipe (SXP) $1.78 (+39.5%), Terra (LUNA) $0.3647 (+36.3%), Band Protocol (BAND) $4.06 (+31.5%) are the most successeful. The day's losers are Flexacoin (FXC) $0.0030 (-24.7%) , Elrond (ERD) $0.0135 (-8.5%), Reserve Rights (RSR) $0.0120 (-7.4%).

Chart of the day:
BTC/USD, 30-min chart


Market

Elon Musk trolled Dogecoin on the weekend. He pumped the coin by posting a meme that inspired a lot of bullish speculations and caused DOGE price to soar by nearly 16%. Later he posted another tweet asking whether Dogecoin was a valid form of currency, which caused another massive price increase. DOGE jumped by nearly 8% to $0.003738 in less than 30 minutes and swiftly retreated to $0.003372. The coin is down 4.5% on a day-to-day basis, though it is still well above the pre-pimp levels. 

Industry

PayPal has chosen Paxos to handle the crypto-related services and offer its massive user base new payment options with digital assets, CoinDesk reports citing two people familiar with the matter. New York-based Paxos has recently launched an AI-based brokerage solution, Paxos Crypto Brokerage. The service offers a wide range of functionality, including cryptocurrency buying, selling, holding, and sending.

The Ethereum (ETH) market capitalization is only about 50% of the entire ETH blockchain, according to the recent research published by Messari. The total value of ERC-20 tokens like LINK and stablecoins skyrocketed to $25.6 billion, which is roughly 49% of the total value of the assets on the Ethereum (ETH) blockchain. Ryan Selkis, CEO of crypto analytics firm Messari, commented: 

Ether now only accounts for 51% of the value secured on the Ethereum blockchain, which is the smallest amount on a percentage basis that it’s accounted for in its history. The other 49% of the value stored on Ethereum now incentivizes economic activity beyond the maintenance and execution of the Ethereum blockchain.

Regulation

 Malaysia Securities Commission warned that the cryptocurrency exchange Binance had no legal right to operate in the country. The regulator blacklisted the company as it was breaking securities laws “operating a recognized market without authorization from the SC.” The cryptocurrency exchanges should obtain a license and register with the regulator, otherwise, they may be liable for hefty fines and imprisonment. Meanwhile, Binance has no plans to cease its operations in the country, Decrypt reports citing the comment from Binance customer service.

The Bank of Japan (BoJ) has established a “Digital Currency Group” to speed up the development fo digital yen. The group will study digitization of the yen and the potential CBDCs under the umbrella of the Payment and Settlement Systems Department. Akio Okuno, deputy director-general at the Department and the former head of the policy planning division in the Monetary Affairs Department will head the new formation.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Largest DeFi exploit of 2022 wipes out $80 million from Qubit's Ethereum-BSC bridge

Ethereum-BSC bridge of Qubit Finance suffered a hack to the tune of $80 million in the largest DeFi exploit of 2022. Hackers exploited the "deposit" function to steal cryptocurrencies from Qubit Finance. 

More Ethereum News

Decentraland bulls go against the bearish trend, targeting $2.60

Decentraland (MANA) price has been on the front foot in a challenging market environment. MANA bulls look ready to eke out  28% of gains for this week after the price lifted from the 200-day Simple Moving Average (SMA) and is now set to pop and stay above the monthly S1 support level.

More Decentraland News

Charles Hoskinson awaits launch of Vaccuumlabs DEX on the Cardano network

Cardano network activity hit a peak with a spike in transactions on the network. Charles Hoskinson, the CEO of IOHK, is awaiting the launch of Vaccuumlab's DEX on the Cardano network. 

More Cardano News

Why Bitcoin has entered a new bear market

Bitcoin price has tumbled to a multi-month low below $33,000, as the leading cryptocurrency loses 50% of its value from its all-time high in November 2021. This marks the second-worst sell-off since the bear market that spanned from 2018 to 2020. 

More Bitcoin News

Bitcoin: Federal Reserve cannot tame BTC’s uptrend

Bitcoin experienced some significant losses over the past few weeks, with a more dramatic drop occurring this week after the Fed’s decision was announced. As losses have extended and Bitcoin has entered into the $30,000 zone, concerns regarding BTC being in a bear market have increased.

Read full analysis

BTC

ETH

XRP