scorecardresearchMost cryptocurrencies rise 1 to 5%; Dogecoin jumps after Elon Musk joins Twitter board

Most cryptocurrencies rise 1 to 5%; Dogecoin jumps after Elon Musk joins Twitter board

Updated: 10 Apr 2022, 09:35 AM IST
TL;DR.

Dogecoin has been on a rise since Elon Musk joined Twitter board. It surged nearly 5 percent on Friday

In last one month, bitcoin has risen from $38,062 on March 7 to $43,503 on April 7, an increase of 14.3 percent. Photo: Bloomberg

In last one month, bitcoin has risen from $38,062 on March 7 to $43,503 on April 7, an increase of 14.3 percent. Photo: Bloomberg

Prices of most cryptocurrency tokens rose anywhere between 1 to 5 percent in the morning trade in global markets on Friday. Bitcoin rose marginally by 0.29 percent in past one day to trade at $43,5454 on Friday, ethereum rose 1.43 percent to trade around $3,259, ripple rose 1 percent to trade around $0.78, cardano rose 1.54 percent to $1.09 per unit and polkadot rose 1.08 percent to $20.38.

At the same time, some crypto tokens rose significantly such as solana rose 5.43 percent to $120, avalanche surged 4.63 percent to $88.05, dogecoin rose 4.66 percent to $0.15 and ethereum classic rose 6.7 percent to $42.32.

In last one month, bitcoin has risen from $38,062 on March 7 to $43,503 on April 7, an increase of 14.3 percent. At the same time, ethereum rose from $2,497 on March 7 to $3,233 on April 7, a rise of 29.5 percent.

Dogecoin, during the same period, rose from $0.1171 to $0.1461, reporting an increase of 24.7 percent, as per CoinMarketCap data.

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Dogecoin has risen nearly 25 percent in one month. Data: Messari

In past four days, Dogecoin rose sharply by nearly 11 percent after Elon Musk announced that he bought a stake in Twitter and joined the social media giant’s board.

Musk has promoted dogecoin in the past few months, allowing for DOGE to be accepted for payment at Tesla’s supercharging stations and its online merchandise store.

Meanwhile, US Treasury Secretary Janet Yellen — in her first speech on digital assets — said a digital dollar could become a “trusted money comparable to physical cash.”

ALSO READ: Crypto tax rules: Are investors & exchanges feeling a pinch?

She highlighted the extreme divergence of perceptions about crypto, saying that’s often the case with “transformative” technology.

In reference to US President Joe Biden’s executive order on digital assets, she said any potential CBDC would have to support the dollar's role in international markets.

In another news, German authorities recently seized $25 million in bitcoin, closing one of the world's largest darknet markets. The cybercrime department and federal criminal police confiscated 543 BTC as they ‘secured’ the site's servers.

 

First Published: 10 Apr 2022, 09:35 AM IST