Bitcoin, Ethereum and other cryptocurrencies recovered after a general crash that wiped out almost 1 trillion. dollars from the total cryptocurrency market.
Bitcoin has risen about 10% since falling to a one-year low, once again climbing above $ 30,000. Ethereum and its biggest rivals, meanwhile, have risen between 15% and 25%.
Now, Tesla billionaire and longtime Dogecoin supporter Elon Musk has reiterated his support for a meme-based Bitcoin competitor, helping its price recover by about 20%.
Last month, Musk said he would target cryptocurrency scams and bots if he managed to make Twitter private, and also suggested that Twitter Blue subscription be paid to Dogecoin.
“[Το dogecoin] has potential as a currency, “Musk wrote on Twitter, responding to Dogecoin co-founder Billy Markus who wrote:” The reason I like Dogecoin is because it knows it’s stupid. “” I like that something stupid can also be useful and be successful, “Markus added.
Dogecoin has risen in value in recent weeks following the news of Musk’s $ 44 billion bid to privatize Twitter, amid expectations that Musk could integrate Dogecoin into Twitter, possibly using it for payments on the platform. .
However, Dogecoin has fallen almost 90% since reaching a record high of 70 cents amid a rally fueled by Musk and high-profile investors last year.
Dogecoin, once again in the top ten cryptocurrencies, according to CoinMarketCap, collapsed this week along with Bitcoin, Ethereum and other cryptocurrencies, as a “perfect storm” of the Federal Reserve’s interest rate hikes. of the US, the shrinking of the huge balance sheet of 9 trillion. dollars, as well as a major collapse of the Stablecoins that led cryptocurrencies to fall freely.
The panic spread quickly to traders and cryptocurrency investors after the $ 18 billion stablecoin terraUSD algorithm lost its connection to the dollar, almost zeroing in on the value of the Luna.
The larger Stablecoin, Tether, also appeared to be losing some value at $ 1, raising fears that the Bitcoin and other cryptocurrencies could crash out of control.
Source: Capital
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