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Abstract:The value of dogecoin (DOGE) plummeted from record highs after Elon Musk’s Saturday Night Live (SNL) appearance, disappointing investors who tried to push the coin to $1 (£0.72).
Analysts had expected the Tesla (TSLA) CEO or the “Dogefather” to mention the meme-inspired crypto on SNL and send prices spiking, instead his plug saw the coin crash nearly 25% from $0.69 to $0.48 a few minutes into his stint.
Dogecoin continued to lose its gains from last week on Sunday, currently trading 33% lower to $0.47.
Flagship crypto, Bitcoin (BTC-USD), which has been up and down in recent days and struggling to keep up its record highs, was down 2.2% to $57,894.
Bucking the downward spiral, Ethereum (ETH-USD) — the second largest cryptocurrency — took off on the decline, rising over 11% to record highs of $3,958.
Cryptocurrencies have been gaining more popularity in recent months after a number of financial institutions and well known investors threw their weight behind crypto and blockchain technologies, sending prices skyrocketing.
While this has been great for its prices, it has also put it under the watchful eyes of governments and regulators who want to hone in on the sector amid rising demand.
On Saturday, Bank of England (BOE) governor, Andrew Bailey downplayed the rising value of cryptos.
Bailey said cryptocurrencies have no “intrinsic value” and people who invest in them should be “prepared to lose all [their] money.”
The governor's comments echoed similar warnings from the UK's financial watchdog.
“Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors money,” the Financial Conduct Authority said in January.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
- Bitcoin appears vulnerable to further losses after bearish wedge break to start the week - Rising popularity in other cryptocurrencies may have begun to eat away at Bitcoin’s popularity - Initial support might reside at $50,000 followed by the coin’s recent swing lows
These altcoins have been catching investors' attention as of late.
"I hate the Bitcoin success, and I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth," said the billionaire.
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