Bitcoin (BTC-USD), Ethereum (ETH-USD), Dogecoin (DOGE-USD) and others Cryptocurrencies in Tuesday afternoon trading wiped out early morning gains, now trading in negative territory as investors continue to shy away from risky assets.
Dogecoin (DOGE-USD) Meme Token Climbed More Than ten% Monday morning after billionaire entrepreneur Elon Musk reached a deal to acquire social media platform Twitter (TWTR) for $44 billion. Now the token is almost exhausted 6% at $0.14.
Bitcoin (BTC-USD -3.1%) falls back to $38.2K and Ethereum (ETH-USD -2.6%) drops to $2.85,000. The global crypto market cap is down 2.6% to $1.78T at the time of writing. In comparison, the three major stock indices are in the red, with the tech-heavy Nasdaq (COMP.IND) -3.2% most intraday decline.
Given Musk’s history of promoting Dogecoin (DOGE-USD), the 10th-largest digital token by market cap, it’s possible the coin meme could play a role with Twitter’s platform (TWTR ) in one way or another. Recall Musk in mid-March said he still owned and would not sell his Bitcoin (BTC-USD), Ether (ETH-USD) or Doge (DOGE-USD) positions.
“Speculators have been buying dogecoin due to Elon’s obsession with cryptocurrency, and therefore the possibility that dogecoin will be more useful on one of the larger social media networks once Elon has official corporate control,” said GlobalBlock analyst Marcus Sotiriou. by Barrons.
Crypto-related stocks are also facing selling pressure. Some of the largest percentage intraday declines include: Bitfarms (BITF -6.1%), Riot Blockchain (RIOT -7.4%), Digital Marathon (MARA -7.5%), Hut 8 Mining (HUT -8.4%), Silvergate Capital (SI -7.5%) Scientific Core (CORZ -3.5%) and BIT Mining (BTCM -9.4%).
For crypto-related news, Fidelity Investments has drawn attention after planning to allow investors to put Bitcoin (BTC-USD) in their 401(k), a big step for the crypto community as it would be of the first retirement plan. provider to offer exposure to BTC.
On April 25, Bitcoin fell to a six-week low.