Dogecoin (DOGE) fires with new tweet from Elon Musk; Bitcoin (BTC) continues to fall

Charlie Taylor

Dogecoin (DOGE) once again benefited from the Elon Musk effect. The CEO of Tesla and man of the year according to Time magazine, revealed to the world this Tuesday (14) that the company will have merchandising items that can be purchased with Dogecoin. This made the token take off 15%, going in a completely opposite path […]

Dogecoin (DOGE) post fires with new tweet from Elon Musk; Bitcoin (BTC) goes downhill first appeared in Bitcoin Portal .

Dogecoin (DOGE) once again benefited from the Elon Musk effect. The CEO of Tesla and man of the year according to Time magazine, revealed to the world this Tuesday (14) that the company will have merchandising items that can be purchased with Dogecoin. This made the token take off 15%, going completely opposite to the rest of the market.

Bitcoin already registers a drop of 3.7% in the last 24 hours, according to data from Coinmarketcap . At the time of writing this text, it is quoted at US$47,007 (but has reached US$45,894 and also a ceiling of US$49,000).

In Brazil, the price is R$ 269,556, as shown in the Bitcoin Portal Index .

The drop in seven days is just over 8% and the total market value of Bitcoin stands at $888.9 billion.

Analysts point to stocks in the traditional financial market as the main causes for the fall. The Federal Reserve Bank (FED), the Central Bank of the United States, will start raising interest rates next year to fight an inflation that the country has not seen for a long time.

The low interest policy was one of the factors that made the cryptocurrency market hit a record high this year.

Ethereum suffers even more

The Ethereum (ETH) suffers an even stronger decline, fluctuating between a 4.5% and 5% devaluation. Your quote is currently $3,809; in reais it is R$ 21,629 according to the Index of the Bitcoin Portal .

In the last 24 hours, the token surpassed the US$4,000 barrier, but soon it gave way and returned to a lower level.

The market value of Ethereum is at US$450.5 billion.

Musk makes Dogecoin take off

Among the 20 cryptocurrencies with the highest market value, only one has appreciated in the last 24 hours. And it's no small thing. The Dogecoin (DOGE) has been rising between 15% and 20% this Tuesday (14), trading at US$ 0.19.

Elon Musk said on his Twitter profile that Tesla will accept Dogecoin for the purchase of some merchandising products. It was the fuel for the rocket to take off.

falling altcoins

All other altcoins at the top of the list are declining.

Devaluation of 4.8% for Binance Coin (BNB), 6.6% for Solana (SOL), 5% for Cardano (ADA), 3.64% for XRP, 7% for Polkadot (DOT), 5.2% for Avalanche (AVAX), 2.9% for Shiba Inu (SHIB), 5.6% Crypto.com Coin (CRO), 5.7% Polygon (MATIC), 2.8% for Wrapped Bitcoin (WBTC), 3 .5% for Litecoin (LTC), 6.36% for Uniswap (UNI).

Inflation in the USA

The newspaper The New York Times reported in late October that investors in government bonds United States have come to believe that inflation will be permanent and not temporary, as originally thought.

One of the key meters to detect how investors think is the rate called “break even”. At the end of October it hit 3%, which means that this group understands that inflation in the US will be 3% per year for the next five years.

For the Brazilian reader this would sound like good news. But for the United States this means a price rise far greater than at any time in the decade before the covid-19 pandemic.

“The expectations of investors in bonds are important because, historically, the Federal Reserve — responsible for managing inflation — observes the signals from the bond market when deciding when to raise interest rates”, explains the newspaper in its report.

Dogecoin (DOGE) post fires with new tweet from Elon Musk; Bitcoin (BTC) goes downhill first appeared in Bitcoin Portal .

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