Bitcoin Spikes Above $21,000

Sustainable Move Or Just Speculative Mania? 

The largest cryptocurrency by market capitalization, Bitcoin has spiked above the psychologically important barrier of the $21,000 mark. Saturday’s move brought cheer to the subdued markets, which have been rattled by the collapse of several high-profile companies, including cryptocurrency exchange FTX.
The rally in prices of major cryptocurrencies like Polygon and Solana  and memecoins like Dogecoin and Shiba Inu, is fuelled by optimism that digital currencies may have bottomed.

This is the first time since Nov. 8, 2022, that Bitcoin has crossed $20,000, having experienced 11 consecutive days of upward movement.

Ukraine accepts dogecoin donations to finance the war against Russia

Ukraine asks Elon Musk to help ‘save lives’

Ukraine is now accepting donations of dogecoin to support its fight to repel Russia’s invasion of the country – and the country’s vice prime minister is urging billionaire Elon Musk to participate in the fundraising effort.

Ukraine Vice Prime Minister Mykhailo Fedorov noted that dogecoin is now worth more than the Russian ruble, which has plummeted in value in response to crippling international sanctions. In his plea, Fedorov mentioned Musk and dogecoin co-creator Billy Markus by name.

“We start to accept donations in meme coin. Now even meme can support our army and save lives from Russian invaders. $DOGE owners of the world, @elonmusk, @BillyM2k, let’s do it,” Fedorov tweeted alongside a link to Ukraine’s official dogecoin wallet.

Dogecoin was trading at 13 cents per token as of Wednesday afternoon, according to data from Coinbase.

Dogecoin’s value tumbles

Elon Musk calls the virtual currency a ‘hustle’

The price of dogecoin tumbled by as much as a third on Sunday, after billionaire Elon Musk, one of its biggest supporters, appeared to call the virtual currency a “hustle” while hosting Saturday Night Live. Cryptocurrency watchers had high expectations of what Tesla chief executive and crypto-enthusiast Musk, who has called himself the “Dogefather”, would say while hosting the American comedy sketch show, and dogecoin had risen in anticipation.

However, Musk’s appearance had the opposite effect to that expected by investors. Dogecoin, a cryptocurrency similar to bitcoin which was started as a joke, fell by 35% at one point to reach $0.47 (£0.34) against the dollar, according to news website Coindesk. By Sunday evening (UK time) it had recovered slightly to reach $0.49, although that was well below the $0.68 it hit before the weekend after surging interest from investors.