Elon Musk’s Tweet Fires Up Bitcoin, Dogecoin, Ethereum 3-4%; Crypto Market Up

Elon Musk, the CEO of Tesla and SpaceX, tweeted about how he will still continue to hold his Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). For a brief moment, this pushed the prices of these cryptocurrencies by 3-4 per cent at the time of the tweet post. Meanwhile, the US Department of Justice (DOJ) has created a new task force “KleptoCapture” to make sure wealthy Russians are not using cryptocurrencies to move their wealth amid sanctions imposed upon them.

The global crypto market cap increased by 1.8 per cent to $1.73 trillion at 8.48 am. The global crypto volume, too, increased by 19.45 per cent to $74.47 billion, as per Coinmarketcap data. 

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Cryptocurrency Prices

BTC was trading at $38,929.30, higher by 2.21 per cent in the last 24 hours. Ethereum was also trading higher by 1.16 per cent at $2,555.52.

“Greater levels of elevated volatility are causing the market to turn green or red in an instant. HODLers continue to show strong support for cryptocurrencies, crucial in maintaining support levels,” says Gaurav Dahake, CEO and founder, Bitbns.

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Among other major coins, Cardano (ADA) was up by 0.3 per cent at $0.7911, Algorand (ALGO) by 2.46 per cent at $0.6943, Binance Coin (BNB) was also up by 1.18 per cent at $368.34, Solana (SOL) by 0.91 per cent at $79.67 and Polkadot (DOT) was also trading higher by 1.6 per cent at $17.48.

As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.

I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.

— Elon Musk (@elonmusk) March 14, 2022

Today’s top gainer was HydraMeta (HDM), which was up by 916.99 per cent at $0.001024. The top loser was Rumble Gaming (RMBL), which was down by 98.17 per cent at $0.000003134.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 1.47 per cent at $0.1129. Its volume to market cap ratio stands at 0.05536. Rival Shiba Inu (SHIB) was also up by 1.01 per cent at $0.00002175.

Dogelon Mars (ELON) was trading with a gain of 0.47 per cent at $0.000000675. Floki Inu (FLOKI) was also up by 1.28 per cent at $0.00002623, while Samoyed Coin (SAMO) gained 1.78 per cent at $0.01715.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 0.37 per cent at $18,279.67 and Terra (LUNA) by 4.15 per cent at $93.79. Avalanche (AVAX) lost 1.47 per cent to $67.06, Uniswap (UNI) gained 1.89 per cent to trade at $8.40, and Aave (AAVE) was up 1.08 per cent to $116.06

Latest Updates

Musk said that people are better off buying physical things like a home or a stock of a company that makes good products than investing in the dollar since the inflation rate is so high. Michael Saylor, CEO, Microstrategy, replied to the tweet by Musk, “USD consumer inflation will continue near all-time highs, and asset inflation will run at double the rate of consumer inflation.”

The Wall Street Journal reported that Andrew Adams, a federal prosecutor who is a co-head of the money laundering and transnational criminal enterprises unit at the Manhattan US Attorney’s office, will be heading this new task force. A senior Justice Department official said, “We will be targeting the Russian oligarchs who are now subject to US economic sanctions, as well as those who would aid them in hiding and laundering those illegal assets,” reported Wall Street Journal.