Bitcoin gets rejected at $44K again and most altcoins are also in the red today while Doge stole the show after the Tesla announcement for accepting DOGE for merch as we are reading more today in our latest Bitcoin news.
Bitcoin gets rejected at $44K and the rejection drove it south by $2000 and most altcoins are also in the red today with DOGE being among the exceptions as it jumped by double digits following some news from Tesla. After the latest price drop on Monday where the primary cryptocurrency dropped below $40,000 for the first time in months, the asset started reclaiming value fast and jumped to $42,000 before another leg up boosted the price to $44,000 as the US announced the highest inflation rate number in 40 years.
BTCUSD. Source TradingView
After a small retracement, BTC went back on the offensive and surged to a weekly high of $44,500 but this is where the entire situation changed with the bears coming into to play hard. Rather than heading north, BTC was dumped by $2000 in a few hours and now has reclaimed a few hundred dollars but it is still around 3% down on the day. The market cap declined to just over $800 billion. The alternative coins mimicked the BTC performance as of late and there were some notable gains in the past two days but the landscape is now different.
Cryptocurrency Market Overview. Source Quantify Crypto
Ethereum came close to $3400 but a 3% drop pushed the second biggest crypto to under $3300. Solana, Cardano, Binance coin, ripple, Polkadot, Terra, Shib, and Avalanche are also in the red. In contrast, Dogecoin is up by double-digit percentages and this is a direct consequence of the positive news that came from Elon Musk and Tesla. The company will allow customers to use the meme coin to pay for the products that caused the surge. NEAR Protocol closed the funding round worth $150 million and it is up by 4% on a daily scale. The crypto market dropped by $80 billion since the peak yesterday and it is down to just over $2 trillion.
As recently reported, The price of Dogecoin surges 12% to a new monthly high after it reacted to the news that the coin will be used for payments at the Tesla store. Tesla CEO Elon Musk shared the news on Twitter and announced that users can now buy merch with Doge.