Bitcoin plunged sharply on the morning of May 13 At 7 a.m. this morning, Bitcoin’s price on Coindesk was just over $ 47,000 / BTC, down $ 10,000 / BTC compared to last night. Meanwhile, on Coinmarketcap, Bitcoin also fell at a similar rate, to close to $ 49,000 / BTC. Thus, after peaking at $ 64,000 in mid-April 2021, Bitcoin never stopped going down and repeatedly broke the $ 50,000 / BTC mark. Along with Bitcoin, a series of other virtual currencies also turned red, the market capitalization decreased by more than 10%. Ethereum decreased by nearly 5%, BNB decreased 8.2%, XRP decreased 10%, BCH decreased 16%, LTC decreased nearly 15% … Some other virtual currencies even decreased 15-40%. Notably, Shiba Inu, a virtual currency “junk” is crazy about investors because the hot rise recently fell by nearly 35% in just half a day. The virtual money market fell vertically because yesterday, billionaire Elon Musk, CEO of Tesla announced “suspending the purchase of cars with Bitcoin” due to environmental concerns. Earlier in March, Elon Musk revealed that US customers can use bitcoin to pay for Tesla cars. “Tesla has suspended the purchase of cars with Bitcoin. We are concerned about the rapid increase in the use of fossil fuels to mine and trade Bitcoin, especially coal, the most polluting fuel. Cryptocurrency is a good idea on many levels and we believe it has a promising future. However, that cannot come at an environmental cost, “the billionaire explained. This billionaire unlike anyone has repeatedly made headlines in the virtual currency market by sudden decisions. However, he also asserted that Tesla did not sell any Bitcoin and intends to use it for trading as Bitcoin mining uses more sustainable energy. Yesterday, this tricky billionaire also gave a consultation on his personal Twitter page about whether Tesla should accept payments in dogecoin. The survey received millions of responses, of which the majority approved. The event comes just days after the billionaire revealed that SpaceX has accepted Dogecoin to pay for his lunar trips. Dogecoin virtual currency was “born” as a joke in 2013 by computer engineer Billy Markus and Adobe marketing expert Jackson Palmer suddenly got waves when billionaire Elon Musk invested and praised many times. on the personal page. However, the billionaire himself has repeatedly made statements to make this virtual currency “on elephants, down dogs”. Over the past 24 hours, Dogecoin has decreased in price by nearly 14%. From the beginning of the year until now, many banks, investment funds, and financial institutions announced to invest in bitcoin or accept payments in Bitcoin. However, with only a few individuals’ moves, this market still plunged without braking, this shows the great risk of this market. Even billionaire Elon Musk, while initiating and pioneering large corporations to invest in virtual money, said that people should not invest life savings in digital money because it is “not wise. good “. According to billionaire Musk, there is a possibility that digital money will become the main currency on earth, but no one knows what kind of currency it will be. Therefore, the investment in that time should be considered.

Photo: FT The dog-shaped coin that started as a joke has grown in value by 1,000% this year and has received the support of many celebrities, such as Tesla founder Elon Musk. . Photo: FT It is not clear how much money Aziz McMahon will gain after investing in Dogecoin. However, The Guardian says that this number is significant. For her part, Aziz McMahon declined to comment. Goldman Sachs said that Aziz McMahon was not involved in the bank’s crypto business. Photo: Bloomberg Last week, Goldman Sachs opened a Bitcoin investment division. This is in contrast to 2018 when the bank said it had decided not to enter the cryptocurrency market. Photo: Bloomberg Created by two software engineers named Billy Markus and Jackson Palmer, Dogecoin was intended to be a faster and happier alternative to bitcoin. Since its inception, Dogecoin has a growing community of users. In mid-April, Dogecoin reached the top 10 of the largest cryptocurrencies in the world.

Photo: CNBC Specifically, at one point, Dogecoin has decreased in price by 29.5% to 49 cents. Elon Musk mentioned Dogecoin and called it a “rush”. By the end of the program, Dogecoin price increased slightly back to 57 cents. Overall, however, the digital currency is still down 17% in value since the beginning of the show. Photo: Hollywood Reporter During the news release that Elon Musk’s TV talk “sparked”, some users of the investment app Robinhood said that they could not trade cryptocurrencies via the app. Robinhood confirmed the problem was still on Twitter and the service was back to normal in less than half the next. Photo: NYTimes In mid-April, Dogecoin reached the top 10 of the largest digital currencies in the market. This coin is developed based on the meme “Doge”. This meme has been popular since late 2013 and features a Shiba Inu dog image. Photo: The Verge Created by two software engineers named Billy Markus and Jackson Palmer, Dogecoin was intended to be a faster and happier alternative to bitcoin. Since its inception, Dogecoin has a growing community of users.

The big reason for this sharp increase is believed to be the appearance of Tesla CEO Elon Musk on Saturday Night Live, which will take place at dawn 9/5 Vietnam time. Will Musk take Dogecoin soaring? Many people waiting for Musk, which has been publicly supporting Dogecoin for a long time, will mention the cryptocurrency right in the show with millions of viewers across the United States. “Everything will depend on what Elon Musk does, what he says. Everyone will look at the phone while watching the program to keep up with the latest developments,” said Alma Cortez, an investor in Dogecoin. Bloomberg. She said she would invite friends over to watch the show featuring Elon Musk. Elon Musk regularly mentions Dogecoin on his personal page. Photo: Reddit. On the morning of May 8, Elon Musk personally posted a photo of him and two other Saturday Night Live guests on Twitter. Musk also inserted a photo of the dog Shibu, the symbol of the Dogecoin, in the frame. Soon after, the Dogecoin price surged and hit a historic high of $ 0.72 before cooling off. Just a day ago, Musk posted a video on Twitter saying “Cryptocurrency has great potential, but invest with caution”. There is no shortage of stories about Dogecoin investors profiting from this coin. Due to its very small value, only around $ 0.001 to $ 0.003 throughout 2020, investors can own hundreds of thousands of Dogecoins with just under $ 1,000. Elon Musk posted a photo with the guests of Saturday Night Live, and added a picture of Shiba, the Dogecoin symbol. Photo: Elon Musk. Dogecoin’s hot growth is in large part thanks to Elon Musk’s cheers. He repeatedly posted on Twitter cheering for the coin, arguing it would “go to the moon,” a term for the crypto’s skyrocket. Many investors have been waiting for Musk’s television appearance to keep Dogecoin going. With Dogecoin, many experts believe that emotions will contribute the largest to the value of money, not fundamental analysis or technical analysis. “I will trade on the expectation of the arrival of Elon Musk. Whatever he says, people will surely be disappointed by the words that will not be compared with current expectations for Dogecoin,” Yosef Adelman, marketing specialist and Dogecoin investor since 2019, said. Criticized, Dogecoin still surged In the world of cryptocurrencies, Dogecoin is considered a joke since there is no app attached, nor an unlimited number of it can be created. Programmers Billy Markus and Jackson Palmer created this coin by copying the Bitcoin source code, searching for “Bitcoin” and replacing it with “Dogecoin”. It took him just one afternoon to create Dogecoin, Billy Markus said. However, the value of this currency has increased sharply in the past 6 months. According to the CNBC Dogecoin has risen 2,500 times in just half a year, reaching a market cap of $ 86 billion, ranking 4th in the market. This cryptocurrency has increased in price thousands of times in the past half year. Photo: Coinmarketcap. During the same period, the S&P stock index rose 19%, and Tesla shares rose $ 56. Cryptocurrencies Bitcoin and Etherum rose 3 and 7 times, much lower than Dogecoin. “This time, Wall Street is falling. We are seeing young people on TikTok investing much higher returns than the smartest financial investors,” said Mati Greenspan, manager of Quantum Economics. review. “The best part of Dogecoin is honesty. Unlike many other crypto projects, it doesn’t have a grand vision or world-changing claim,” said Galaxy researchers Alex Thorn and Karim Helmy. prefer. Dogecoin’s growth leads to many strange situations. Shares of Coinbase, the largest cryptocurrency exchange in the US, fell to a May 6 low because the company does not support trading of less guaranteed coins like Dogecoin. Meanwhile, trading app Robinhood that supports Dogecoin has climbed to the top of the App Store rankings in the US. In addition to having no background value, many crypto experts warn that the Dogecoin source code has long been out of date. “There are a lot of question marks around Dogecoin’s software problem. Then there will come a time when the software must be updated. If Dogecoin is really valuable and people can monetize the applications on it, someone else will. Get in right now, “commented Konstantin Richter, CEO of blockchain platform Blockdaemon.