Noisy cryptococophony drowns out the rest of Wall Street

Noisy cryptococophony drowns out the rest of Wall Street

Some have voiced concerns about $SHIB listing. We follow users. There is a large number of users demanding it, to t… https://t.co/lzVlXyEgJn Shiba Inu coin — yes, a meta joke about the joke that is Dogecoin — soared earlier in the week as it was added to exchanges like OKEx and Binance. It and other Dogecoin imitators’ popularity reached such heights that transaction fees on the Ethereum network hit an all-time high, according to CoinDesk. — CZ 🔶 Binance (@cz_binance) 1620661484000The rally faded quickly. The cryptocurrency plunged Wednesday after the Wall Street Journal reported that Ethereum creator Vitalik Buterin donated more than $1 billion of the coin to a charity that is fighting the spread of Covid-19 in India.

What they got instead was a skit in which he laughed after calling the coin a “hustle.” Since then, the Shiba Inu-branded coin created as a joke has lost almost half of its value.
It began with Elon Musk’s highly anticipated appearance as host on “Saturday Night Live.” Dogecoin owners watched hoping that the “Dogefather” would further propel the digital currency that had soared this year from less than a penny to 74 cents before he took the stage.

Dogecoin wasn’t the only canine-themed coin to take a tumble.
And there have been a lot of those. Even for a market that’s famous for its wild volatility and gimmicks, the past week’s cryptocurrency news set new records for jaw-droppers.

— PlanB (@100trillionUSD) 1620864362000Thursday brought some good news for crypto die-hards. Point72, the hedge fund run by billionaire New York Mets owner Steve Cohen, was set to make a sizable move into the market. Bitcoin gained 2.5% following the news. The rally didn’t last long.
If Elon can be forced to “change his mind”, then it is really important to know why. Why is proof-of-work crucial f… https://t.co/DDRcRuJzXN

While his tweet left Bitcoin holders wondering what spurred the change — the facts of the coin’s energy profile hadn’t changed since Tesla announced in March that it would accept it as payment — the market reacted swiftly. Bitcoin plunged from nearly $57,000 before his flip-flop to $46,000 within two hours.
Then that night, Musk struck again. He announced that Tesla Inc. would no longer accept Bitcoin as a form of payment for its cars. In a tweet, Musk said that the carmaker was “concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

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