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Crypto Price Crash: As Bitcoin And Ethereum Collapse, Elon Musk Brands Radical Dogecoin Plan A ‘Great Idea’
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Crypto Price Crash: As Bitcoin And Ethereum Collapse, Elon Musk Brands Radical Dogecoin Plan A ‘Great Idea’
by Nanneerose Tue Jun 01, 2021 9:02 pm
Bitcoin, ethereum and most major cryptocurrencies have fallen sharply over the last week as the crypto market roller coaster rolls on.
The bitcoin price has fallen almost 10% since last weekend despite rallying earlier this week amid a slew of positive bitcoin and crypto headlines emanating from the annual Consensus conference. Ethereum, the second-largest cryptocurrency after bitcoin, has lost 50% of its value in two weeks after surging to an all-time high in mid-May.
Now, as bitcoin and ethereum extend their losses, Tesla TSLA -0.9% billionaire Elon Musk has called a tongue-in-cheek plan to harness the heat generated by mining dogecoin a "great idea"—helping the dogecoin price climb off its recent low.
"A hot tub that's heated by mining dogecoin," bitcoin and crypto trading app Blockfolio said via Twitter. "Elon Musk, I don't care how, just make it happen."
"Great idea," Musk responded, almost immediately lifting the dogecoin price from lows of 28 cents. Dogecoin, a meme-based cryptocurrency rival to bitcoin that was originally created as a "joke," has surged this year as investors buy up the digital tokens in the hope they will continue to appreciate in value.
https://www.forbes.com/sites/billybambrough/2021/05/29/crypto-price-crash-as-bitcoin-and-ethereum-collapse-elon-musk-brands-radical-dogecoin-plan-a-great-idea/?sh=103972303a8f
The bitcoin price has fallen almost 10% since last weekend despite rallying earlier this week amid a slew of positive bitcoin and crypto headlines emanating from the annual Consensus conference. Ethereum, the second-largest cryptocurrency after bitcoin, has lost 50% of its value in two weeks after surging to an all-time high in mid-May.
Now, as bitcoin and ethereum extend their losses, Tesla TSLA -0.9% billionaire Elon Musk has called a tongue-in-cheek plan to harness the heat generated by mining dogecoin a "great idea"—helping the dogecoin price climb off its recent low.
"A hot tub that's heated by mining dogecoin," bitcoin and crypto trading app Blockfolio said via Twitter. "Elon Musk, I don't care how, just make it happen."
"Great idea," Musk responded, almost immediately lifting the dogecoin price from lows of 28 cents. Dogecoin, a meme-based cryptocurrency rival to bitcoin that was originally created as a "joke," has surged this year as investors buy up the digital tokens in the hope they will continue to appreciate in value.
https://www.forbes.com/sites/billybambrough/2021/05/29/crypto-price-crash-as-bitcoin-and-ethereum-collapse-elon-musk-brands-radical-dogecoin-plan-a-great-idea/?sh=103972303a8f
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