Dogecoin prediction: DOGE enthusiasts prepare for downturn amid ongoing crash
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Dogecoin enthusiasts are anxiously awaiting a return of growth to the cryptocurrency sector after declines were reported across the entire market over the past seven days. The significant falls demonstrate the volatility of the market and led to a staggering £528.6bn loss for crypto investors. Dogecoin shunt from more than 35 percent in a week with these declines echoed across other digital coins.
Crypto investors have experienced massive price swings in the market this week amid regulation fears and comments from Elon Musk.
The market has seen extensive volatility with billions wiped off the market value in the past week.
In the past 24 hours, Coin Market Cap reports the global crypto market has lost 16.94 percent.
The market is now worth around X according to the platform.
Dogecoin has seen significant losses, currently having dropped 13.27 percent in the past 24 hours.
By comparison, bitcoin fell by 13.61 percent, Ethereum by 16.39 percent and Cardano by 21.9 percent.
In the last seven days, DOGE enthusiasts have seen the price drop 44.72 percent.
Ethereum has fallen by 46.91 percent, while bitcoin and cardano have dropped by 30.37 and 48.17 percent respectively.
The cryptocurrency market began its downward spiral after SpaceX founder Elon Musk made comments about the climate change implications of cryptocurrencies.
In the wake of these comments, he issued a statement indicating Tesla was suspending all vehicle purchases using bitcoin.
The statement read: “Tesla has suspended vehicle purchases using bitcoin.
“We are concerned about rapidly increasing use of fossil fuels for bitcoin mining.”
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Later this week, Chinese regulators announced plans to tighten regulations.
A statement from the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China read: “Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order.”
The ban would mean banks, financial institutions and payment companies would be banned from offering clients any service involving cryptocurrency.
An announcement from Chinese Vice Premier Liu He also caused unrest within the sector.
The news released on Friday caused bitcoin to drop by more than six percent in just five minutes.
Mr He reiterated China’s intention to ramp up regulation and crackdown on digital trading and mining.
The statement, released late on Friday in China time, said it is necessary to “crackdown on Bitcoin mining and trading behaviour, and resolutely prevent the transmission of individual risks to the social field.”
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