Bitcoin price updates – Cardano and Ethereum reach record high as Dogecoin drops despite Elon Musk on SNL

NOT APPY

Popular trading app Robinhood struggled to keep up with the surging demand for cryptocurrencies.

The platform is back up and running after going down for a short time for buyers and sellers of bitcoin, dogecoin and other cryptocurrencies.

On Robinhood’s status page. the tech company said “all systems are now operational” but earlier it experienced technical issues leaving users unable to trade.

An earlier message said: “We are experiencing issues with crypto trading. We are working to resolve this as soon as possible.”

THE DOGEFATHER

Dogecoin is currently enjoying an all-time high, but that might change with Elon Musk’s upcoming Saturday Night Live appearance.

On April 28th, Elon Musk tweeted that he was “The Dogefather” to promote his upcoming SNL appearance — and that tweet sent the cryptocoin skyrocketing.

When Musk made that funny tweet, he sent Dogecoin into the stratosphere — give it a gob-smacking 144.44%. Since the beginning of the year, Dogecoin has jumped 13,955.42%.

And with Musk promising — or threatening — to mention the popular cyptocoin during his upcoming late-night comedy appearance, market experts are carefully watching what will come next.

The Tesla CEO’s upcoming SNL appearance — which will feature Miley Cyrus as a musical guest — has already been met with controversy on social media, with long-time fans of the show speculating that he will bomb with such “dad joke skits” as “Irony man” and “Baby Shark & Shark Tank merge to form Baby Shark Tank.”

COULD ETHEREUM BECOME THE BIGGEST CRYPTOCURRENCY?

According to UK Investor Magazine, a survey recently conducted said that 68% of people would be most likely to invest in Ethereum.

The survey said that 18% of the people surveyed would invest in Bitcoin leaving 14% undecided.

MEXICAN CRYPTOCURRENCY TRADING PLATFORM BITSO RAISES $250MILLION

Mexican fintech Bitso, a cryptocurrency trading platform, has raised $250 million, venture capital fund Cometa, an investor in Bitso, said on Wednesday.

The resources raised represent 9% of Bitso, giving the firm an absolute valuation of about $2.2 billion, said a Cometa representative.

“Bitso becomes the first fintech in Mexico to reach a valuation of more than $1.0 billion in the market,” said Cometa, also known as Variv Capital.

The funds were raised in a so-called series C investment round.

Bitso, with operations in Mexico, Argentina and Brazil, is developing other uses for cryptocurrencies, such as sending remittances, the investment fund added.

WHAT IS BITCOIN?

Bitcoin is a virtual currency that was created in 2009 by an unknown computer whizz using the alias Satoshi Nakamoto.

Unlike physical currencies such as pounds, dollars or euros, which come in physical notes and coins, Bitcoin isn’t printed or minted.

Instead, Bitcoin tokens are a digital-only form of payment and are created by a computer code.

If you have invested in Bitcoin, you can set up a virtual wallet to store, keep track and spend your digital money.

You are also able to purchase Bitcoin through an online exchange or Bitcoin ATM –  but not all businesses accept Bitcoin as a form of payment.

You can use the Where To Spend Bitcoin UK website to find merchants that accept the currency.

HOW TO SPOT CYRPTO SCAMS

CRYPTO scams are popping up all over the internet. We explain how to spot them.

• Promises of a high or guaranteed return – Does the offer look realistic? Scammers often attract money by making fake promises.
• Heavy marketing and promotional offers – If they are using marketing tricks to con customers you should beware.
• Unamed or non-existent team members – Just like any business you should be easily able to find out who is running it.
• Check the whitepaper – Every crypto firm should have a white paper. This should explain how it plans to grow and make money. If this doesn’t make sense, then it could be because the founders are trying to confuse you.
• Do your research – Check reviews online and Reddit threads to see what other people think. 

BITCOIN UPDATE 11AM

1 Bitcoin is worth £41,162.

CONTINUED – WHAT IS COINBASE?

Coinbase went public on the Nasdaq stock exchange in New York City on April 14.

On the date the company didn’t do a traditional initial public offering (IPO), and instead offered a direct listing.

In a direct listing, a company floats its shares on a stock exchange, but without hiring banks to underwrite the transaction, like in an IPO.

A direct listing doesn’t allow the business to raise new funds, but it offers current shareholders the chance to sell their stocks on the market.

Music streaming site Spotify also chose this method when it went public in 2018.

Coinbase’s overall valuation began at $65.3billion, making it the biggest new US stock market entrant since Uber in 2019.

WHAT IS COINBASE?

Coinbase is an American cryptocurrency exchange platform, and customers can buy and sell around 50 cryptocurrencies on its site, including bitcoin.

The company was founded in 2012 by Brian Armstrong and Fred Ehrsam.

As of March 2021, Coinbase was the largest cryptocurrency exchange in the US by trading volume.

Coinbase says it has more than 56million verified users across 100 countries.

The company has benefited from bitcoin’s rise in value, which rocketed by 1,000% over the past year and hit a new record high last month.

CAROLE BASKIN LAUNCHES $CAT COIN IN CRYPTO WAR WITH DOGECOIN

Tiger King’s Carole Baskin has described herself as “purring like a bobcat rolling in catnip” after launching her own $CAT coin to rival Elon Musk and Dogecoin. 

Baskin launched the $CAT “purr-ency” on Tuesday as she voiced concerns about “the volume of US dollars that are being printed and distributed with nothing to back them up.” 

“I like the idea of putting the power of money in the hands of the people, rather than banks and governments,” she added in a statement posted to Big Cat Rescue’s website. 

Baskin’s new cryptocurrency will allow fans to buy merchandise or online experiences from her Big Cat Rescue center in Florida from $5. 

TRADING IN CRYPTOCURRENCY MARKETS HAS BOOMED WITH INCREASING NUMBER OF DAYTRADERS

Trading has boomed in cryptocurrency markets.

The boom is thanks to daytraders and institutional investors who have set their sights on more speculative assets.

Trading soared to $1.7trillion last month from $1.2trillion in March, according to CryptoCompare data by The Block Crypto.

CONTINUED – RISING STAR

When Musk made the tweet, he sent Dogecoin’s price soaring 144.44 per cent higher. Since the beginning of the year, Dogecoin has jumped 13,955.42 per cent.

RISING STAR

Elon Musk has been mobbed by fans before his Saturday Night Live debut as the billionaire Tesla boss signs a model car with his girlfriend Grimes.

Musk, 49, was spotted in Midtown Manhattan with his 33-year-old musician partner on Tuesday night. The couple left the SNL studio in a Tesla Model X and visited a restaurant for dinner.

The tech CEO was seen in the backseat of the car signing a miniature model Tesla. Musk will host NBC’s Saturday Night Live for the first time this weekend, with Miley Cyrus scheduled to be the musical guest.

He was seen carrying his baby son X Æ A-12 as he left a Miami hotel with Grimes earlier this week. Musk had tweeted that he was “The Dogefather” to promote his upcoming SNL appearance – and that tweet sent the cryptocoin skyrocketing.

‘SHOULD BE A FUN RIDE’

Antony Portno, founder of Traders of Crypto, said the rise of Dogecoin could possibly “end in tears”.

“There has been much talk about getting Doge to $1, and whilst it has seemed like an impossible dream for a while, things are starting to pull in the right direction. Right now, it only needs another 50% gain to get there.

“The way the market works, the price is only about the last trade and if the sellers hold back and the momentum is up, what’s to stop it. 

“So will it all end in tears? Quite possibly, but it was overhauled at 5 cents and if the momentum moves the other way things could get nasty. As long as you are investing sensibly then it should be a fun ride.”

SURGE IN CRYPTO POPULARITY – REPORT

Cryptocurrencies are the second most desired asset type among traders in Australia, according to a survey by TradingView.

“The popularity of cryptocurrency appears to be moving ahead of most traditional asset classes,” Glenn Leese, TradingView’s director of growth for Australia, said, CoinDesk reports.

WHAT IS THE NEW CRYPTOCURRENCY SAFEMOON?

EXPLAINED: HOW RISKY IS CARDANO?

Like any cryptocurrency, Cardano is a high risk investment because they are unregulated here in the UK. It means you won’t have a level of protection if something goes wrong, plus fees and charges may be higher than regulated investment products.

Cryptoassets are also complex to understand, making them dangerous for those who aren’t in the know.

They’re also extremely high risk due to their volatility, meaning they can go up as well as down, so you should only invest if you can afford to lose the cash.

Ms Streeter said: “Much of the demand for these coins and tokens have come from traders hoping to benefit from future price rises rather than using them as a means of exchange.

“Gains are often being fuelled by frenzied chat across social media with influencers jostling for position to push their favoured coins. But like a slot machine, many of the coins being pushed into circulation are very much a speculative bet and investors should only get involved if they have money they can afford to lose.”

WHY IS CARDANO GOING UP?

This morning, Cardano peaked at $1.38 (99p) but has since dropped slightly to $1.33 (96p). However, it’s not as high as it was on April 14, when the cryptocurrency hit $1.56 (£1.12).

Mark Hipperson, founder of cryptocurrency exchange firm Ziglu, explained that it’s the sixth largest cryptocurrency with a market cap of around $45billion (£32billion).

Over the past 52 weeks, its valuation has increased by 3,360% and since January 1 2021, it has increased 568% in value.

Comparatively, Bitcoin has gone up by 706% and 93% during the same time, while Ethereum has risen by 1,194% and 204%.

“The cryptocurrency has seen incredible growth in recent months, which has raised the attention of a number of crypto enthusiasts,” he said.

NO GUARANTEES

Another risk is there is no guarantee that you’ll be able to convert cryptocurrency into cash.

Some crypto firms also overstate the returns on investments – profits are not guaranteed.

Brits should also be wary they risk losing all of their money if they invest in bitcoin and other cryptocurrencies.

It comes after a ban on some crypto-related investment products.

Scammers are also known to take advantage of amateur investors in a bid to steal their cash.

DOGECOIN MILLIONAIRE

Glauber Contessoto, 33, said he became a Dogecoin millionaire on April 15.

Contessoto said he invested more than $180,000 in Dogecoin on February 5, when it was priced at about 4.5 cents, according to CNBC.

He said he used all his savings, sold all the stock he owned, and invested on margin by borrowing money from Robinhood via the app.

Like many holders of Dogecoin, Contessoto said “a reason why I put my savings into dogecoin is Elon Musk”.

“I think the guy is a genius,” he said.

He posted his Robinhood balance of Dogecoin on Reddit on April 16, showing a balance of $1,081,441.29.

He added: “I grew up really poor, so this is a huge deal for me.”

‘DOGECOIN IS THE ANTI-ESTABLISHMENT REBEL COIN’

Antony Portno, founder of Traders of Crypto, said: “On face value, it is a complete mystery as to why Dogecoin continues to grow, it is a meme coin, with bad tockenomics and no development. We all know the world of crypto is in equal measure, crazy and fickle. 

“Social media has been the key contributor to the growth of dogecoin, which has been further fuelled by endorsements from the likes of Elon Musk and Mark Cuban.

“It has gathered a cult following. Another reason why it is generating so much attention is that the coin value is going up, people only focus on coins that are going up. It has become an anti-establishment rebel coin. 

“Yes, it doesn’t make sense as an investment on core “fundamentals” but who are you to tell me what I can invest in? Doge is two fingers to being told what to do, the rebellious coin.”

TIGER KING’S CAROLE BASKIN LAUNCHES ‘$CAT’ CRYPTOCURRENCY

Tiger King star Carole Baskin is getting into the cryptocurrency game with a cat-themed coin.

Baskin’s Big Cat Rescue has launched a new altcoin called $CAT, which “is not a currency for investment, but rather is a purr-ency of our fans to show their love for the cats”.

The coin will be used to buy walks at the sanctuary, cat themed merchandise and chats with Baskin and her team, Page Six reports.

“I’m investigating cryptocurrencies because I am concerned about the volume of US dollars that are being printed and distributed with nothing to back them up,” Baskin said.

“I like the idea of putting the power of money in the hands of the people, rather than banks and governments.”

CARIBBEAN BITCOIN ISLAND

A Caribbean island could become the first place in the world to use Bitcoin instead of money.

Luxury home owners on Bequia will be able to use the digital cryptocurrency to do their grocery shopping or buy a coffee, developers say.

But planners said the new development on paradise isle Bequia will be “the world’s first fully Bitcoin-enabled community”.

The 39 luxury villas will be sold in the cryptocurrency. And Bitcoin will be taken as payment for everyday essentials at the development’s shop, restaurant, café and cinema.

Locals on Bequia – known as “the island in the clouds” – will continue to use the Eastern Caribbean Dollar, with Queen Elizabeth II on notes and coins.

EBAY CEO SAYS LOOKING AT CRYPTOCURRENCY AS PAYMENT OPTION

Ebay is looking at new payment options for customers – and this will include cryptocurrency.

Chief Executive Officer Jamie Iannone said in a CNBC interview on Monday that the e-commerce firm is also exploring ways to get in to the business of non-fungible tokens.

WHAT IS THE NEW CRYPTOCURRENCY SAFEMOON?