Bitcoin price updates – Dogecoin price PLUMMETS during Elon Musk’s SNL sketch as Tesla CEO calls himself the Dogefather

ELON MUSK WATCHED BY MILLIONS ON SNL

Space X founder Elon Musk was watched by millions of viewers around the world as he hosted Saturday Night Live for the first time.

The Tesla CEO was joined by his mom as he opened his highly anticipated hosting gig by revealing he has Asperger’s.

The 49-year-old billionaire opened his monologue by mocking his monotonal speaking style, saying no one can tell when he’s joking.

“It’s great to be hosting ‘Saturday Night Live,’ and I really mean it,” said Musk standing on the stage in a black suit with a black T-shirt.

“Sometimes after I say something, I have to say that I mean it.”

He added, in explanation, that he is the first person with Asperger’s syndrome to host the show. “Or at least the first person to admit it,” he said.

WHAT IS ETHEREUM CLASSIC?

Ethereum Classic (ETC) is a cryptocurrency that came into existence in the summer of 2016, when the Ethereum community essentially split into two.

Cryptocurrency Ethereum (ETH) was released in 2015, and it’s the second largest after Bitcoin.

Some experts believe it has the potential to one day overtake Bitcoin as the dominant coin in the market.

Following a hacking incident, where hackers got their hands on $70million worth of ETH, Ethereum Classic was created in the original blockchain.

Simon Peters, cryptoasset analyst at investment platform eToro, told The Sun: “The Ethereum community essentially split into two, those that said to keep the blockchain as it is, and those that wanted to restore the stolen ETH.”

11PM UPDATE

1 Bitcoin is worth £42,112.85.

CRYPTO RALLY

The price of Dogecoin has bounced back this morning after a drastic drop yesterday but experts are warning investors should be cautious about investing in the “joke” cryptocurrency.

Dogecoin hit a record high of $0.68 on May 5 but fell 11% yesterday before rising back to $0.62 this morning, giving it a market capitalisation of $82 billion.

The price moves show just how volatile the cryptocurrency can be and the dangers of investing in it.

Dogecoin’s value is already up 3% since the early hours of this morning but is down 8.8% from its all-time high, according to data from Coindesk.com

DOGEFATHER

Musk has named himself the “Dogefather” ahead of his appearance on SNL, in a tweet that appears to have sent the cryptocurrency soaring.

The price of dogecoin shot up from $0.25 to $0.30 in less than 15 minutes after Musk posted a cryptic tweet reading: “The Dogefather SNL May 8.”

However, Musk on Friday urged caution when investing in Dogecoin, the “joke” cryptocurrency.

Musk tweeted out a video in which he told the paparazzi in February: “People should not invest their life savings in cryptocurrency. That’s unwise.”

CONTINUED

Just a week ago Musk admitted that he was struggling with his upcoming TV gig.

He took to Twitter to beg for skit ideas while trying out some jokes on internet strangers.

Musk tweeted: “Throwing out some skit ideas for SNL. What should I do?”

He then floated the joke: “Baby Shark & Shark Tank merge to form Baby Shark Tank” and “Irony Man – defeats villains using the power of irony”.

CONTINUED – GUEST STARRING

Ahead of his SNL appearance, Musk also tweeted a pic of him, Cyrus, Australian rapper The Kid Laroi and a canine guest – a Shiba Inu dog from the meme which inspired Dogecoin’s creation.

The chilled-out looking dog had a necklace round its neck, showing a medallion with the cryptocurrency exchange logo, and Kraken bank.

News that Musk would host an episode of SNL with musical guest Miley Cyrus shocked the internet. “Guys please this better be a joke,” tweeted one upset fan.

Others pushed back, like SNL comedian Pete Davidson, who said of Musk’s planned appearance, “What’s the big deal? I don’t know why people are freaking out.”

“They’re like, ‘Oh I can’t believe that Elon Musk is hosting!’ And I’m like, the guy that makes the earth better, kind of and makes cool things and sends people to Mars?” Davidson added.

GUEST STARRING

‘Dogefather’ Elon Musk is gearing up for his Saturday Night Live hosting gig alongside Miley Cyrus and the ‘Dogecoin dog’.

The tech titan has been tweeting about hitting New York City with his Cybertruck prototype ahead of his heavily promoted TV appearance.

He tweeted that his “cybertruck prototype” is “in New York this weekend”, where it has been spotted in Manhattan.

It prompted a barrage of memes in response, with one fan pointing out to the billionaire that “unfortunately for the majority of us ‘average’ folk these are completely out of our price range.”

ETHEREUM FOUNDER BECOMES CRYPTO BILLIONAIRE

Vitalik Buterin has become the world’s youngest crypto billionaire after the digital currency he co-founded surged in price.

The 27-year-old Russian-Canadian programmer saw his cryptocurrency Ethereum rise in value to over $3,000 a piece this week.

WHAT IS THE SHIBA INU COIN?

Very little is known about Shiba Inu so it’s difficult to know whether it’s legitimate.

According to its website, they’re cryptocurrency tokens and allow users to hold trillions of them.

Shiba tokens are listed and incentivized on ShibaSwap, its own decentralized exchange.

The tokens feature the same Shiba Inu dog as Dogecoin, which has rocketed in popularity recently.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun: “The Shiba Inu coin appears to have been created just to give Dogecoin a run for its money.

“It features the same dog which became a meme, and aims to replicate Dogecoin’s success of turning a joke into a money making machine.”

WHAT ARE THE RISKS OF CRYPTO INVESTMENTS?

The Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.

• Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
• Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
• Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market. 
• Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.  
• Marketing materials: Firms may overstate the returns of products or understate the risks involved.

WHAT CAN YOU BUY WITH BITCOIN?

Tesla isn’t the first brand to accept Bitcoin as a form of payment but it is one of the most high-profile.

You can already purchase Xbox games from the Microsoft Store using the cryptocurrency in the US, but this is not currently available in the UK.

The Royal National Lifeboat association will let you make donations using the cryptocurrency.

You can also buy pints at the Pembury Tavern in east London, once it reopens after lockdown or a seat on Virgin Galactic’s commercial space flights.

Property companies such as Gravity Co-Living in London will even let tenants pay their rent with Bitcoin.

WHAT IS CRYPTOCURRENCY?

Cryptocurrencies are digital currencies which are stored on an online network called the blockchain. Blockchain technology, which can seem very complicated, is a kind of database used to record financial transactions.

Bitcoin is thought to be the first cryptocurrency that was invented. It was created in 2009 by a mysterious online account which went by the name Satoshi Nakamoto.

Mr Nakamoto devised a complicated set of computer codes and maths problems that could be solved using computer processors to generate Bitcoins. Individual Bitcoins are created by computer code.

You can collect coins by solving computer equations – which is a process called mining. The majority of other cryptocurrencies are created using a similar mining process.

‘DOGEFATHER’ MUSK URGES LOYAL FOLLOWERS TO ‘INVEST WITH CAUTION’

Elon Musk has urged his loyal band of followers to “invest with caution” after the joke cryptocurrency he has repeatedly endorsed scaled highs.

The billionaire warned investors against taking too much risk amid heightened interest in digital coins. Dogecoin, which was set up as a joke seven years ago, was above 60 cents yesterday after a rally of 91 per cent in a week. Its market value stands at almost $80 billion.

Musk, chief executive of Tesla, the electric carmaker, has long been a supporter of dogecoin, branding himself “the Dogefather” as its value increased. His views are closely followed by an enthusiastic audience of retail investors.

As the tycoon prepared to guest-host Saturday Night Live, the popular American comedy television series, this evening, he posted a recent discussion that he had in the street with TMZ, the celebrity news website.

SURGE IN CRYPTO POPULARITY

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.

NO GUARANTEES

Investing and making a purchase in cryptocurrencies such as Bitcoin is risky.

Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.

Investing in cryptocurrencies is not a guaranteed way to make money.

You should also think carefully about making purchases with a cryptocurrency.

For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.

GET READY FOR TONIGHT

HOW TO SPOT CRYPTO 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. 

ETHEREUM PRICE GOING UP

Since it split into two, Ethereum has superseded Ethereum Classic with the former now having a market cap of roughly $400billion.

In comparison, Ethereum Classic has one of around $16billion, according to CoinMarketCap.

The Ethereum price is currently sitting at £2,491 ($3,468), compared to £101 ($141) for Ethereum Classic.

The value of Ethereum Classic has rocketed by more than 700% in just a month though, and was worth £13.74 ($19.14) on April 7.

The cryptocurrency is going up in value as it “plays catch-up with the wider markets”, Mr Green told The Sun.

ETHEREUM COMMUNITY ‘SPLIT INTO TWO’

Simon Peters, cryptoasset analyst at investment platform eToro, told The Sun: “The Ethereum community essentially split into two, those that said to keep the blockchain as it is, and those that wanted to restore the stolen ETH.”

It means Ethereum Classic is the continuation of the original Ethereum blockchain with none of the new updates on its network.

Meanwhile, Ethereum received a lot more security features following the hacking incident, Nigel Green, founder of deVere Group, added.

WHAT IS ETHEREUM CLASSIC?

Ethereum Classic (ETC) is a cryptocurrency that came into existence in the summer of 2016, when the Ethereum community essentially split into two.

Cryptocurrency Ethereum (ETH) was released in 2015, and it’s the second largest after Bitcoin.

Some experts believe it has the potential to one day overtake Bitcoin as the dominant coin in the market.

Following a hacking incident, where hackers got their hands on $70million worth of ETH, Ethereum Classic was created in the original blockchain.

DIGITAL HORSE PRICE INCREASES BY 7713%

Non-fungible tokens have seen a surge in popularity and have recently advanced to digital horse racing.

The digital horse ‘Billions’ was the highest sold horse at $125,000 with a price increase of 7713% from its original $1600, according to equestrian accessory specialists at Ruggles.

Its owner bought the stallion for just four ETH about a year ago – then equivalent to around $1,600.

But its recent sale saw the owner KingBeaver make a profit of $123,400 – a staggering percentage increase of 7713%. 

ALL ABOUT SAFEMOON

5 RISKS OF CRYPTOCURRENCY INVESTMENTS

• Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
• Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
• Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market. 
• Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.  
• Marketing materials: Firms may overstate the returns of products or understate the risks involved.

CITIGROUP ‘COULD PROVIDE CRYPTOCURRENCY SERVICES’

Citigroup is weighing the option of providing cryptocurreny-related services after a surge in interest from clients, according to the Financial Times.

The bank has not yet decided whether it will offer clients cryptocurrency-related services, but trading, custody and financing are all under consideration, the FT reported.

Itay Tuchman, the bank’s global head of foreign exchange, told the newspaper Citi had seen a “very rapid” accumulation of interest in bitcoin across a range of clients.