Bitcoin price updates – SpaceX to accept Dogecoin to finance its DOGE-1 Moon mission

WILL DOGECOIN’S PRICE RISE?

It’s probably too early to give any definite answer and cyptocurrency markets remain volatile.

Any investor should be aware that they could lose all their investment, as with any market trading.

Musk himself tweeted ahead of SNL for people to “please invest with caution.”

WHY IS THE PRICE OF DOGECOIN FALLING?

Dogecoin’s price was over $0.70 on Saturday, but shortly after Musk’s mention of it on SNL, the price fell, hitting $0.47 as of 1pm on May 9.

Dogecoin enjoyed a surge recently after it was announced that a well-known cryptocurrency platform would accept the coin.

Customers who use eToro – and there are around 20 million of them globally – will now be able to buy and sell Dogecoin.

The online trading platform left users users locked out of their accounts earlier this year after crypto markets crashed.

SPACEX VP ON USING DOGECOIN TO FUND MOON MISSION

SpaceX vice president of commercial sales Tom Ochinero said in a statement that DOGE-1 “will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”

“We’re excited to launch DOGE-1 to the Moon!” Ochinero said.

WHAT IS CRYPTO MINING?

Mining cryptocurrencies is a complex and energy-intensive process, which requires a lot of computer power.

Bitcoin is one of the most popular cryptocurrencies, and the process for mining it is similar for other coins.

Mining Bitcoin requires a computer solving a difficult mathematical problem with a 64-digit solution. For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.

There are only about 21million Bitcoins that can be mined, and roughly 18.5 million have been found so far.

WHAT IS DOGECOIN?

Dogecoin is a cryptocurrency and was first launched back in 2013.

Dogecoin has the image of a Shiba Inu dog as its logo.

The image became a popular internet meme called doge, and it features the dog surrounded by text in the comic sans font with words like “much wow”.

Software engineers Jackson Palmer and Billy Markus originally created Dogecoin as a joke based on this meme.

It has been marketed as the “fun” version of bitcoin but has gained in value and attracted more serious interest since then.

Two weeks after it first launched, the value of it jumped 300% after China banned banks from investing in cryptocurrencies, according to Investopedia.

SPACEX ACCEPTS DOGECOIN AS PAYMENT

SpaceX will accept Dogecoin as payment for its DOGE-1 mission to the moon.

Geometric Energy Corporation announced the dogecoin-funded mission on Sunday, which SpaceX’s communications team confirmed in an email to reporters.

The mission’s financial value was not disclosed.

MILEY CYRUS DOESN’T UNDERSTAND DOGECOIN

Elon Musk may have dubbed himself The Dogefather – but his SNL musical guest Miley Cyrus doesn’t have a clue when it comes to Dogecoin.

The singer, 28, shared a tweet of her practicing her scales ahead of her Saturday Night Live performance – and poked fun at the complexities of the cryptocurrency.

The virtual “money” started as an internet parody more than seven years ago, according to CNN, but has since become a legitimate digital currency.

Jackson Palmer, an Australian marketer, made a joke about combining cryptocurrency and the Doge meme in 2013, but that joke has taken on a life of its own: its market cap is now over $17 billion.

Dogecoin is simply a digital coin with a picture of dog on it, according to CNET. That dog is the subject of an internet meme of a Shibe with an “inner monologue” featuring phrases like “so scare,” “much noble,” and “wow.”

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.”

DAVE CHAPPELLE WADES IN ON ELON MUSK’S SNL APPEARANCE

The comedian spoke to Joe Rogan in a wide-ranging interview uploaded on Friday, in which he reflected in a three-hour-plus podcast on his own comedy career and said he didn’t understand the fuss over Musk’s hosting gig.

“Like you said, no one can be woke enough,” Chappelle told Rogan of those criticising the decision to invite Musk to the show.

“I’m torn, because I like a warrior for a good cause, but I’m really into tactics. You’re not going to nag people into behaving. … In fact, if you continue with this tone, even if you’re right, you’ll be very hard to hear.”

BITCOIN PRICE NOWHERE NEAR PEAK OF RUN – ANALYSIS

The price of bitcoin is nowhere near the peak of its bullish run, according to the latest analysis.

Bitcoin has been consolidating around the $1 trillion market capitalisation threshold for almost three months, according to a Nasdaq analysis.

The report states: “There is absolutely nothing to be concerned about in terms of the fundamentals and long-term outlook of the monetary asset.

“Many market spectators have been quick to call it a “top” because of the speculation occurring in the illiquid altcoin markets, but this is a shortsighted take that does not take into account the empirical data.

“New entrants and capital are entering the market every single day, and the fixed monetary policy of Bitcoin remains consistent.”

INVESTORS RISK ‘LOSING ALL THEIR MONEY PLAYING ELON MUSK’S CRYPTO GAME ‘

Some financial commentators have asked whether it was responsible for Elon Musk to comment on the cryptocurrency Dogecoin, given he has the power to move its price.

After he appeared on Saturday Night Live, where he guest-hosted, James Angel said: “I think he’s having a lot of fun.

“He can say anything he wants about dogecoin or cryptos fully aware that just him saying something moves the price,” said Angel, an associate professor who specialises in financial markets and cryptocurrency.

“Anyone who wants to play the Elon Musk game should be prepared to lose all their money,” he warned.

ELON MUSK URGES CAUTION OVER CRYPTO

“Cryptocurrency is promising, but please invest with caution!” Elon Musk has tweeted.

In an attached video clip he said, “it should be considered speculation at this point.

“And so, you know, don’t, don’t go too far in the crypto speculation …”

But he also said that cryptocurrency has a “good chance” of becoming what he called “the future currency of the Earth”.

DOGECOIN PLUMMETS AFTER ELON MUSK APPEARS ON SNL

Dogecoin plummeted in value during the first hour of Saturday Night Live – which was guest-hosted by Elon Musk.

Fans of the cryptocurrency had predicted the opposite ahead of the show.

The currency was mentioned several times by Musk, and once by his mum – who told him not to organise any for her Mother’s Day present.

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.

DOGECOIN 4TH BIGGEST CRYPTO

Dogecoin is now the fourth largest crypto with a market cap of $76 billion – and the coin which started as a joke is now bigger than everyone expectations, writes Sara Wang for eToro.

She adds: “We all know the story of Dogecoin, created as a joke by software engineers Billy Markus and Jackson Palmer.

“We also all know the reasons why Dogecoin has been criticised by investors”:

• Absence of mining cap and high supply, bitcoin for example has a fixed supply of about 21 million coins, of which not all have been mined yet. Dogecoin on the other hand has more than 129 billion coins outstanding, with 5 billion in new coins hitting the supply every year.
• Lack of development, no any development on the coin has been made by the creators since 2015.
• Not fully accepted for transaction
• Lack of credibility

WHAT IS CRYPTO MINING?

Mining cryptocurrencies is a complex and energy-intensive process, which requires a lot of computer power.

Bitcoin is one of the most popular cryptocurrencies, and the process for mining it is similar for other coins.

Mining Bitcoin requires a computer solving a difficult mathematical problem with a 64-digit solution. For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.

There are only about 21million Bitcoins that can be mined, and roughly 18.5 million have been found so far.

WHAT’S DOGECOIN? A ‘HUSTLE’ – TESLA CEO

The value of dogecoin dropped sharply early Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a ‘hustle’ during his guest-host spot on the “Saturday Night Live” comedy sketch TV show.

Dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before the show.

Cryptocurrency enthusiasts had for days been eager to see what he would say, after his tweets this year turned the once-obscure digital currency into a speculator’s dream.

Asked ‘what is dogecoin’, Musk replied, “It’s the future of currency. It’s an unstoppable financial vehicle thats going to take over the world.”

When a show cast member Michael Che countered, “So, it’s a hustle?”, Musk replied, “Yeah, it’s a hustle.” And laughed.

FIVE RISKS OF CRYPTO 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.

WHAT IS SHIBA INU COIN?

Shiba Inu coins are one of the latest cryptocurrencies to hit the market – but investors are being warned to avoid them.

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.

DOGECOIN JUMPS OVER 800%

Dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before Elon Musk guest-hosted the SNL show.

On crypto data tracker CoinGecko.com, dogecoin has jumped more than 800% over the last month and is now the fourth-largest digital currency, with a market capitalization of $73 billion.

It hit a record high Thursday above $0.73.

It has overtaken more widely used cryptocurrencies such as litecoin and ether.

ELON MUSK TELLS SNL VIEWERS HE HAS ASPERGER’S

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 mum as he opened his highly anticipated hosting gig by revealing he has Asperger’s.

Musk explains sometimes offending people during his opening monologue.

“That’s how my brain works.”

“I reinvented electric cars and am sending people to Mars. Did you expect a chill, normal dude?”

ELON MUSK’S MUM REJECTS CRYPTO MOTHER’S DAY PRESSIE

Elon Musk’s mother also mentioned Dogecoin during the SNL show.

She told her son that she hoped the crypto was not her gift for Mother’s Day.

MILEY CYRUS DOESN’T UNDERSTAND DOGECOIN

Elon Musk may have dubbed himself The Dogefather – but his SNL musical guest Miley Cyrus doesn’t have a clue when it comes to Dogecoin.

The singer, 28, shared a tweet of her practicing her scales ahead of her Saturday Night Live performance – and poked fun at the complexities of the cryptocurrency.

The virtual “money” started as an internet parody more than seven years ago, according to CNN, but has since become a legitimate digital currency.

Jackson Palmer, an Australian marketer, made a joke about combining cryptocurrency and the Doge meme in 2013, but that joke has taken on a life of its own: its market cap is now over $17 billion.

Dogecoin is simply a digital coin with a picture of dog on it, according to CNET. That dog is the subject of an internet meme of a Shibe with an “inner monologue” featuring phrases like “so scare,” “much noble,” and “wow.”

‘ONLY A FOOL WOULD USE OLD CASH’ – MUSK

In a rare move, high profile business mogul Elon Musk was asked to host the venerable comedy TV show, Saturday Night Live.

The timing puts Musk back in the spotlight just as Tesla’s stock is losing steam following last year’s monster rally.

The unconventional CEO has posted numerous comments about cryptocurrencies on Twitter and criticised regular old cash for having negative real interest rates.

“Only a fool wouldn’t look elsewhere,” he said in February.

ELON MUSK ADMITS DOGECOIN IS A ‘HUSTLE’ ON SNL

Asked ‘what is dogecoin’ while guest-hosting Saturday Night Live, Tesla CEO Elon Musk replied, “It’s the future of currency.

“It’s an unstoppable financial vehicle that’s going to take over the world.”

When a show cast member Michael Che countered, “So, it’s a hustle?”, Musk replied, “Yeah, it’s a hustle.” And laughed.