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Bitcoin Tops New ATH Above $58,300, Elon Musk Calls BTC Price ‘High’

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Elon Musk said that the Bitcoin (BTC) price was high as it crossed $53,000 levels and hit over $1 trillion valuations. However, Bitcoin bulls continue to take the price higher with the next immediate target at $60K.

Bitcoin (BTC), the world’s first trillion-dollar crypto asset class, has shot up to new highs on Sunday, February 21. The Bitcoin (BTC) price surged all the way above $58,300 hitting its new all-time high. At this price point, Bitcoin has registered ~100% gains year-to-date. However, Bitcoin has partially retraced from its all-time highs and is currently trading at $55,975 with a market cap of $1.042 trillion. Just over the last two weeks, BTC price has skyrocketed more than 40% after Tesla Inc (NASDAQ: TSLA) head by Elon Musk announced its $1.5 billion Bitcoin purchase on February 8.

The BTC price rally comes on the backdrop of some aggressive purchases made recently by some big financial players and corporates. Last week, the world’s largest asset management giant BlackRock Inc (NYSE: BLK) announced its entry into Bitcoin. Also, business intelligence firm MicroStrategy Inc (NASDAQ: MSTR) announced its fresh conversion of $1.05 billion of convertible notes and will use this fund to invest in Bitcoin.

MicroStrategy already holds over 71,000 Bitcoin worth ~4 billion as of date. The fresh investment of an additional $1 billion will take its total holdings to above $5 billion. The Bitcoin demand from some of the big players seems to be at its peak at this point. With massive money printing by global central banks, companies see Bitcoin (BTC) as a potential hedge to rising inflation. John Willock, chief executive at digital asset exchange Blocktane told CoinDesk:

“Through the insatiable buy-side pressure from exchange-traded fund (ETF) issuers, closed-end funds and large public corporations adding bitcoin to their positions, demand is massively outstripping supply”.

Elon Musk Calls BTC Price ‘High’ but Less Dumb than Cash

Elon Musk has been showering come of his mixed opinions currently on Bitcoin. Last week, the Tesla boss changed his Twitter profile image showing support for BTC. This was enough to get the Bitcoin price soaring high. However, Musk doesn’t seem to have any special affinity for Bitcoin.

In one of his tweets, Musk called Bitcoin (BTC) “as bs as fiat”. Interestingly, Musk’s comments came 10 days after Tesla purchased BTC by exposing nearly 8% of their company cash reserves. However, explaining this investment, Musk wrote:

Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company. However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The key word is “almost”.

But just as Bitcoin (BTC) moved past $1 trillion valuations last Friday, February 19, Musk noted that Bitcoin price seems to be ‘high’ in his opinion. This hasn’t stopped the Bitcoin bulls from raging-in as BTC continued to make new highs in the last two days.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.





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Altcoin

Dogecoin hasn’t always been a ‘fun meme coin’

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Dogecoin (DOGE) might look like a fun meme coin, particularly as its price has absolutely skyrocketed in 2021.

But behind the innocent Shiba Inu dog cartoon are some horrific stories. Those buying the cryptocurrency due to shilling and jokes from Tesla and SpaceX CEO Elon Musk, most likely have no idea of DOGE’s early days.

DOGE/USD 1-day candle chart (HitBTC). Source: Tradingview

The early days

Introduced by software engineers Billy Markus and Jackson Palmer in December 2013, Dogecoin’s protocol followed Luckycoin and Litecoin (LTC) proof-of-work algorithm using Scrypt technology.

It all started back on Christmas day, 2013, when Dogewallet announced that its webpage had been compromised, causing users to send funds to the hacker’s address. The $12,000 worth of users’ coins lost was fully reimbursed by Dogecoin Foundation Board Member Ben Doernberg, which included community-funded donations.

How many times have you heard about altcoins or startups focusing on social network micropayments using cryptocurrency? Inspired by the Bitcointip project, which had been going on for over a year, the Dogetipbot service was launched, enabling automatic DOGE tipping on Reddit, Twitch and Twitter.

Unfortunately, Dogetipbot’s creator cashed out the entire stash in 2015, which later led to the service’s bankruptcy in May 2017.

The spectacular rise and fall of Dogecoin’s early days. Source: CoinMarketCap

Much sponsorships, such exit scams

Adding to Dogecoin’s unorthodox origins, there’s the “Wolong” tale, an active pseudonym on IRC and Reddit trading groups back then. By taking advantage of the Jamaican’s bobsled team sponsorship announcement, this trader supposedly coordinated whales to pump DOGE by 600% in Jan. 2014.

A well-documented piece attributed to this person circulates on the web, describing every move behind those coordinated pump efforts. More interestingly, the mentioned public and private discussion groups are eerily similar to the recent r/SatoshiBets actions behind the more recent 2021’s Dogecoin 980% pump.

DOGE/USD price July 2014- April 2015 (HitBTC). Source: Tradingview

Lastly, in October 2014, the Moolah altcoin exchange announced it was shutting down and filing for bankruptcy protection, marking another strong price correction as seen in the chart above.

Among the investors who were victimized are Dan Wasyluk and his colleagues, losing a total of 750 BTC. Back then, not so many exchanges listed DOGE. Thus, Moolah did provide some vital infrastructure to the online community at the time.

To sum up, Moolah’s founder “Alex Green,” managed the campaign for a NASCAR driver sponsorship, in addition to financing numerous Dogecoin meetups and Twitter promotions.

Yes, it really happened, a Dogecoin-sponsored racing car. Source: Reddit

Eventually, people found out that “Alex Green” was an alias used by Ryan Kennedy, who was sentenced to 11 years jail time for multiple crimes, including rape.

Despite its early dark days that were filled with pump and dump exit scams, however, Dogecoin appears to have found its niche in the cryptocurrency space and with a strong online community. Its Reddit subforum, for instance, has over one million subscribers today.

Therefore, Dogecoin’s volatile beginnings will likely be forgotten. Nevertheless, DOGE certainly has a long history of people using it to pump and dump their bags way before Elon Musk likely even knew about his favorite meme-inspired cryptocurrency.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.