Saturday, January 29, 2022

Dogecoin (DOGE) Lowers the Thursday Crypto Market Trend on Tesla News

While the broader crypto market looked deep red on Thursday, Dogecoin (DOGE) was on the move.

On Thursday, DOGE ended the day up by 7.85% at $0.1758. This is a 3. Wasthird Days in a row in the green, the last 2 gains are coming from behind Fed Chair Powell testimony.

Tesla and Kryptos keep intertwining

Supporting that day was news of Tesla testing DOGE as a payment option. According to the latest news, a few days ago the DOGE payment option was added for testing. A software engineer reportedly analyzed the source code. However, there is no comment from Tesla yet. Nonetheless, this is not the first time that Elon Musk and Tesla have been in crypto news.

Late last year, news hit the strings of an Elon Musk tweet that said “Tesla Will Make Something Merchant Buyable With Doge And See How It GoesThe meme coin continues to respond to the chatter of Elon Musk, who remains a staunch ally of DOGE and the Shiba Inu Coin (SHIB).

More importantly, Tesla made a huge bitcoin (BTC) purchase early last year. In February, news hit the strings of a bitcoin breakout that prompted Tesla to buy $1.5 billion worth of bitcoin. Following the purchase, Tesla also announced accepting bitcoin for car payments.

Since then, however, Tesla has stopped accepting bitcoin payments over environmental concerns.

Cryptos, Crypto Mining, and the Environment

Tesla’s decision to withdraw acceptance of bitcoin came ahead of China’s decision last summer to ban crypto mining.

Since then, crypto mining has become a hot topic, with the US becoming the largest bitcoin mining country by hashrate.

The US accounted for 35.4% of the total bitcoin hash rate as of August 2021, according to the University of Cambridge. Before China’s embargo, the US accounted for less than 20%.

China was banned due to concerns about the impact of crypto and mining on the environment. In the US, a significant increase in mining has also attracted the attention of the US government. Earlier this year, the news was received by wires from a US Congressional sub-committee preparing for hearings on crypto, crypto mining and the impact on the environment.

for the coming day

Whether DOGE can hold on to Thursday’s gains remains to be seen. The news wire and anything further from Tesla will be important. Negative sentiment in the broader crypto market on Fed monetary policy and increased regulatory scrutiny remain downside risks.

The $0.20 level and December’s high of $0.2232 will turn into a move back from yesterday’s current year high of $0.1768. News confirmation of Tesla testing DOGE for payouts will be crucial for a break back through the $0.20 level.

However, a fall back to the sub-$0.17 level would revisit the $0.15 level and Monday’s current year low of $0.1432.

DOGE’s sentiment for 2022 is strong. More bullish price predictions have DOGE hitting $1.00 by mid-2222 and $1.50 within 5-years. DOGE is currently well below its May 2021 ATH of $0.7398.

At the time of writing, DOGE is down 0.23% to $0.1754.

Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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