CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Elon Musk ‘Dogefather’ remark spurs more volatility

By Adrian Holliday

10:48, 29 April 2021

Chart of Dogecoin rising higher

Cryptic talk about cryptocurrency Dogecoin has given the controversial currency another shot of volatility – up 20% yesterday.

Yesterday the 'joke' token Dogecoin pushed to $0.33 after comments from Elon Musk – the 'Dogefather’ – referenced an upcoming 8 May TV appearance on Saturday Night Live.

There was little detail from Musk but referring to himself as the ‘Dogefather’ inevitably spurred fresh interest in the currency. On Thursday morning (29 April) Dogecoin was down 1.73% at $0.31.

Facebook says No to Bitcoin

The cryptocurrency has garnered criticism for its strong concentration of ownership spread across a limited number of accounts.   

Meanwhile Bitcoin has recouped some of its earlier April losses, up almost 1% over the last week, though it was down to $54,433 (£39,039) mid-morning today, down 0.03%.

Bitcoin recently spiked to $56,200 on rumours – later quashed – that Facebook had bought into the currency in Q1.

Bitcoin had previously been given a shove downwards on the Turkish Central Bank’s announcement it would ban cryptocurrency payment from 30 April.

BTC/USD

89,491.35 Price
+1.630% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

XRP/USD

0.69 Price
+12.080% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

SOL/USD

215.92 Price
-1.930% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 2.2652

DOGE/USD

0.39 Price
+15.960% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

However, that development has been undermined by new comments from the head of Turkey’s central bank governor Şahap Kavacıoğlu.

What is your sentiment on ETH/USD?

3296.74
Bullish
or
Bearish
Vote to see Traders sentiment!

Turkish re-think possible?

According to Trade Moneta he reportedly told state channel TRT: "You cannot fix anything by banning crypto, and we do not intend to do this.”

Ethereum continues to push higher, climbing another 5% in the last 24 hours. Ethereum is up almost 12% in the last week.  

However Cardano – potentially an Ethereum killer – is up almost 16% and Solana is 17.5% higher.

It was recently announced that Swiss fintech company 21Shares was pushing ahead with exchanged-based products based on Cardano.

Related topics

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading