1. Crypto Long & Short: Why Bitcoin’s Taproot Upgrade Matters
The most important impact for the investing market overall: It’s a reminder that Bitcoin is a technology. Plus: What’s next for dogecoin?
You might have noticed some green squares floating around Twitter. Like the laser eyes, they are part of the insider signaling that creates a sense of cause and belonging. Unlike the laser eyes, they are not directly about the price — they signal support for the proposed Taproot upgrade for the Bitcoin network.
Why is this important? It’s not just the benefits the upgrade brings, which are significant. Taproot is important because it reminds us of what Bitcoin is.
2. ‘Call Me the Dogefather’: Elon Musk Explains Crypto to SNL’s Audience
Dogecoin has risen 130-fold this year, for a market capitalization of about $80 billion, on par with France’s largest bank.
“I’m really excited for my Mother’s Day gift,” deadpanned Maye Musk, mother of billionaire Elon Musk. “I just hope it’s not dogecoin (DOGE, -15.66%).”
“It is,” the Tesla and SpaceX CEO joked.
Musk, the billionaire trying to ferry people to Mars and build electric cars for Earth, hosted NBC’s Saturday Night Live program on, uh, Saturday night. As expected, the meme cryptocurrency dogecoin came up. During a Weekend Update segment (a parody of news shows), Musk explained cryptocurrency generally to the NBC Show’s audience, before hosts Michael Che and Colin Jost repeatedly asked him “what is dogecoin.”
3. Ether Sets New All-Time High of More Than $3.8K
The new high water mark of $3,855.40 came less than a week after the cryptocurrency topped $3,000 for the first time.
Ether (ETH, +1.97%) (ETH), the native cryptocurrency of the Ethereum blockchain, continued its recent torrid run, setting a new record price Saturday of over $3,800 amid speculation the network’s value might soar as more traders warm to the potential of decentralized finance, known as DeFi, and other uses like non-fungible tokens or NFTs.
The new all-time high price of $3,855.40 came less than a week after the cryptocurrency topped $3,000 for the first time. Ether has since given back some of its gains and is now at $3,839.98, up 8.96% over the last 24 hours.
The price of the second-largest cryptocurrency by market cap has quadrupled just this year alone, outperforming bitcoin (BTC, +0.86%) (BTC), the largest cryptocurrency, which has doubled.
Ether now has a market capitalization of $443.8 billion, exceeding that of Johnson & Johnson, as well as that of Walmart and UnitedHealth.
Should Ether continue on its upward trend it wouldn’t be long before its market cap is half that of larger sibling bitcoin’s $1.107 trillion.
The latest price move comes amid signs of growing interest in ether from big institutional investors and Wall Street firms.
Late last month, the Wall Street investment-research firm FundStrat predicted ether could surge to $10,000 this year, powered by enthusiasm over DeFi’s growth and advances in Internet-based financial applications.
As for bitcoin, the price of the leading cryptocurrency is nearing $60,000 again, up 2.73% to $59.207.09 at press time.
4. Dogecoin Falls as Musk Underwhelms and Reality Intrudes
Given the hype, Musk needed to have been perfect. He wasn’t.
If ever there were a case of “buy the rumor, sell the fact,” it occurred Saturday night with dogecoin (DOGE, -15.6%).
Since Tesla head and self-proclaimed “CEO of dogecoin” Elon Musk tweeted last month that he would be hosting Saturday Night Live on May 8, the excitement level surrounding the meme-based cryptocurrency ascended to even more astronomical levels in the lead-up.
After all, since Musk’s tweets had acted as jet fuel to dogecoin’s price all year, just imagine what an appearance on national television could do!
5. Musk’s SpaceX Accepts Dogecoin as Payment for Sending a Satellite to the Moon
The DOGE-1 Mission to the Moon will launch aboard a SpaceX Falcon 9 rocket in Q1 2022.
While it’s still anyone’s guess whether the price of dogecoin (DOGE, -15.95%) is heading to the moon, a Canadian-based company is using the Shiba Inu-represented cryptocurrency to pay SpaceX to take a satellite there.
Calling it the first-ever commercial lunar payload in history paid entirely with dogecoin, Geometric Energy Corp. said the DOGE-1 Mission to the Moon will launch aboard a SpaceX Falcon 9 rocket in Q1 2022.
“This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce,” SpaceX Vice President of Commercial Sales Tom Ochinero said in the release. “We’re excited to launch DOGE-1 to the Moon!”
The payload will obtain lunar-spatial intelligence from sensors and cameras on-board using communications and computational systems, GSC said in the statement.
SpaceX is helmed by billionaire Elon Musk, the most well-known advocate for dogecoin, a meme-based cryptocurrency started as a joke in 2013. Propelled in large part by Musk’s tweets, the price of doge coin has risen more than 11,000% year to date. As a result, dogecoin has seen increased adoption and use cases, including now payment for a trip to the moon.
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May 10, 2021