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Cardano, Dogecoin Spike As Bitcoin, Ethereum Lose Momentum On Elon Musk, Binance Jolts

May 13, 2021 9:50 pm
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Cardano, Dogecoin Spike As Bitcoin, Ethereum Lose Momentum On Elon Musk, Binance Jolts

As Bitcoin (BTC) and Ethereum (ETH) lose the spark, Cardano (ADA) and Dogecoin (DOGE) are seeing some smart gains.

What Happened: BTC traded 0.62% higher at $50,150.95 at press time. The apex cryptocurrency, by market capitalization, has fallen 10.9% over a seven-day trailing period.

ETH, The second-largest cryptocurrency by market capitalization, was down 2.22% at press time at $3,847.68 in a 24-hour trailing period.

ADA and DOGE were both among the top gainers at press time in a 24-hour period. ADA traded 16.13% higher at $1.89, while DOGE traded 9.34% higher at $0.47.

See also: How to Buy Dogecoin (DOGE)

ADA touched an all-time high of $1.97 on Thursday evening.

BTC and other cryptocurrencies are under pressure after news broke that Binance Holdings Ltd —  the largest cryptocurrency exchange by volume at press time according to CoinMarketCap data — is under investigation by the U.S. Department of Justice and Internal Revenue Service, Bloomberg reported.

Why It Matters: The Cayman Islands-incorporated Binance is the subject of an inquiry related to money laundering and tax offenses, officials have sought information from individuals who are in the know about how the exchange conducts its business, people familiar with the matter told Bloomberg.

Meanwhile, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk tweeted Thursday that cryptocurrency is “a good idea on many levels and we believe it has a prominent future, but this cannot come at great cost to the environment.

The comments were in relation to Tesla’s decision to stop accepting BTC for payments. 

"To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal,” Musk said in a separate tweet. 

The entrepreneur said that he is working with DOGE developers “to improve system transaction efficiency.” He called the development “potentially promising” in a Thursday evening tweet.

On Thursday, Coinbase Global Inc (NASDAQ:COIN) said it would offer DOGE to its customers in “6 to 8 weeks,” as a part of its first-quarter earnings announcement.

Cardano is also courting Tesla, calling itself an “obvious match,” given that sustainability and founding by engineers as points where the two companies intersect among others. 

However, Cardano is not alone in its pursuit, the creators of Tron (TRX) and DOGE have been wooing Musk on Twitter as well. 

Read Next: Dogecoin Sees 'Global Developer Initiative' To Help Build Commercial Apps On Top Of Its Blockchain: What You Need To Know

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