Two Reasons for SHIB Price Move, DOGE Spikes 13% After Musk’s Twitter Deal, El Salvador BTC Adoption Fails: Crypto News Digest by U.Today
U.Today presents the top four news stories over the past day.
Here are two potential reasons for SHIB's next price move
The start of 2022 has not been the best for Shiba Inu as it is still stuck within a sideways trading range beneath the $0.000035 level. However, despite all this, the meme coin supporters are confident that SHIB's next price move is around the corner, and there are two things that might ignite it. First of all, Shiba Inu’s burn portal is gaining immense traction among SHIB holders, with 12 billion SHIB tokens being burned since the portal started operating. Secondly, the whales are buying an immense number of canine coins, making SHIB the biggest token by USD value for them.
Yuri MolchanDogecoin spikes by 13% minutes after Elon Musk's Twitter purchase confirmation
Every Dogecoin supporter knows the connection between Elon Musk and the meme coin. Thus, it was no surprise that DOGE saw a 13% spike after it has been confirmed that Tesla boss is buying Twitter. Previously, Musk announced his plans for the social media giant, which will be making the company private, adding a whole new verification system for getting rid of scam bots and making the platform more user-friendly.
At the moment of writing, DOGE is up 6.14%, changing hands at $0.1482, according to CoinMarketCap.
Tomiwabold OlajideEl Salvador's Bitcoin experiment is big failure, study shows
The National Bureau of Economic Research (NBER) has recently shared the results of its study on Bitcoin as legal tender in El Salvador. The study shows that the adoption of the flagship crypto has unfortunately failed to take off, with more than 60% of respondents ditching the government’s Chivo wallet after using the $30 bonus. According to the NBER’s data, only 3% of Salvadorans received remittances in Bitcoin, and 99% of the respondents have never paid taxes with BTC. Despite the fact that the controversial Bitcoin Law requires mandatory acceptance, 80% of companies in El Salvador still do not accept Bitcoin.
The largest cryptocurrency was officially adopted as legal tender in the country in September 2021. Since then, not a single country has followed suit.
Alex DovbnyaBitcoin breaking below $30K is "very possible," analyst says
Katie Stockton, founder and managing partner of Fairlead Strategies, claims that Bitcoin is likely to drop below $30,000. In her opinion, the main bearish catalyst for another painful selloff is Bitcoin's inability to hold the $40,000 support level. Stockton added that the flagship crypto had lost upside momentum similarly to the equities market. If Bitcoin continues to fall below the key support level, it will likely look like another bear market rather than a corrective phase.
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