The price of Bitcoin surpassed $50,000 for the first time in history across major futures exchanges, including Binance Futures. However, on spot exchanges, like Coinbase and Binance, the price of Bitcoin rejected closely below $50,000.
On Feb. 16, the price of Bitcoin reached as high as $49,556 on Coinbase, marking its second attempt at breaking past the $50,000 resistance area. Shortly after hitting $49,556, BTC saw a steep pullback, declining by around 3.5% within several hours. CryptoQuant CEO Ki Young Ju explained that Bitcoin’s struggle to break past $50,000 is about “Coinbase whales (USD) vs. Stablecoin whales (USDT).”
The value of Dogecoin (DOGE) sank 23% in a matter of hours on Monday after Elon Musk drew attention to the vastly unequal distribution of DOGE tokens and urged major holders to sell off their holdings Dogecoin has one of the most unequal coin distributions in the cryptocurrency space, with 28.7% being held by just one person and the top 12 holders possessing almost 50% of the supply. On Sunday, Just before midnight UCT, Musk tweeted:
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”
A little over seven hours later, Dogecoin's price had plunged 23% from $0.063 to $0.048. While Musk’s tweets have previously been credited with moving cryptocurrency prices, not least Dogecoin, his role in Monday’s drop was less clear given that over $105 billion departed the rest of the global market capitalization at the same time.
A growing number of business leaders and celebrities — e.g., Elon Musk, Jack Dorsey, Alex Ohanian and, most recently, Ricardo Salinas — have added the Bitcoin hashtag to their Twitter biographies. It hasn’t gone unnoticed. When Elon Musk added #Bitcoin to his bio in late January, Bitcoin soared by 20%.
If indeed a succession of billionaires and tech moguls have taken the Bitcoin pledge — whatever that might entail — what is their motivation? Are they trying to manipulate the market, for instance — or promote their brand?
Could they be just looking to pull the collective leg of crypto’s true believers? The CEOs, on the other hand, could be deadly earnest: signaling the technological future they believe is coming to pass — e.g., global and decentralized.
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