The Philippine Stock Exchange (PSE) is aiming to be first in line when financial regulators give the green light for crypto asset trading in the country.
On Friday, July 2, CNN reported that PSE president and CEO Ramon Monzon said the local bourse should be the country’s first exchange platform for crypto assets. He stated:
“If there should be any exchange for cryptos, it should be done at the PSE. Why? Number one, it's because we have the trading infrastructure. But more importantly, we'll be able to have investor protection safeguards especially with a product like crypto.”
The country’s stock exchange is now awaiting guidelines from the Philippine Securities and Exchange Commission and other financial regulators. Despite his eagerness to support crypto asset markets, Monzon warned of crypto’s volatility, stating: “instant riches could be instant poverty too.”
Dogecoin (DOGE) prices surged but did not skyrocket after receiving another endorsement from Tesla CEO Elon Musk on Twitter on July 1.
The billionaire entrepreneur published a tweet at around 8:43 am UTC — a Godfather-themed meme that shows Marlon Brando's iconic character, Don Vito Corleone, with the text "YOU COME TO ME AT RUNTIME TO TELL ME THE CODE YOU ARE RUNNING DOES NOT COMPILE."
Meanwhile, Musk captioned the tweet "Release the Doge!"
Seconds after the tweet was posted, the DOGE/USD exchange rate surged from $0.24 to $0.261 — about 8.42%. A sell-off followed suit, which took the pair as low as $0.247. Just then, at 9:24 am UTC, Musk tweeted another gibbering message that read "Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge."
DOGE/USD rose 5.22% to $0.260 after the second tweet.
In the next couple of hours, DOGE/USD attempted to reclaim the intraday high of $0.261 on the Musk factor, but profit-takers kept offsetting their upside bias, as shown via the large minute-candle bullish wicks in the chart above.
Nevertheless, Dogecoin was still down by almost 0.5% around 12:00 pm UTC, hinting that Musk's influence on the cryptocurrency market is in decline.
Earlier this year, the Tesla CEO's whole-hearted endorsement of Dogecoin caused massive retail-led price spikes, so much so that the cryptocurrency's market cap peaked at almost $100 billion in early May.
At the time, the DOGE/USD exchange rate surged to its record high of $0.76.
The pair is now worth half of its value two months ago, primarily due to a significant crypto market correction that saw almost all the top-cap assets — including Bitcoin (BTC), Ether (ETH) and XRP — crash by more than 50% as well. Altcoins such as Dogecoin typically trade in sync with Bitcoin.
This Daily Dose was brought to you by Cointelegraph.