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Bitcoin Sets New Record With 9-Week Losing Streak

Daily Market Wrap

  • Crypto market cap: 1.25 trillion, up 4.79%

  • BTC price stands at USD 30,132, up 4.33%

  • ETH price stands at USD 1,872, up 5.87%

  • Top gainer: STEPN (GMT), up 27.94%

  • Top loser: Binance USD (BUSD), down 0.03%

News of the Day

Why it matters:

  • Bitcoin price action decoupled from the stock market last week, down 22% in May

  • While the Nasdaq Composite tech-heavy stock market index began to flash a little green with 3.1% up last week, Bitcoin and the majority of altcoins have continued to drop

  • According to CoinGlass, this would make May 2022 the second worst May in Bitcoin’s history

Crypto daily spotlight

Brief introduction: The popular meme coin Dogecoin is based on the popular “DOGE” Internet meme and features a Shiba Inu on its logo. It was created on Twitter by Jackson Palmer who is from Sydney, Australia on November 27, 201, when he tweeted about “investing” on “Dogecoin”. In 2021, Elon Musk was a well-known Dogecoin supporter and enthusiast, having used his Twitter to shill Dogecoin for several business purposes.

Why it matters:

  • Elon Musk tweeted on Friday saying he plans to support DOGE payment for SpaceX merchandise

  • Musk says he is a supporter of Dogecoin because he believes it is “the people’s crypto”

  • The price of DOGE jumped as much as 10% immediately following the tweet. However, it remains down more than 41% in the past 30 days

  • Tesla, Musk’s electric car company, also started accepting DOGE for their merchandise in January this year

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