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    Elon Musk Pumping DOGE & BTC Dropped to $45.954: Price Digest

    Elon Musk Pumping DOGE, Bitcoin price dropped to $45,900

    On December 14, the famous entrepreneur Elon Musk announced that Tesla will release merch that can be bought for Dogecoin (DOGE) cryptocurrency. The businessman kept the intrigue, just saying that he was talking about "some" merch. The company, he said, will assess how the merch will sell. 

    After Musk's announcement, the price of the DOGE token increased by more than 20% and reached $0.1887

    Dogecoin cryptocurrency was created in 2013 but gained much wider popularity in 2021. Earlier, Musk admitted that he acquired DOGE tokens for his youngest son.

    According to blockchain tracker Blockchain.com, 90% of the total Bitcoin supply is mined. 18.89 million Bitcoins are already in circulation, the remaining 10% is yet to be mined. While the leading cryptocurrency has reached this milestone, Bitcoin has lagged behind in recent weeks. On November 10, Bitcoin set an all-time high above $69 thousand. Since that moment, the asset has fallen in price by 30%.

    On December 4, the value of the asset for the first time since the end of September fell to $42 thousand. Last week, the value of Bitcoin rose above $50 thousand after the publication of data on a record rise in consumer inflation in the United States over the past almost 40 years.

    Earlier today, Bitcoin's price dropped below the $46,000 mark, down to $45.954 as a result of a sell-off in the broader market. Bitcoin rose to a late morning high of $47,572, and then, however, slipped back to the $47,500 level. 

    Analysts believe that the downtrend may end after comments from the US Federal Reserve on Wednesday, December 15. The Fed will provide quantitative easing and inflation data. This information will affect financial markets – traditional and cryptocurrency. 

    In the meantime, anticipating the news, the entire market is in the red zone.

    The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research. This text is not a guide to action. The author's opinion may not coincide with the opinion of CoinJoy.