Elon Musk Favors Dogecoin Over Bitcoin for Transactions

Tesla CEO Elon Musk has jumped on the Dogecoin bandwagon with his recent statement in an interview with Time Magazine where he said that Dogecoin is better suited for transactions than Bitcoin. Until as late as last year, Musk had been a staunch supporter of Bitcoin, going so far as to declare it as a legitimate mode of payment for purchases at Tesla. However, he now appears to be backtracking on his previous statement. According to the Tesla chief, as each token of Bitcoin currently stores big quantities of fiat currency, it is a popular crypto coin among investors. However, Musk believes Dogecoin to be better suited for regular purchases.

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Niantic Teams Up with Fold for Bitcoin Metaverse

Niantic, the company that developed the famous Augmented Reality (AR) game titled Pokémon Go, and Fold, a payments company, have partnered up in order to create a new AR based “gaming” experience which enables users to earn Bitcoins. Fold announced the partnership in a press release, calling the experience “an alternative vision for the metaverse” which, according to them, “promotes human freedom and happiness through bitcoin and fun.” They have now begun rolling out a limited beta of the experience within the Fold App. Fold already provides its users with various ways to earn Bitcoin on their mobile app. The company claims that this is just a natural of the current experience.

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Ripple CEO Takes a Jab at Dogecoin

Brad Garlinghouse, CEO of Ripple, took a dig at Dogecoin while attending the Fintech Abu Dhabi event, reported CNBC on Tuesday. Garlinghouse, who had previously been an executive at Yahoo, said during his latest appearance that Dogecoin is not suited for the cryptocurrency market and will not be good for it. The Ripple CEO said “I’m actually not convinced, somewhat controversially I guess, that Dogecoin is good for the crypto market.” The meme coin was released in 2013 as a parody of Bitcoin, but only gained popular acceptance in 2021.

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Bitcoin, Shiba Inu, Ether, Other Crypto Coins Plummet

Cryptocurrency values today saw a massive decrease with Bitcoin trading at less than $63,000. Bitcoin, with the largest market capitalisation, happens to be the most popular cryptocurrency in the world. The coin, at $62,054, fell more than 6% after having recently reached a record high of nearly $69,000. Bitcoin’s year-to-year growth has been over 114% till date.

The Ethereum blockchain associated crypto coin Ether, which happens to rank second after Bitcoin in the hierarchy of cryptocurrencies, also went down over 6% and stood at $4,400. Benefitting from Bitcoin’s popularity and whispers about more widespread blockchain acceptance, Ether had reached close to a record high in trading.

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Tim Cook, CEO of Apple, Confirms Owning Bitcoin

During an interview at the DealBook conference on 9th November, Tim Cook, CEO of tech giant Apple, in response to a question on the matter insinuated that he himself has invested in Bitcoin.

Cook, when questioned whether he owned any cryptocurrency, replied with, “I do. I think it’s reasonable to own it as part of a diversified portfolio”. He further added, “I’m not giving anyone investment advice by the way.”

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Cryptocurrency: Ether and Bitcoin Reach Record Highs Amid Inflation Scare

Crypto coin Bitcoin and ether’s trade in Asia reached record highs as trepidation over inflation led to growing interest in the adoption of this asset class.

In the early hours of the day, Bitcoin reached a peak of $67,803, while ether, which is the second largest cryptocurrency in terms of market value, reached $4,825 in Asia.

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Six Crypto Coins See 2,745.72% Increase in 24 hours

Despite facing some setbacks on Monday, November 1st, the major crypto coins made a quick recovery, with Bitcoin going up 2.30% the following day, amounting to $62,196.16 per unit. Following Bitcoin, Ether, which ranks second in the crypto market, went up as high as $4,343.31 per unit, and grew by 2.32% during the day. The crypto market saw a sharp growth over the past few weeks, with Shiba Inu, the meme-coin, rising to the ninth rank among the global most traded crypto coins, as reported by CoinMarketCap on Monday. The crypto coin grew by 160% in the last week. As of the latest, it was trading at $0.00007078, with a 10.09% growth over the past 24 hours.

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