Dogecoin (DOGE) fell sharply after Elon Musk-owned Twitter removed the cryptocurrency’s dog mascot on the social-media site.
The crypto fell around 7.3 per cent in the past two days.
DOGE had briefly surged as high as 10.5 cents on April 3 after Twitter inexplicably removed its blue bird logo, replacing it with Dogecoin’s mascot.
Matter Labs Assures Fund Safety
Matter Labs, the creator of Ethereum layer-2 scaling technology zkSync, has assured investors that their funds were safe. The Matter Labs team said it found an “elegant solution” to transfer the frozen funds from its new smart contract, GemstoneIDO, which is holding 921 Ethereum (ETH) worth $1.7 million.
In a tweet, Matter Labs said it found a way to “unfreeze” the GemstoneIDO contract to recover the money raised during the Gemholic token sale, stressing the funds wouldn’t be “stuck forever.”
Bitcoin’s Upward Movement A ‘Haven Rally’
Bitcoin’s price rose 23 per cent in March as several US banks collapsed, fuelling recessionary fears. The price increase indicates that investors could be looking for safety in the leading cryptocurrency amid bank collapses, according to several analysts who dubbed the upward movement a haven rally.
Bitcoin’s price rally along with the increase in NASDAQ-S&P 500 (NDX/SPX) ratio indicates that the surge was partially if not entirely, fuelled by increased risk appetite brought on by expectations for an early Federal Reserve tilt in favour of liquidity-boosting rate cuts, they said. The NDX/SPX ratio calculates the relative value differences between a basket of broader industry stocks from the S&P 500 and the technology stocks represented in the Nasdaq 100.
As a result of the banking sector’s volatility, traders aggressively reinstated their bets that the Fed would lower interest rates later this year, and the ratio increased by 5.65 per cent in March to cap its best monthly performance since February 2009. The NASDAQ rose by about 10 per cent, significantly outpacing the S&P 500’s increase of 3.5 per cent.
