The meme-based cryptocurrency has exploded on Twitter over the past 24 hours, mirroring the rapid appreciation in DOGE price. Dogecoin (DOGE), a meme coin created as a joke, has seen a groundswell of Twitter activity in the past 24 hours after attention was thrown on the coin by the now-infamous Reddit group responsible for pumping the share price of GameStop.

Dogecoin’s Twitter volume — the number of daily tweets versus the 30-day average — skyrocketed 1,787% on Thursday, according to crypto data provider The TIE. In total, there were 89,991 tweets about DOGE over a 24-hour period.

In fact, The TIE’s data suggests it’s the first time any altcoin has surpassed Bitcoin in terms of volume. more information

For months now our newsdesk has followed the tracks of a mysterious whale from 2010, a miner who not only mined thousands of bitcoin back in the day, but has also spent over 8,000 bitcoin during the past ten months. This week, the Russian blockchain researcher, Issak Shvarts published a report about the decade-old block rewards, and he claims to have shown “full proof” that the bitcoins are now owned by Coinbase and also distributed after the transfers. more info

Larry Fink, CEO and chairman of BlackRock, which manages a mind-blowing $7.81 trillion worth of assets, has appeared on Bloomberg Live to be asked about Bitcoin.

He mentioned the frequent coverage of Bitcoin recently by Bloomberg and other business media outlets and stated that BTC can be a store of wealth. He also mentioned several problems with BTC.
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The cryptocurrency market saw over $450 million worth of futures contract positions liquidated in the last 24 hours. In the same period, Bitcoin pulled back by more than 7%, showing weakening momentum.

On Binance, the price of Bitcoin dropped to as low as $29,500, retesting a critical support level.
Bitcoin price chart. Source: BTCUSD on TradingView.com
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Over the last few weeks, the price of bitcoin has hit a record high of more than $41,000, blowing past the 2017 bubble high point of $19,783. The price has since declined relatively rapidly, and questions have arisen about what’s next for this latest bubble. This presents an opportune moment to analyze why these bubbles form and what they mean for the future of bitcoin.

Price volatility causes market uncertainty and is often viewed as detrimental. However, for bitcoin, the price volatility – such as this recent bubble and past ones of varying sizes in 2017 and 2019 – can be ultimately beneficial for the future of cryptocurrencies, because it promotes wider adoption of this up and coming technology.

Yanhao "Max" Wei is an assistant professor of marketing at USC Marshall School of Business.

In some sense, bubbles, which we are defining as a price surge that experiences a decline afterward and then stabilizes at a lower level, essentially becomes free advertising for bitcoin. Headlines splash across major mainstream media outlets about the rising price. Social media buzz begins to build. Soon, people start wondering about bitcoin and whether they should get in on the action.

This phenomenon was borne out in research I conducted with my USC Marshall colleague Anthony Dukes, blending standard models of product diffusion with macro-financial economics to identify a new view of currency speculation.
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Crypto markets have reversed course across the board and are flashing green Friday. Bitcoin crossed over $32,000 and ether is rallying hard in 2021 so far.

Bitcoin (BTC) trading around $33,608 as of 21:00 UTC (4 p.m. ET). Gaining 5.3% over the previous 24 hours.
Bitcoin’s 24-hour range: $28,845-$33,873 (CoinDesk 20)
BTC above the 10-hour and the 50-hour moving averages on the hourly chart, a bullish signal for market technicians.

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Bitcoin’s latest correction may get a bit steeper as it sits underneath a massive supply barrier and on top of weak support.
The pioneer cryptocurrency has enjoyed an impressive bull rally over the past few months. Since early September 2020, Bitcoin saw its market value skyrocket by nearly 330%.

BTC’s price went from trading at a low of $9,800 to make a new all-time high of $42,125.

Given that such a bull did not experience any major corrections, multiple on-chain metrics suggested that Bitcoin was hovering in overbought territory.

The pessimistic scenario seems to have been confirmed recently after a spike in selling pressure sent prices below a critical support barrier. Indeed, BTC appears to have broken below the lower trendline of a symmetrical triangle that had been developing since the peak on Jan. 8.

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