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Top cryptocurrencies steady ahead of Musk appearance

written by Bella Palmer
musk

Dogecoin has soared to overtake Ripple as the fourth largest cryptocurrency by market cap ahead of Musk’s TV appearance

The top 10 cryptocurrencies were trading relatively steady on Friday as markets await Tesla CEO Elon Musk’s appearance on Saturday Night Live this weekend.

In recent days, the meme-based cryptocurrency Dogecoin has soared to overtake Ripple as the fourth largest cryptocurrency by market cap ahead of Musk’s TV appearance.

Musk has regularly tweeted about the cryptocurrency which has helped propel its price higher in recent weeks and there is expectation that if Musk mentions it live on national television, the price could continue to soar.

Back in April when Musk announced his appearance on Saturday Night Live, the Tesla CEO appeared to refer to himself as ‘The Dogefather’ sending the price of the cryptocurrency higher by as much as 20%.

US banking giant Citigroup is reportedly the next financial behemoth that is planning to take its first steps into the cryptocurrency markets.

The Financial Times reported that Citi is considering trading, financing and custody of digital assets after a surge in interest from clients.

There are different options from our perspective and we are considering where we can best service clients, said Citi’s global head of foreign exchange Itay Tuchman.

Citi would be following in the footsteps of other major financial services firms, such as Bank of New York Mellon and Goldman Sachs, who have recently announced plans to enter cryptocurrency markets.

There may have been some suggestion that Citi has joined in late but Tuchman does not believe that is the case.

I don’t have any FOMO because I believe that crypto is here to stay, Tuchman said.

At one time, Bitcoin was trading at around $56,600, down 2.3% in the last 24 hours. Ethereum was trading just below $3,500 and Dogecoin was around $0.62.

Disclaimer:

The opinions expressed by our writers are their own and do not represent the views of UK Investment Guides. The information provided on UK Investment Guides is intended for informational purposes only. UK Investment Guides is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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