Electric car maker Tesla Inc TLSA continues to hold on to Bitcoin BTC/USD but only accepts Dogecoin DOGE/USD for making purchases.

What Happened: Tesla’s fourth-quarter financials revealed that, for the second quarter in a row, the electric car maker neither bought nor sold any of its Bitcoin holdings. This is despite the sharp market turbulence in November and December, triggered by the collapse of FTX. 

In an FAQ, Tesla says it only accepts Dogecoin: “Tesla cannot receive or detect any other digital assets. Ensure you are making your purchase with Dogecoin. Sending any other digital assets may result in the assets being lost or destroyed. Non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser.”

See More: Best Crypto Day Trading Strategies

The company reported that its total digital assets held by the end of December 2022 were $184 million, a decrease of $34 million from the previous quarter due to the dip in the price of Bitcoin between September and December of last year. 

In May 2021, Musk suspended Tesla purchases with Bitcoin citing environmental concerns. 

Later, in March 2022 Musk said that Tesla merch could be bought with Dogecoin and he will soon add SpaceX merch as well. In February 2022, he announced that the company’s supercharging station will accept Doge as payment.

Price Action: BTC was trading at $23,159 up 2% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Spike: Analyst Warns Apex Crypto Could Dip Back To $20K If Tech Selloff Intensifies

 

Dogecoin (CRYPTO: DOGE) spiked almost 10% higher just after midnight on Sunday after Tesla, Inc (NASDAQ:TSLA) CEO Elon Musk said on Twitter Inc (NYSE:TWTR) he had no plans to sell his stake in the Shiba Inu-themed crypto, nor his position in Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

The surge was short lived and by Monday midafternoon Dogecoin was trading flat to Sunday’s 24-hour closing price.

Traders and investors may have felt weary knowing on Monday afternoon the European Union was set to finalize a regulatory framework that would have essentially amounted to a ban for proof-of-work cryptocurrencies if it had passed. The EU voted 32-24 against the provision, however.

Cryptos that are mined using proof-of-work are environmentally unfriendly because they require a massive amount of computational energy, and some EU parliamentarians want PoW cryptos such as Bitcoin, Ethereum and Dogecoin to shift toward proof-of-stake protocol for that reason. Dogecoin is currently mined using the proof-of-work protocol but like Ethereum, it is working to switch to PoS with the help of Ethereum co-creator Vitalik Buterin.

The general markets suffered a bearish day on Monday, which may have muted a potential bullish reaction for Dogecoin after the news came out about the vote.

See Also: How to Buy Dogecoin • The People’s Currency

The Dogecoin Chart: Dogecoin has been trading in a falling channel pattern on the daily chart since Feb. 8, making a consistent series of lower highs and lower lows between two parallel trendlines. On Monday, Dogecoin attempted to break up bullishly from the pattern but rejected and wicked from the upper descending trendline of the channel, causing it to fall down to find support at the median line of the pattern.

A falling channel pattern is considered bearish until a stock or crypto breaches the upper descending trendline of the pattern on higher-than-average volume, which can signal a massive reversal to the upside.

There currently appears to be a big battle taking place between the bulls and the bears because Dogecoin was trading flat on higher-than-average volume. By midafternoon, Dogecoin’s volume was measuring in at more than 311 million compared to the 10-day average of 167.08 million.

Dogecoin’s relative strength index (RSI) is measuring in at about 34%, which indicates at least a bounce may be on the way. When a stock or crypto’s RSI nears or falls below the 30% level it becomes oversold, which can be a buy signal for technical traders.

The crypto is trading below the eight-day and 21-day exponential moving averages (EMAs), with the eight-day EMA trending below the 21-day, both of which are bearish indicators. Dogecoin is also trading below the 50-day simple moving average, which indicates longer-term sentiment is bearish.

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• Bulls want to see big bearish volume come in and break Dogecoin up through the falling channel pattern, which will negate the downtrend. The crypto has resistance above at $0.121 and $0.135.
• Bears want to see Dogecoin continue to trade lower within the falling channel pattern or for the crypto to drop through the bottom of the formation on higher-than-average volume, which could cause Dogecoin to lose support at the 10-cent mark. Before reaching that level, the crypto has support just above the 11-cent level.

Photo: KNFind on Pixabay

Dogecoin (CRYPTO: DOGE) millionaire Glauber Contessoto said he still owns every single DOGE that he has bought so far.

What Happened: In a Wednesday tweet, Contessoto said he is “still holding every single one of my dogecoin” and he “bought every dip in 2021.” He believes “the future is bright for currency with a cute dog meme on it.”

Contessoto has gone as far as to say that if he “can retire at 35 with $10 million” he will “be happy.” His comments follow an expert recently suggesting Dogecoin will hit $0.40 by the end-of-year due to a bullish run-up resulting from the September bear market.

See Also: IS DOGECOIN A GOOD INVESTMENT?

Dogecoin fans recently saw a whole slew of positive news. One was the partnership between BitPay Inc. and Verifone Inc. allowing crypto payments in fast-food restaurants and stores, and another example was AMC Entertainment Holdings Inc. (NYSE:AMC) chairman and CEO Adam Aron suggesting Dogecoin support. Last but not least, recent reports show data proving that Dogecoin adoption is climbing much faster than ever.

Price Action: According to CoinMarketCap data, as of press time Thursday, Dogecoin is trading at $0.2027 after seeing its value increase by about 1.5% over the last 24 hours.

Photo by Executium on Unsplash

Trading crypto can be a dicey affair at the best of times. But when a hamster surpasses your performance, perhaps it’s time to reassess your trading strategy and execution.

Enter Mr. Goxx, the world’s first crypto trading hamster, whose recent trading calls have returned more than the S&P500.

That’s right, Mr. Goxx, via his custom trading office, can select crypto assets and place buy and sell orders. And while he got off to a shaky start, he’s been getting better returns than the S&P, Nasdaq, and Berkshire Hathaway since late July.

“Mr. Goxx is a hamster living in a loving and caring environment. Unlike other hamsters, he owns a fully automated high-tech trading office, directly connected to his normal hamster-friendly home (he can enter and leave it whenever he wants).”

As bizarre as that sounds, the use of animals in predicting future events is nothing new. While some say there’s a random element to the outcomes, there comes the point when consistently accurate calls suggest there’s more going on than pure chance alone.

Psychic animals

Animals have been used to predict the weather for generations. For example, some farmers say they know rain is coming when their cows lie down in the fields.

Scientists who’ve studied the phenomenon say cows are sensitive to changes in air pressure. And when such changes are detected, they respond by lying down in a dry spot.

More recently, the use of animals to predict football results has gained traction. The most famous case is Paul the octopus, who had a knack for correctly picking winners in the 2010 World Cup.

Keepers would present Paul with two identical boxes, representing the two teams to play. Each contained the same amount of food. Whichever box Paul chose to eat from first was considered his prediction as to the winner.

“Without a single incorrect prediction – the chances of which were 1 in 256 – Paul was lauded across the world.”

Mr. Goxx, the crypto trading hamster

Now, it seems the humble hamster is making waves in the spooky world of divination.

Mr. Goxx, the hamster, can trade by selecting one of 30 available crypto assets by running on the decision wheel in his trading office. This is followed by a decision to buy or sell via moving the appropriate buy or sell decision tunnel.

The information is sent to a live trading platform via an API connection to place real money trades.

Starting with $390, Mr. Goxx’s crypto portfolio stood at $467 last Friday – a 20% gain. But, like everyone else, the recent dip took a chunk from his balance, which stood at $580 pre-dip.

“Mr. Goxx has so far generated profits of 77 euros as of Friday afternoon. Its portfolio hit a high of nearly $580 in mid-September, when its performance was up nearly 50% in less than three months.”

His top holdings are Tron, XRP, ADA, and Ether.

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