LONDONSINGAPORE Bitcoin was heading on Friday for its worst week since February, while dogecoin leapt by a quarter, as the latest tweets on cryptocurrencies from Tesla boss Elon Musk sent the digital coins on a wild ride.
Bitcoin is down about 13 this week, and was last up 1.6 at 50,503. It has slumped over a fifth from its record of just under 65,000 hit last month.
Cryptocurrency markets have gyrated to Musk tweets for months, with his comments on dogecoin a token started as a joke that has scant practical use fueling a hundredfold rally this year.
Musk knocked bitcoin this week after tweeting that Tesla would stop accepting it for payment owing to environmental concerns.
Toppy markets are looking for an excuse to breathe, said Ben Sebley of crypto firm BCB Group. Long money doesnt care about Elons tweets. Fast money trades around that stuff now.
68 BILLION MARKET CAP
Dogecoin has climbed about 25 after Musks latest tweet, according to CoinGecko, and was last at 0.52, down from its record 0.73 hit last week.
Working with Doge devs to improve system transaction efficiency. Potentially promising, Musk wrote on Thursday. He called it a hustle last week, knocking its price.
It was unclear if Musk was referring to efficiency in terms of energy, ease of use or suitability as a currency, said Mark HumpheryJenner, associate professor of finance at the University of New South Wales.
Dogecoin consumes 0.12 kilowatt hours of electricity per transaction compared with…