Volatility returned towards the end of the calendar year as sentiment cooled and risk appetites shifted. As a result, much of the huge gains seen earlier in the year were reversed by the 31st of December.

Bitcoin declined around 17% throughout 2025, XRP (CRYPTO: XRP) dropped around 30%, and Dogecoin (CRYPTO: DOGE) dropped just over 70% in 2025.

As we move closer into the new year, among Bitcoin, XRP, and Dogecoin, which is the better buy for investors?

The case for Bitcoin

In 2025, Bitcoin suffered the biggest price plummet seen since 2021. By November, the coin's value had dropped to around US$85,000 per coin. While Bitcoin regained some of that value in the weeks after, it slumped again in December. For context, Bitcoin peaked at US$124,739 per coin in early October.

So far in 2026, the cryptocurrency has climbed 4.92%, sparking excitement that it could be on a path for recovery.

Bitcoin is widely regarded as the global leader in the cryptocurrency market. It has a fixed supply, is experiencing growing institutional adoption, and is dominant in the cryptocurrency space.

The downside is that Bitcoin is less likely to be as explosive as some of the smaller cryptocurrencies. But as it is generally considered one of the most reliable coins to hold long term, it would be the best option for risk-averse, longer-term investors in 2026.

The case for XRP

XRP was one of the fastest-rising altcoins in 2025. It had explosive growth of over 56% in early July alone, rising to an annual high of US$3.65 per coin. It then tumbled just over 47% by the close of 2025.

In 2026, so far, XRP has recovered 16.29% of its value. At the time of writing, it is trading for US$2.14 per token.

XRP is known for being a fast and low-cost global payment. It acts as a bridge between different currencies, without the need for traditional banks. If the uptake of the technology continues in 2026, it has the potential to outperform major coins like Bitcoin. 

The downside is that XRP comes with a lot more risk, so this is the best option for investors who want higher growth and have a larger appetite for risk.

The case for Dogecoin

Dogecoin was launched as a meme-based parody of Bitcoin in 2013 and has been a wildly volatile token ever since. It is primarily driven by sentiment, community support, and social media attention, rather than any fundamental factors. 

There was a huge spike in interest from investors in late-2025 and early-2025, but over the year, the coin shed around 70% of its value. 

So far in 2026, Dogecoin has jumped 24.44% to 15 cents per coin. 

The benefits of this coin are that it can surge quickly. But it lacks the institutional backing that Bitcoin or XRP have, so it's a high-risk option most suited to short-term investors. 

So which is the best option for investors?

There is no crystal ball to tell us how the crypto market will play out in 2026, so the answer to this question depends on an investors' risk appetite. 

Bitcoin is a more reliable and stable play. Meanwhile, XRP has the potential to yield explosive returns to those willing to take on more risk, and Dogecoin is best suited for short-term traders.

The post Better Buy in 2026: XRP, Dogecoin, or Bitcoin? appeared first on The Motley Fool Australia.

Bitcoin (CRYPTO: BTC) has made another notable 24-hour move today, increasing 2.6% since 4 p.m. ET yesterday (as of 1:30 p.m. ET), with Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) also catching a bid, surging 3.8% and 4.4, respectively, over the same time frame.

These moves have taken Bitcoin back toward the pivotal $100,000 mark, with the world's largest digital asset continuing to hover around this critical level. Ethereum's and Dogecoin's outsize moves make sense in the context of the larger dynamics that are typically at play with respect to these three megacap projects, but let's dive into what's happening beneath the surface and driving such broad momentum in the crypto market as a whole and for these three projects in particular.

It's a macro day, baby

Most of the discussion on traditional media (and social media platforms as well) this morning revolves around today's Consumer Price Index (CPI) report, which came in lower than expected. Core CPI unexpectedly declined one-tenth of 1%, leading to a surge in interest among investors for higher-growth and more speculative asset classes.

Of course, the fact is that overall inflation at 2.9% is still meaningfully higher than the Federal Reserve's target, and there are concerns around Trump's potential tariff plans and how the bond market will continue to react to potentially higher deficits and growth over the next four years.

But with this lower-than-expected core reading, the market now has priced in a greater likelihood of continued interest rate cuts. These implied cuts have put pressure on the U.S. dollar and improved the risk-reward outlook for risk assets, all factors that should benefit megacap cryptocurrencies such as Bitcoin (which is more tethered to currency movements than the other two), Ethereum, and Dogecoin.

Are animal spirits ahead?

On a day when there's relatively little in the way of token-specific catalysts, sometimes market sentiment tied to macro conditions easing is enough to provide a rising tide that lifts all boats. And given that crypto as an asset class is about as far out on the risk spectrum as most traditional investors are willing to go, today's outsize moves (which are greater than the moves seen in most indexes today) reflect this reality.

Aside from the impact on the U.S. dollar this CPI report is likely to have (which will benefit Bitcoin), all risk assets should benefit from longer-term yields heading lower. That's because the 10-year U.S. Treasury yield is most often viewed as the appropriate discount rate for equities and other risk assets. For crypto investors with a long-term investing time horizon, discounting future growth to the present requires some sort of interest rate, and this is the particular figure most investors are paying close attention to right now.

I think if macro conditions continue to soften, and investors believe that more accommodative monetary policy is on the horizon, it's possible animal spirits could roar back once again. Bitcoin, Ethereum, and Dogecoin are each widely considered to be quality digital assets by their associated communities. Perhaps today's CPI report is what they needed to hit the bid once again.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Cryptocurrencies had another great day on Wednesday, and the biggest tokens led the market. Bitcoin (CRYPTO: BTC) is once again trading above $100,000, which is a critical psychological level for traders.

As of 3 p.m. ET, in the past 24 hours alone, Bitcoin is up 5.3%, Ethereum (CRYPTO: ETH) has jumped 5.2%, and Dogecoin (CRYPTO: DOGE) is up 7.9%.

The Fed and how it affects cryptocurrencies

The Bureau of Labor Statistics announced this morning the closely watched Consumer Price Index (CPI) was up 2.7% from a year ago, 0.1% higher than in October, but in line with estimates.

Traders are now convinced this will be the final data point needed to cut the federal funds rate to between 4.25% and 4.5% later this month. According to the CME, the odds of a cut are now at 94.9%.

As much as crypto bulls want to say cryptocurrencies are about upending the current financial system, the biggest driver of higher values in crypto is interest rates and the actions of the Federal Reserve. When rates were going up, crypto fell, and now that rates are coming down, crypto is rising again.

That shows crypto is trading more like a speculative asset than based on any fundamentals.

Back to the old narratives

The moves higher in Bitcoin and other cryptocurrencies since early November were all about the election. But that trade seems to be slowing as it gets priced into the market and traders look for the next catalyst. They found it today with lower rates, which could make borrowing less expensive and theoretically drive more economic activity.

That's the same narrative that drove crypto in 2020 and 2021, but reversed when interest rates started rising. We are now back to the old themes, with trading dependent on rates for tailwinds or headwinds.

I will note that while the federal funds rate gets the most attention, the 10-year rate is more important to businesses borrowing money to grow. And that rate is still up sharply in the last three months and flat for 2024.

10 Year Treasury Rate data by YCharts

Where does crypto go from here?

The changes in interest rates and potential regulation of crypto will be good for the industry, but not in the ways a lot of tokens are moving. I think it's real utility, like lower-cost financial transactions, stock trades on the blockchain, and subscriptions or loyalty programs on the blockchain, that will be unlocked from a changing administration.

Some of that value may flow to tokens themselves, but Bitcoin and Ethereum are notoriously slow and costly blockchains, and Dogecoin is a meme coin. It's unlikely these are the places entrepreneurs build real businesses in 2025 and beyond. Those businesses will likely be built on other blockchains.

Buyer beware of the pop

Momentum is strong in crypto today, and that may last for some time. But the value of Bitcoin, Ethereum, and Dogecoin will only go higher as long as more money is flowing into the ecosystem. And that momentum may stop as signs of a worsening economy continue to percolate through the economy.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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As far as large-cap cryptocurrencies are concerned, Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) continue to be three of the most closely watched digital assets investors are tracking, especially following the post-election rally these particular tokens have seen.

Each of these three major crypto projects has seen significant gains over the past three weeks, though some selling pressure has begun to build for these top-10 projects today. As of 3 p.m. ET, Bitcoin, Ethereum, and Dogecoin have declined 3.1%, 5.1%, and 5.6%, respectively, over the past 24 hours.

Now, it's worth keeping in context Bitcoin's outperformance relative to Ethereum and Dogecoin. This recent surge for Bitcoin has led the world's largest cryptocurrency to fresh all-time highs this past week (nearly breaking through the key $100,000 per token price level, before giving up some of these gains in recent days).

Today's decline has the top dog in the crypto world hovering around $93,000 per token at the time of writing, with Ethereum and Dogecoin still 32% and 48% off their all-time highs, respectively.

Let's dive into what's leading to today's selling pressure for these important crypto bellwethers today.

Selling pressure coming from all sides

Bitcoin's decline today appears to have sparked a larger sell-off in many digital assets. Indeed, whichever direction Bitcoin tends to head over the short term, it's usually the case that most other speculative assets in this space tend to follow, and today is no different.

Recent reports that spot Bitcoin ETFs saw their third-largest single-day outflow yesterday suggest that institutional money that may have flowed into this asset earlier this year is looking to take some profit off the table. Retail investors also appear to be following suit, with a number of prominent crypto experts pointing to profit-taking-like selling activity being noticeable on a number of top exchanges.

Interestingly, Ethereum has seen net outflows over the past week as well (according to data from CoinGlass), suggesting that a range of investors may be reconsidering position sizing and risk management after what's been an incredible rally in these two top tokens.

Additionally, with liquidations data being relatively balanced for Bitcoin but skewed toward leveraged short bets on Ethereum and Dogecoin, there may be some indication that near-term selling pressures could be abating as these positions unwind.

Today's price action for Dogecoin shouldn't be surprising, given the high level of correlation that's typically seen between this speculative meme token and both Bitcoin and Ethereum. While various political catalysts have supported Dogecoin's recent rally (Trump's victory, and by extension the proliferation of Elon Musk within the political sphere, has propelled Dogecoin higher following the election), it's also true that Dogecoin typically trades with much greater volatility than Bitcoin and Ethereum. What that means is that on days like today, investors ought to be prepared for outsized moves to the downside, which is what we're seeing once again.

What to make of today's decline

As mentioned, there are some interesting liquidations data that suggest (at least for Ethereum and Dogecoin) perhaps today's selling pressure may be coming to an end. As leveraged short bets are increasingly closed out, fresh capital looking to place wagers on the directional moves of these volatile assets can reset, meaning the ultimate direction each of these three tokens is headed in is uncertain right now.

We'll have to see how net inflows/outflows data come in for spot ETFs in the coming days, and I'll be paying close attention to liquidations activity as well as various utilisation metrics for these three networks over time.

For now, it does appear that the speculative frenzy in crypto assets is fizzling, at least over the short term. But with the strong election-related tailwinds still behind this sector, investors who may be looking for entry points may consider this more recent dip as a buying opportunity, so I wouldn't be surprised to see another rally take place coming out of this consolidation phase.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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What happened

Most cryptocurrencies and crypto stocks continued to plunge today as the industry deals with the fallout from the events in recent days that ultimately led the large crypto exchange FTX to agree to sell its non-U.S. operations to Binance.

Over the past 24 hours, shares of the world's second-largest cryptocurrency, Ethereum (CRYPTO: ETH), traded more than 24% lower as of noon today. Shares of the meme tokens Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE) traded more than 16% and 23% down, respectively.

So what

In recent days, there have been rumors questioning the solvency of FTX after a scathing report from the news website CoinDesk said that the crypto exchange's sister trading firm, Alameda Research, had a large number of its total assets in the cryptocurrency FTX Token (CRYPTO: FTT).

FTT is the in-house cryptocurrency created by FTX. The concern was what would happen to both Alameda and therefore FTX, because of how tied the two companies were, if the price of FTT fell. Furthermore, there were concerns about whether FTT was being used as collateral in any way. Not that it matters as much now, but the price of FTT is down more than 78% over the last 24 hours.

On the news of Alameda, Binance's CEO Changpeng Zhao announced that he would liquidate $2 billion of his FTT holdings, which started the concerns about FTT's price holding up and the impact on FTX and Alameda.

While FTX CEO Sam Bankman-Fried tried to calm these fears, taking to Twitter to say that FTX's balance sheet was sound, customers began to withdraw their funds from FTX; the crypto exchange said it saw $6 billion of withdrawals in 72 hours. This eventually led Bankman-Fried to turn to Zhao and sell FTX's non-U.S. operations to shore up the liquidity crunch the company was facing.

But the deal is pending due diligence, and there are already media reports, including one from CoinDesk citing anonymous sources, suggesting Binance might not end up going through with the deal. This whole series of events has shaken the faith in the entire crypto industry, similar to other big crypto meltdowns like that of algorithmic stablecoins.

"It shows that no one is too big to fail," Pascal Gauthier, CEO of crypto wallet firm Ledger, said on CNBC. "FTX seemed untouchable."

This also could hurt the resolve of the general public and reduce investing activity if people are skeptical about the large crypto exchanges and believe that they lack stability.

Now what

I don't know if the events over the last few days have affected my view of specific cryptocurrencies, but more so reflect the erratic nature of the industry as a whole and how it is still very much the Wild West.

FTX played an important role in the industry, so to see it go down so quickly -- and to realize some of the issues it likely had -- are going to raise a lot of questions.

Ultimately, my view hasn't changed on these three cryptocurrencies. I still like Ethereum at these levels and think the token has great long-term potential because of all of its real-world uses. The recent upgrades to the network should also greatly help Ethereum scale as well.

I am still not a fan of Dogecoin or Shiba Inu due to their lack of real-world utility and the lack of technical capabilities on each of their perspective networks.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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What happened 

The cryptocurrency market went into free fall overnight after Binance CEO Changpeng Zhao and FTX and Alameda Research founder Sam Bankman-Fried escalated their feud. The fallout has been widespread but there were some key moves among certain digital currencies.

As of 7:30 a.m. ET, FTX Token has fallen 22.7% in the last 24 hours, Solana (CRYPTO: SOL) is down 10.2% and hit a low of $25.51, and Dogecoin (CRYPTO: DOGE) has dropped 13%. The one token that hasn't lost a significant amount of value is BNB (CRYPTO: BNB), which is off 1.8% in the past day.

So what 

Over the last week, a feud between Bankman-Fried and Zhao has erupted. The exact origins aren't clear, but the two have been publicly sparring on Twitter in recent days. A final straw for the market was when Binance said it would sell the $500 million in FTX tokens that it owns. 

Alameda's CEO offered to buy the tokens back for $22 apiece in an over-the-counter deal, but that doesn't appear to have been completed. Late Monday night, the bottom fell out of FTT's price and it appears Bankman-Fried is selling tokens like Solana to buy back FTT and Binance is selling FTT and buying BNB. We don't know exactly whether these trades are being completed by Zhao and Bankman-Fried, but the market is reacting to them even if they aren't. 

Where this gets dangerous for the crypto market broadly is the collateral positions FTX and/or Alameda might have. According to a report from CoinDesk, Alameda has $8 billion in liabilities and much of that may be backed by $5.8 billion in FTT tokens (the value CoinDesk reported before last night's drop). It's not clear the terms of the debt or what the exact collateral is and when positions might be liquidated, but investors are certainly worried. If FTT is used as collateral in a meaningful way and gets liquidated, it could fuel continued selling pressure on the token and send a shockwave across the crypto market. 

The worry about contagion or any insolvency is largely tied to Alameda Research's trading, but FTX is at least tied to the trades because of the FTT token the company owns. It's not clear if FTX has provided any loans to Alameda Research.

Now what 

We only have to look back to the summer of 2022 to see how quickly a leveraged trading firm can cripple the crypto market. The insolvency of Three Arrows Capital eventually cost investors millions and brought down Celsius Networks and Voyager with it.

The big move in FTT tokens is understandable today, but we don't know exactly what Bankman-Fried may be forced to sell if Alameda is indeed in trouble. Alameda had a large position in Solana, which is why that token is down today, but there could be others.

Not only is Alameda a big player in crypto trading, but FTX is a widely used crypto exchange, so there have been a lot of traders moving off the exchange. That could make the declines even worse, which is something for everyone in crypto to watch over the next few days.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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In perhaps one of the least surprising rallies of all time, Dogecoin (CRYPTO: DOGE) surged more than 100% during the past week based on news that Tesla (NASDAQ: TSLA) chief executive officer Elon Musk, an outspoken Dogecoin proponent, finally completed his takeover of Twitter on Friday, taking the social media platform private after a drawn-out legal process.

Dogecoin has been rallying as its enthusiasts surmise that Musk could make the original meme coin an integral part of the platform, such as enabling its use for payments. This could very well happen, but there's a much larger cryptocurrency that could play a more central role in Twitter's future. Here's why BNB (CRYPTO: BNB), which is up about 20% over the past week, could be the real long-term winner here. 

What is BNB? 

BNB, which until recently was known as Binance Coin, is the native token of Binance, the world's largest crypto exchange by volume. BNB is the fourth-largest cryptocurrency by market cap, with a valuation of $52 billion. 

CZ and Elon 

While Elon Musk's affinity for Dogecoin is well known, it is mostly surface-level, while his ties to Binance and its influential CEO Changpeng Zhao, known simply as "CZ" in crypto circles, runs deeper and may end up ultimately being much more meaningful.

CZ confirms that Binance has invested $500 million in Musk's $44 billion takeover of Twitter, joining a host of other top tech funds and investors.

This makes Binance the fourth-largest investor in the venture, meaning that the exchange has a significant stake in the platform's success and that it should have plenty of influence on Twitter's future endeavors, especially when it comes to incorporating cryptocurrency.

If Dogecoin becomes a means of payment on Twitter, it seems likely that BNB would play some role here as well.

Furthermore, Binance will seek to help Twitter with a number of measures. CZ says that Binance has a team of engineers dedicated to helping Twitter fight bots and that it will work to help Twitter enter the world of web3. 

A spokesperson for the exchange told Decrypt that "Binance is creating an internal team to focus on ways that blockchain and crypto could be helpful to Twitter and actively brainstorming plans and strategies that could help Elon Musk realize his vision".

Burn BNB, burn

As the native token of Binance Exchange, Binance Coin harbors more appeal than Dogecoin beyond their mutual links to Twitter's new ownership.

For example, while Dogecoin is inflationary and has a near-infinite supply, BNB is deflationary because Binance Exchange uses proceeds from the exchange to "burn" or retire a portion of BNB every quarter. Binance has previously committed to using 20% of exchange revenue to burn BNB. You can think of burning as similar to a publicly traded company buying back some of its shares outstanding. Buying back these tokens and taking them off of the market theoretically has the benefit of making the remaining tokens more valuable.

Recently, Binance completed its 21st quarterly burn, torching $547 million worth of BNB. Binance has said that it will continue to engage in these quarterly burns until 50% of BNB is removed from the circulating supply. 

Is BNB or Dogecoin the better buy?

While Dogecoin could very well play a role in the future of Twitter, it looks like BNB is likely to be the better longer-term bet based on its deflationary nature and its central role in the world's largest crypto exchange, which gives it some tangible value and upside as Binance continues to grow. Its deepening ties to Elon Musk and Twitter could also be an interesting catalyst.

Ultimately, BNB and Dogecoin are speculative investments that are best suited for risk-tolerant investors. However, BNB looks like the better long-term investment thanks to its central role in the Binance ecosystem, Binance's Twitter stake, and BNB's superior tokenomics compared to Dogecoin.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The meme token, with a Shiba Inu as its virtual mascot, is up 13% over the past 24 hours, currently trading for 14.2 US cents (22.3 Aussie cents).

That puts the crypto, originally created as a joke, up 125% since this time last week.

By comparison, the Bitcoin (CRYPTO: BTC) price has gained 2% over the week and the S&P/ASX 200 Index (ASX: XJO) is up 3% since last Wednesday's closing bell.

With the past week's gains in the Dogecoin price, the token now commands a market cap of US$18.95 billion, making it the eighth biggest coin in virtual circulation.

Mind you, though, that like most every crypto, Dogecoin is still trading well below its all-time high price of 73.8 US cents, reached on 8 May last year.

Still, you're unlikely to hear crypto investors complaining about the past week's phenomenal rally.

So, what's going on?

Why is the Dogecoin price rocketing this week?

For an answer to this riddle, we need to look no further than Elon Musk, the world's richest man and new owner of Twitter.

Musk is a big supporter of cryptos, including Dogecoin. In the past year, his tweets and comments have had the power to send the Dogecoin price soaring or tumbling, depending on the context.

Crypto investors have been keeping a keen eye on the developments over at Twitter, as Musk has signalled Dogecoin could potentially be used to pay for transactions on the social media site.

Adding fuel to the rally, yesterday Musk tweeted an image of a Shiba Inu wearing a Twitter themed t-shirt.

Commenting on the rally in the Dogecoin price, eToro analyst Simon Peters said, "Dogecoin saw an enormous price spike over the weekend on the back of Elon Musk completing his acquisition of Twitter."

However, he cautioned investors should treat "the Musk bounce" with care.

"Although it is perfectly conceivable that Musk's move has altered the investment case of the token, if you look at other businesses such as Tesla, adoption has been limited," Peters said.

Investors should also be prepared for some significant volatility.

Over the past month alone, the Dogecoin price has traded as low as 5.6 US cents and as high as 15.7 US cents.

The post The Dogecoin price is up 125% in a week. What's going on? appeared first on The Motley Fool Australia.

What happened 

Elon Musk has owned Twitter for less than a week and he's already caused volatility to spike in some corners of the crypto market. It's no secret that Musk has long toyed with using Dogecoin (CRYPTO: DOGE) in some way in previous ventures and the speculation is that he'll use it at Twitter, albeit without any facts to back up wild moves. 

That hasn't stopped traders from bidding up potential winners of the Twitter deal on Monday. Dogecoin is up 10.6% in the last 24 hours as of 2:30 p.m. ET but at one time was down 10.3% in the last day, BNB (CRYPTO: BNB) is up 3.8% after falling 5.6%, and Shiba Inu (CRYPTO: SHIB) is up 3.1% after dropping 5.1% at its low. 

So what 

I'll start with what we know to be true. Binance was part of Twitter's funding, contributing about $500 million to the deal. It's not clear exactly what Binance CEO Changpeng Zhao sees in Twitter, but there are many potential opportunities. He said recently that Twitter users could be charged "very easily globally using cryptocurrencies" for services on the app. It's also been widely reported that Twitter's engineers are quickly developing a paid verification system. 

BNB, Dogecoin, and Shiba Inu are all rising on speculation that they could be part of any Twitter payment infrastructure. But there's still no news out from Twitter, Musk, or any of these tokens about any payment infrastructure existing at all. And even if they did, it's not clear that a company like Twitter using a cryptocurrency to get money from one person to another would actually increase the value of the token itself. 

Unsurprisingly, the move in these cryptocurrencies over the past week has been pure speculation, sparked by their association with Musk. But that's part of the cryptocurrency market and that's likely to be the case for the foreseeable future. 

Now what 

Volatility and speculation are part of investing in cryptocurrencies, but the moves in BNB, Dogecoin, and Shiba Inu over the past week have taken that to another level. 

Even if Twitter does begin using cryptocurrencies more, it's likely to start with more conservative cryptocurrencies like USD Coin (USDC), which it is already testing on the Polygon blockchain. The company partnered with Stripe earlier this year to allow creators to take payments in USDC, lowering barriers for international payments. 

There are other blockchains that would be lower cost and more widely accepted than BNB, Dogecoin, and Shiba Inu, which are still relatively niche tokens right now. 

No matter what Twitter's moves are, I'm not sure there's ultimately a lot of value to be added by cryptocurrencies. I don't think the future of Twitter is building a digital economy, but rather moving money more efficiently around the world. Crypto could simply be how Twitter moves its money, not necessarily something users would hold long-term. That's why I think this speculative move is a reason to stay out of these cryptocurrencies until we know more about Twitter's crypto future. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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What happened

As the cryptocurrency market settles down from yesterday's rally, most investors are seeing relatively flat, or slightly negative, performance in their portfolios today. That said, one standout token continues to break out: Dogecoin (CRYPTO: DOGE) has surged 14.1% over the past 24 hours, as of noon ET. 

This impressive move follows Elon Musk's surprise arrival at Twitter (NYSE: TWTR) headquarters yesterday. Carrying a kitchen sink and subsequently prompting employees and investors to "let that sink in," Musk appears to be taking a lighthearted approach to finalizing his deal to buy Twitter at $54.20 a share. Shares of TWTR stock are currently trading just shy of $54 per share, signaling this deal has a high likelihood of completing by Friday's deadline.

For Dogecoin investors, questions of whether Musk would ultimately follow through on his pledge to buy Twitter at the aforementioned price of $54.20 provided a great deal of volatility to both Twitter and Dogecoin, with the latter being viewed as a beneficiary of Musk controlling Twitter.

So what

Musk's deal to buy Twitter has been in doubt in recent months, with Musk backing down months after proposing an offer to Twitter's board that was too good to refuse. Noting concerns around bots, spam, and fake accounts, Musk canceled his deal on July 8. This sent shares of Twitter plunging, and Dogecoin followed.

However, following some impressive legal pushback from Twitter, Musk ultimately capitulated. His reason for the acquisition, as stated in a Twitter note to advertisers, has always been to create "a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence." These goals were "important to the future of civilization," meaning that his overpaying for Twitter may be a small price to pay to further what he believes are altruistic goals.

The exact reason why Dogecoin is rocketing higher in the fashion it is remains unclear. Yes, Elon Musk has provided Dogecoin with plenty of supportive tweets in the past. However, his explicit references to Dogecoin have died down quite a bit of late.

Now what

Perhaps holding the reins to this multibillion-dollar social media platform will allow Elon Musk to comment on his favorite subject matters in a more uninhibited fashion (as if that was a problem to begin with). For Dogecoin holders, any sort of reference or mention from Elon Musk has proven to be a catalyst that can take this token higher. Accordingly, given the speculative nature of Dogecoin, it's clear that traders are looking to capitalize on the reality that this deal is likely to go through.

That said, we're talking about Elon Musk here. The deal isn't done until all the papers are signed and approval is granted. Thus, the story isn't over yet. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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What happened

Cryptocurrencies continued their ascent this morning, as bond yields dropped and investors got more optimistic about the trajectory of interest rates. There has also been an apparent short squeeze this week for several prominent cryptocurrencies.

Over the last 24 hours, the prices of Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) had all made significant gains.

The price of Bitcoin traded roughly 6.6% higher and hovered around $20,777 as of 10:26 a.m. ET today. The price of Ethereum traded roughly 13.4% higher, and the price of Dogecoin was up 10.4%.

So what

Cryptocurrencies have been crushed all year long because of the Federal Reserve's aggressive interest rate hikes, which have led to surging bond yields as well.

But this week, bond yields have receded some, with the yield on the 10-year U.S. Treasury bill coming down from above 4.2 percentage points earlier this week to just above 4 percentage points as of this writing.

That has buoyed stocks and cryptocurrencies, as investors get hopeful that perhaps the bulk of the Fed's rate hikes will soon be at an end. 

But in other news, there have been reports of a big short squeeze that has driven the recent gains of Bitcoin and Ethereum. CoinDesk reported that major exchanges have seen some of the largest liquidations of short positions since the middle of 2021.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why are Bitcoin, Ethereum, and Dogecoin leaping higher today? appeared first on The Motley Fool Australia.

What happened

The market went on a wild ride on Thursday morning after inflation data was released and investors tried to project how that would impact the Federal Reserve's interest-rate moves. Early on, worry about higher rates resulted in falling stock prices, and cryptocurrencies were some of the hardest hit. But the drop passed quickly, and values have mostly recovered.

For example, Dogecoin (CRYPTO: DOGE) has had a strange day, falling as much as 7.7% in early-morning trading only to recover and trade about flat on the day as of 1:30 p.m. ET. Polkadot (CRYPTO: DOT) dropped up to 7.9% and is now down 1.9%, ChainLink (CRYPTO: LINK) was down as much as 11.7% and is currently off 2.8%, while The Sandbox (CRYPTO: SAND) plunged 10.9% and is now down 3.4% on the day.

So what

The biggest news of the day was the Bureau of Labor Statistics releasing data that showed consumer prices were up 8.2% year over year and 0.4% month over month in September 2022. This was a slightly higher inflation rate than investors were expecting, which was why stocks and cryptocurrencies dropped sharply early in trading.

Investors have spent much of the last six months trying to figure out how far and how fast the Federal Reserve will raise interest rates, and inflation is the Fed's biggest concern. So higher inflation is seen as a sign that the Fed will keep increasing rates, which hurts the value of risky assets.

It's worth keeping in mind that inflation is up big over the last year, but it's slowed dramatically since June 2022. Although 0.4% inflation month over month seems high, that's only one month. And the trend is toward tepid inflation right now, which might mean the Fed is closer to slowing rate increases, especially if there's a recession.

Now what

There's a lot to digest today, and the market seemed to have multiple views in just a few hours. But I think the takeaway is that the Federal Reserve will likely raise rates through the end of the year, and it's possible that will lead to a recession. This isn't a new concern; stocks have been falling for months on exactly this uncertainty.

For crypto, the impact of higher rates isn't really known. Investors might see this as a risky asset, but cryptocurrencies aren't risky companies that carry debt loads or aren't profitable. These are blockchain assets that might or might not continue trading in step with volatile securities like tech stocks.

I think today's move is another example of typical market volatility. There's no underlying change in what's being built on the blockchain today, but assets are being priced differently based on what the public thinks the Federal Reserve is doing. Investors with a long-term mindset should look past volatile days and focus on the long term, because that's what matters for our portfolios. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why crypto cratered before a quick recovery today appeared first on The Motley Fool Australia.

Google has been gradually increasing its footprint in the crypto space for some time now.

And this week, the tech giant announced a partnership with Coinbase Global Inc (NASDAQ: COIN) to improve the Web3 ecosystem.

Google Cloud to accept crypto payments

According to news provided by Google Cloud, that partnership will see certain customers be able to pay for their cloud services via select digital tokens.

Coinbase supports numerous cryptos, including Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).

Following the initial rollout in early 2023, Google will likely expand that offering to more customers.

Atop enabling payments in select tokens, CNBC reports that Google is also looking into the possibility of employing Coinbase Prime. Coinbase Prime stores companies' cryptos alongside enabling trades.

What did management say?

Commenting on the partnership that will see Google Cloud accept crypto payments, Coinbase CEO Brian Armstrong said: "We are excited Google Cloud has selected Coinbase to help bring Web3 to a new set of users and provide powerful solutions to developers."

Armstrong continued:

With more than 100 million verified users and 14,500 institutional clients, Coinbase has spent more than a decade building industry-leading products on top of blockchain technology. We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.

Google Cloud CEO Thomas Kurian also touted the advantages for Web3 developers:

We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal… Our focus is making it frictionless for all customers to take advantage of our scalability, reliability, security, and data services, so they can focus on innovation in the Web3 space.

It's unclear if Google intends to hold the Bitcoin, Ethereum or other cryptos it receives as payment for its cloud services or swap them for fiat currency.

The post Is Google now joining the crypto party following its latest move? appeared first on The Motley Fool Australia.

Not that most digital tokens shot the lights out.

But many, like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), did manage to outperform the S&P/ASX 200 Index (ASX: XJO) in Q1 FY23.

Of course, that's all virtual water under the bridge.

The question on cryptocurrency investors' minds now is what to expect in the quarter ahead.

The biggest concern for crypto investors

For some expert insight into that answer, we turned to Josh Gilbert, market analyst at eToro, and Ray Brown, head of marketing at CoinSpot.

Josh Gilbert said that inflation figures out of the United States, the world's biggest economy, will play a critical role in determining the returns from cryptos in Q2.

"The biggest concern for crypto investors moving into this quarter is that inflation continues to stay at stubbornly high levels," he told The Motley Fool.

"If this is the case, the US Federal Reserve will likely hike rates more aggressively in November and December or continue raising rates into 2023."

The pain in crypto and equity markets from the aggressive central bank tightening to bring down inflation, however, comes with a virtual silver lining.

Gilbert said this is "expected to de-risk markets" and "hopefully allow more volatile assets like cryptos to perform better".

However, until the market has some clear indications of an improving macro picture, he expects cryptos will "continue trading in the tight range we have seen in the last month".

Institutional support

Despite a big retrace in digital token prices in the first half of the calendar year, corporate interest in the space remains fairly robust.

According to Gilbert:

Institutional investment into crypto and blockchain technology is still happening, despite market weakness. The bear market may have stopped enterprises from adding crypto to their balance sheets, yet we continue to see names from Blackrock to Gucci and tech behemoths such as Alphabet investing billions into blockchain, Web 3.0 and DeFi innovation.

He added that "the foundations are being laid even during a bear market to help these assets thrive when the market upturn eventually arrives".

Mainstream crypto adoption on the radar

Ray Brown agreed that the outlook for crypto in Q2 will be heavily influenced by rates.

"Factors like high inflation and continued interest hikes could see investors remain conservative," he told us.

"But if practical uses for the new, environmentally-friendly Ethereum blockchain continue to appear – and gain mainstream adoption – investors hope to see movement in the market."

Ethereum, if you're not aware, underwent a major change in September, switching from a proof-of-work to a proof-of-stake protocol. This sees the blockchain using 99% less electricity.

Brown also pointed to the crypto trial program the Reserve Bank of Australia (RBA) is launching in the last month of Q2 as something that could impact the market:

The RBA is in the process of identifying a use case for a central bank digital currency in Australia. A trial program is commencing in December 2022 that will continue through to Q4 of the 2023 financial year.

It's unclear what the precise outcome of this pilot will be. But the growing volume of research into crypto use cases, coupled with inevitable regulatory changes, seems to indicate further adoption of cryptocurrency-based solutions in Australia is on the horizon.

Then there's the world's richest man. Elon Musk, known to have a major influence on crypto prices like Dogecoin (CRYPTO: DOGE) with a single tweet, again looks locked into buying Twitter.

"With Elon Musk also returning to his US$44 billion Twitter deal and his support towards investing in crypto, there is also speculation that he will add tipping and payment functions to Twitter, enabling users to send crypto," Brown said.

The post This is the biggest concern for crypto investors heading into the new quarter appeared first on The Motley Fool Australia.

That gives the crypto, which sports a Shiba Inu dog as its virtual mascot, a market cap of US$7.75 billion.

And that's enough to vault Dogecoin back into the number 10 spot on the list of top global cryptos, nudging ahead of Polkadot (CRYPTO: DOT), with a total market valuation of US$7.04 billion.

Though it should be said that this is more due to Polkadot's weakness than any huge surge in the Dogecoin price.

Despite today's bump, Dogecoin remains down 8% since this time last week. Polkadot has slid by 17%, according to data from CoinMarketCap.

Dogecoin now the second biggest crypto to operate on PoW

Last week Ethereum (CRYPTO: ETH) finally completed its long-awaited merge.

That merge now sees the network operating on a proof of stake (PoS) protocol versus the previous proof of work (PoW).

The switch entails validators staking some of their Ether to participate in verifying transactions and securing the blockchain. One of the biggest immediate advantages is a 99% plus reduction in the amount of energy used, as PoS requires far fewer energy-hungry computers.

With Ethereum exiting PoW, and the Dogecoin price rise edging it back to the number 10 spot, the meme token is now the second biggest crypto to operate on PoW. Bitcoin (CRYPTO: BTC), with a market cap of US$369.95 billion, remains the, erm, top dog in PoW protocols.

Where to next for the Dogecoin price?

It remains to be seen how cryptos operating under PoW will fare over the coming year. Part of that will depend on what issues may yet crop up for Ethereum under its new PoS system.

More immediately, the Dogecoin price could face a big move higher or lower after the US Federal Reserve announces its next interest rate decision on Wednesday (overnight Aussie time).

Equity and crypto markets have broadly priced in a 0.75% rate hike. But if the Fed opts to go harder sooner with a 1% rate boost in the world's biggest economy, risk assets will likely take a hit. Should the Fed surprise with a lower rate hike, the Dogecoin price will likely benefit.

The post Dogecoin price gains send it back among top 10 global cryptos appeared first on The Motley Fool Australia.

What happened

Cryptocurrencies took a hit this morning as investors brace themselves for the Federal Reserve's upcoming meeting this week, which is expected to end with yet another big rate hike.

As of 10:41 a.m. ET Monday, the price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), traded roughly 3.3% lower over the last 24 hours. At one point earlier this morning, the price of Bitcoin had fallen to a three-month low below $19,000 per token.

The price of meme tokens Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) traded 4.5% and 5.4% lower, respectively.

So what

The Fed will begin its September meeting tomorrow and then likely raise its benchmark overnight lending rate, the federal funds rate, on Wednesday followed by public comments from Fed Chairman Jerome Powell.

After new inflation data came in hotter than expected last week, sending markets tumbling, it became all but obvious the Fed would do at least a 0.75% rate hike at this September meeting, which would be its third such move in a row. But there is also a chance the Fed surprises the market and hikes rates by a full percentage point. Currently, the CME's FedWatch tool has the likelihood of a full-point hike at 20%.

The U.S. economy is already in a technical recession after U.S. gross domestic product (GDP) contracted in both the first and second quarters of the year, but many are concerned that these aggressive rate hikes from the Fed could tip the economy into a much more severe recession. 

Continued rate hikes do not bode well for cryptocurrencies, which have already been hammered this year. As rates rise, safer assets start to yield more, which makes riskier assets like tech stocks less appealing.

Cryptocurrencies have moved a lot like highly valued tech stocks this year but are arguably even riskier because they are more difficult to value. While one can say that a tech stock looks appealing at a certain valuation, it's a lot harder to make this case for the likes of Bitcoin because there is nothing really backing digital assets. Investors in cryptocurrencies also don't receive any kind of capital distributions like dividends or stock repurchases.

Now what

It's certainly tough to know what the Fed will do on Wednesday after recent inflation data came in higher than what economists had expected.

I'm hopeful the Fed will take a longer-term view and consider that recent rate hikes dating back to June have still not likely worked their full way into the economy, as it can take six months or more to do so, which is why I feel like another 0.75% hike right now is plenty.

I'm still bullish on Bitcoin on a long-term basis as I see growing adoption playing out, despite the ongoing crypto winter. I'm not interested in many altcoins right now like Dogecoin and Shiba Inu.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why Bitcoin, Dogecoin, and Shiba Inu fell this morning appeared first on The Motley Fool Australia.

That also puts the dog-themed crypto, with a Shiba Inu for its virtual mascot, up roughly 1% since the clock struck midnight on 31 August, according to data from CoinMarketCap.

While it's still early in September, that's certainly better than the 12% decline in the Dogecoin price last month.

What's supporting the Dogecoin price?

Most cryptos have had a stronger run so far this month than they enjoyed in August.

Part of that is the current reset in investor expectations over the size and pace of interest rate rises from the US Federal Reserve and, to a lesser extent, other global central banks. A reset that could send the Dogecoin price higher.

While uncertainty remains the name of the game, markets are beginning to price in the potential of a more dovish Fed moving forward. There'll still be some rate rises to bring inflation back under control, to be sure. But perhaps fewer and smaller hikes than investors had been pricing in last month.

This optimism has seen risk assets rally over the past week, with the tech-heavy NASDAQ up 3.8% over the past five trading days.

Is Ethereum helping lift the meme token?

The Dogecoin price could also be receiving some broader support from the upcoming Merge on the Ethereum (CRYPTO: ETH) network. That process is scheduled to go fully live this week.

According to eToro's market analyst and crypto expert Simon Peters:

Crypto asset markets have staged a rally in the past week as we enter the final 72 hours ahead of the Merge of the Ethereum network. The event is focusing all minds in the sector as investors and users wait to see its impact on the market.

If you're unfamiliar with the Merge, it represents the long-awaited transition in the Ethereum blockchain away from proof of work (PoW) to proof of stake (PoS). If all goes as planned, this will see a massive reduction in energy used required to secure the blockchain and verify transactions, with far fewer computers involved.

Like Bitcoin (CRYPTO: BTC), however, Dogecoin will continue to operate a PoW protocol for the foreseeable future.

How that may impact the Dogecoin price longer term, remains unclear.

The post What's supporting the Dogecoin price in September? appeared first on The Motley Fool Australia.

At that price, the crypto, which was created as a joke and features a Shiba Inu as its mascot, has a market cap of US$8.3 billion. This makes it the tenth biggest crypto in virtual circulation, according to CoinMarketCap. And that's after falling 64% year to date.

There's today's price action for you.

Now, how did the Dogecoin price hold up in August, a month that saw the tech-heavy NASDAQ fall 4.6%?

Dogecoin price battered by rising interest rate outlook

Depending somewhat on your time zone, the Dogecoin price stood at 7.09 US cents as we ticked our calendars over to August.

By the time the clock struck midnight on 31 August, the dog-themed crypto was trading for 6.29 US cents, down 12.3% for the month. While nothing to cheer about, that performance did edge out the 14.8% losses posted by Bitcoin (CRYPTO: BTC) last month.

Investors holding the crypto throughout the month would have had to stomach plenty of volatility. Though that's nothing new in the crypto sphere.

August saw the Dogecoin price trade as low as 6.02 US cents and as high as 8.86 US cents. A far cry from the all-time high of 73.76 US cents it hit on 8 May 2021.

As with Bitcoin and most other cryptos, the Dogecoin price struggled last month as investors were met with the reality that inflation across most of the globe isn't likely to return to within central banks' target ranges in quick order.

With the United States Federal Reserve and other central banks, including the Reserve Bank of Australia, flagging additional sizeable rate hikes in the months ahead to curb soaring prices, risk assets were broadly sold off across the board.

Dogecoin was no exception.

The post Why did the Dogecoin price tumble 12% in August? appeared first on The Motley Fool Australia.

What happened

Today's rather bumpy price action in the stock market is reverberating through cryptocurrencies once again. As of noon ET, Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE), and Solana (CRYPTO: SOL) declined 1.8%, 1.6% and 3.6%, respectively, over the past 24 hours.

Today's price action appears to be driven by increased concerns around higher interest rates, as shorter-dated bond yields hover around levels not seen since 2007, which was prior to the Great Recession. For these major cryptocurrencies, which have continued to trade in historically high correlation to equities, the pain is being felt across the sector. Additionally, record-high levels of open interest leverage have exacerbated the volatility with which cryptos move relative to equities.     

So what

Ethereum, Dogecoin, and Solana are among the most-traded cryptos and continue to garner significant attention from investors looking for signals of where the overall crypto market could be headed. Ethereum, the world's second-largest cryptocurrency, has seen meaningful volatility over the past month, as investors price in the network's upcoming The Merge, which will result in Ethereum shifting to a more energy-efficient proof-of-stake blockchain network.

Notably, Ethereum has recently seen its perpetual futures open interest hit an all-time high ahead of this big catalyst. Investors looking to put on leveraged derivatives trades are doing so en masse, increasing the likelihood of forced liquidations, which can create more volatility in the short term. While Dogecoin and Solana see significant interest from derivatives traders, Ethereum's massive volume is indicative of this token's status in the crypto market.

Now what

Crypto has historically been a more speculative asset class than equities, though driven by many of the same macro forces. Higher interest rates provide a headwind that will likely continue to affect both asset classes moving forward. 

That said, the prevalence of leverage in the crypto market could accelerate moves higher or lower in the near term. Thus, investors concerned about short-term volatility may be sitting this ride out. That's fair, considering the moves we've seen this year.

However, long-term investors may look at these outsized moves as potential buying opportunities, should one consider a bottoming process at some point soon. While it may be too soon to tell when the crypto market will start to turn higher, these levels are becoming increasingly enticing for those with a long investing time horizon.   

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why Ethereum, Dogecoin, and Solana lost altitude on Thursday appeared first on The Motley Fool Australia.

What happened

Many cryptocurrencies fell along with stocks today, as investors continued to weigh the macro outlook and how hawkish the Federal Reserve will continue to be this year and into 2023.

Over the past 24 hours, the price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), had fallen 0.7% as of 3:23 p.m. ET today. The price of the world's second-largest cryptocurrency, Ethereum (CRYPTO: ETH), traded 1% lower, and the price of the meme token Dogecoin (CRYPTO: DOGE) was down 1.6%.

So what

Markets have been struggling since Federal Reserve Chairman Jerome Powell took center stage on Friday at the Fed's annual Jackson Hole Economic Symposium and essentially told the market that the Fed had more work to do to rein in high levels of inflation. Investors took the information to mean that the Fed would continue to raise interest rates until it saw further evidence that inflation was on the decline.

John Williams, president of the Federal Reserve Bank of New York, continued this sentiment today with his comments in a Wall Street Journal article.

"I do think with demand far exceeding supply, we do need to get real interest rates ... above zero. We need to have somewhat restrictive policy to slow demand, and we're not there yet," he said, adding, "We're still quite a ways from that."

The longer the Fed raises rates, the tougher it could be for growth stocks and other risk assets such as cryptocurrencies, because rising rates tend to make safer assets more appealing and bring down the valuations of growth and risk assets. Given that Bitcoin and the crypto market went on a huge run in 2021 and that they are pretty hard to truly value, high rates have crushed the crypto market and the price of Bitcoin is down more than 58% this year.

The other issue crypto investors may want to consider is that the Fed will also ramp up quantitative tightening (QT) in September, in which the Fed allows its massive balance sheet to start winding down, which effectively pulls liquidity from the economy. This may reduce the amount of funds flowing into riskier assets like crypto.

After starting gradually over the past few months, the Fed in September will allow roughly $60 billion of U.S. Treasury bills and $35 billion of mortgage-backed securities to mature each month without reinvesting, which will gradually reduce its balance sheet.

"I don't think there is appreciation for QT, by markets or the Fed," said Solomon Tadesse, head of North American quantitative equities strategy at Societe Generale. "In the end, if QE [quantitative easing] mattered, so will QT. It might not be totally symmetrical, but there will be a meaningful impact."

Now what

Crypto is taking a hit along with stocks today, as the market continues to try and find clarity regarding inflation, which will influence the Fed's road map for rate hikes. Unfortunately, it's a bit of a wait-and-see game right now until there is more evidence that inflation has peaked and started to decline.

The next bit of data that could provide evidence of this is the Consumer Price Index reading in early September.

Ultimately, I still like Bitcoin and Ethereum long term, given their growing adoption and real-world use cases. I would avoid Dogecoin as I don't think it has a technical advantage or any real-world utility.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why Bitcoin, Ethereum, and Dogecoin are falling today appeared first on The Motley Fool Australia.