Bitcoin and Ethereum sink on Doge Day


Bitcoin and ethereum on Tuesday extended price declines that began last week, while Dogecoin maintained its rally on what supporters have dubbed ‘DogeDay’.

Bitcoin (BTC-USD) was down 4.6% to trade at $54,763.19 (£39,152.67) by 9.20am in London. Ethereum (ETH-USD), the second largest cryptocurrency, was down around 5.3% to trade at $2,134.7.

Both cryptocurrencies have come under selling pressure in the wake of Coinbase’s (COIN) hotly anticipated IPO. Last week, Coinbase became the first major crypto firm to list on the Nasdaq (^IXIC). Bitcoin’s price neared $65,000 ahead of the listing but has sold-off sharply since the debut.

Over the weekend, alarm bells sounded in crypto markets amid reports that the US Treasury was planning to censure financial institutions for money laundering carried out through digital assets. Regulatory action in Turkey has also hit sentiment.

Dogecoin (DOGE-USD), meanwhile, was up 18% to $0.4075 on Tuesday. The surge coincided with a flurry of social media attention around what fans of the cryptocurrency have called ‘DogeDay’.

It is unclear exactly why supporters have decided 20 April, which is also International Weed Day, will be celebrated as ‘DogeDay’, but posts on sites like Twitter and Reddit are urging fans to buy up the joke token and push its price up to $1.

Dogecoin has soared more than 400% in the past week and by more than 5,000% since the start of the year. The rally has made the joke token the fifth most valuable cryptocurrency by market capitalisation. The total value of tokens in circulation is now over $52bn.