DOGECOIN GAMESTOP FRENZY! Crypto News Bitcoin Cryptocurrency Update Bitcoin News

GAMESTOP DOGECOIN FRENZY! Crypto Bitcoin Cryptocurrency Update Bitcoin News

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Here’s your crypto, bitcoin, and cryptocurrencies update for Saturday, February 6th, 2021.

the meme-based cryptocurrency Dogecoin has seen an explosion in price after a group of Reddit users tried making it the cryptocurrency equivalent of GameStop.

A subreddit called SatoshiStreetBets helped the token gain 800% within 24 hours.

Billionaire Elon Musk’s tweets have also powered it higher as he has clearly shown his love for Dogecoin.

He tweeted, “Dogecoin is the people’s crypto” and “No highs, no lows, only Doge.”

According to Techxplore, “in 24 hours, its value rose from less than a cent to nearly 8 cents - an increase of more than 900% that took its market cap to $9 billion.”

It was created in 2013 by a pair of software workers after one of them made a joke about the next big cryptocurrency.


Dogecoin uses a Shiba Inu dog as its mascot and is based on a meme featuring the animal.

With interest in cryptocurrencies and bitcoin at an all-time high, it will be fascinating to see which cryptos are able to break out and become the next bitcoin in the near future

Meanwhile, though billionaire investor Mark Cuban has warned people to be cautious with cryptocurrency, he recently said digital assets will be the future of business.

So what about the much talked about dogecoin?

In a recent tweet asking for Mark Cuban’s professional advice, he stated, “If I had to choose between buying a lottery ticket and #Dogecoin. I would buy #Dogecoin.”

He continued, ‘But please don’t ask me to choose between it and anything else.”


According to Cuban, “lottery tickets are worse than any investment.”


And finally, German prosecutors have confiscated more than 50 million euros worth of bitcoin from a fraudster.

The only problem they can’t unlock the money because he won’t give them the password.


A prosecutor stated, “the man was sentenced to jail and has since served his term, maintaining his silence throughout while police made repeated failed efforts to crack the code to access more than 1,700 bitcoin.”

Bitcoin is stored on software known as a digital wallet that is secured through encryption.


A password is used as a decryption key to open the wallet and access the bitcoin.

When a password is lost the user cannot open the wallet.

The fraudster had been sentenced to more than two years in jail for covertly installing software on other computers to harness their power to “mine” or produce bitcoin.

Sources:

https://www.reuters.com/article/us-crypto-currency-germany-password/police-seize-60-million-of-bitcoin-now-wheres-the-password-idUSKBN2A511T
https://www.cnbc.com/2021/02/05/mark-cuban-on-buying-cryptocurrency-dogecoin.html
https://techxplore.com/news/2021-02-gamestop-wild-dogecoin-meme-inspired-digital.html

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