Panic Over Dogecoin Price Shouldn't Kill Bitcoin, Ethereum, Says Binance US CEO

Brian Brooks, the CEO of cryptocurrency exchange Binance US, said that panic over Dogecoin (DOGE-X) prices should not kill Bitcoin (BITCOMP), Ethereum (ETH-X) and other fundamental innovations in the cryptocurrency space.

Dogecoin, Doge Coin, Doge, Digital


What Happened: Brooks, former U.S. Acting Comptroller of the Currency, shared his views about Dogecoin and other cryptocurrencies at the CoinDesk Consensus 2021 conference. He noted that the cryptocurrency market fundamentals are more important than the prices.

Brooks added that he does not know if the news of Tesla Inc. (TSLA) CEO Elon Musk and MicroStrategy Inc. (MSTR) CEO Michael Saylor coming together around the Bitcoin mining council is a “good thing or a bad thing,” but it shows they are trying to be in the cryptocurrency space for the long haul.

Why It Matters: Brooks’ comments about Dogecoin come as the meme cryptocurrency is down 54.4% from its all-time high of $0.7376 reached on May 8. The Shiba Inu-themed cryptocurrency has now fallen to seventh place in terms of market capitalization.

Nevertheless, the cryptocurrency markets have recovered from a dramatic crash over the last few days following Musk’s recent tweets.

Musk said in May that Tesla would no longer accept Bitcoin for vehicle purchases due to concerns over the cryptocurrency’s environmental impact. Last week, Musk said he held “potentially promising” talks with Bitcoin miners in North America, indicating he may be rethinking his stance on the apex cryptocurrency.

Price Action: Dogecoin is up 13.6% during the last 24 hours and is trading at $0.3383 at press time, while Bitcoin is trading 7.2% higher at $37,301.83. Ethereum, the second-largest cryptocurrency by market capitalization, is 16.3% higher over a 24-hour period and is trading at $2,681.21 at press time.

© 2021 Benzinga does not provide investment advice. All rights reserved.

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Trisha Brown 3 weeks ago Member's comment

Time to buy Cardano instead!

Andrew Jaxon 3 weeks ago Member's comment

Agreed... Science. Peer reviewed foundation. Nations adopting it. It's the future!