VC Roundup: Lightning Network payment rail, DeFi trading platform and blockchain security firm raise millions

Dogecoin Adds $1 Billion To Its Market Cap Folllowing Elon Musk’s ‘Boring Company’ Announcement

Following Elon Musk’s Boring Company’s announcement, it now allows consumers to pay using Dogecoin. As a result, DOGE has increased by 5% during the past day. But after that, it decreased by over 2%. However, it had a market value increase of almost $1 billion during the past 24 hours. With a market cap of $10.484 billion, DOGE overtook Polkadot and other currencies to rank as the tenth-largest cryptocurrency. According to CoinGecko statistics, DOGE increased by around 13% during the course of the past seven days. The price is $0.07034 at the moment. Related Reading | Sandbox (SAND) Having A Blast With 12% Spike In 24 Hours The flood of negative crypto news was more minor today compared to most days over the previous six weeks. The crypto sector is still plagued by uncertainty and anxiety, though. Data from CoinMarketCap indicate that with a rise of about 2% over the last 24 hours, the global cryptocurrency market capitalization was trading higher at $930.89 billion. However, the overall volume of the cryptocurrency trade fell by approximately 18% to $53.35 billion. Pay With Dogecoin For A Ride: Elon Musk’s Boring Company Announcement According to CNN on Wednesday, the Boring Company has made it possible for users to use DOGE to pay for rides in its recently launched Vegas Loop. The Loop is a transportation system where Tesla car drivers ferry people through a tunnel beneath Las Vegas. The first Loop station, which debuted last Friday, is located outside the Las Vegas Convention Center, but the business intends to build a 29-mile network of tunnels under the city with 50 stations in all. Although the corporation has not provided a precise date, rides on Loop are presently free. However, charges are ultimately planned. The Vegas Loop’s website states that single rides will cost $1.50, and day passes will cost $2.50. The choice to offer DOGE as a payment option was made simultaneously as the Boring Company decided to construct a Loop station at the Las Vegas Convention Center. Related Reading | Bitcoin Will Rebound In 2nd Half Of 2022, Says Bloomberg Analyst Even though a $258 billion lawsuit has been filed against Elon Musk and two of his companies, Tesla and SpaceX, he still chose DOGE.  The billionaire was sued by a citizen of the United States for allegedly promoting Dogecoin. According to the lawsuit, Musk is accused of participating in a racketeering plot to support cryptocurrencies. To his more than 100 million followers, he has already shared a number of Dogecoin memes. The adoption of DOGE as a payment method for rides by The Boring Company is one of several antics. Musk earlier said that he is unconcerned by the current market circumstances and would keep building up his Dogecoin holdings. Featured image from Flickr, chart from Tradingview.com  

PayPal enables transfer of digital currencies to external wallets

The move comes after nearly two years since PayPal enabled users to buy and sell crypto on its platform.

TA: Bitcoin Breaks $40K, Key Upside Break Suggests Trend Change

Bitcoin started a major increase above the $40,000 resistance against the US Dollar. BTC might correct lower, but downsides could be limited below $40,000. Bitcoin was able to clear the $40,000 resistance and entered a positive zone. The price is trading above $40,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $39,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might correct lower, but there is a key support forming near the $40,000 zone. Bitcoin Price Rallies 5% Bitcoin price formed a base above the $38,000 level. BTC started a steady increase above the $39,550 resistance level and the 100 hourly simple moving average. It opened the doors for a move above the $40,000 resistance. The bulls took control and were able to push the price above the $41,000 resistance zone. The price gained over 5% and there was a move towards $41,800. A high is formed near $41,706 and the price is now correcting gains. It traded below the $41,000 level. There was a test of the 23.6% Fib retracement level of the recent wave from the $38,170 swing low to $41,706 high. On the downside, there are many support levels forming near $40,000. There is also a key bullish trend line forming with support near $39,250 on the hourly chart of the BTC/USD pair. On the upside, bitcoin might face resistance near the $41,200 level. Source: BTCUSD on TradingView.com The next major resistance could be near the recent high or $41,800. A clear move above the $41,800 level could even push the price above the $42,000 resistance. In the stated case, the price might rise towards the $43,200 level. Dips Limited in BTC? If bitcoin fails to clear the $41,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $40,500 zone. The next major support is seen near the $40,000 level. It is near the 50% Fib retracement level of the recent wave from the $38,170 swing low to $41,706 high. The main support now sits near the trend line and $39,000. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level. Major Support Levels – $40,500, followed by $40,000. Major Resistance Levels – $41,200, $41,800 and $42,000.