Bitcoin extended April’s losses in Monday trade as investors shied away from risk assets amid a more hawkish outlook for Federal Reserve policy tightening.
Dogecoin jumped as much as 7.4% amid reports that long-time backer Elon Musk is close to reaching an agreement to buy Twitter. In 2021, Musk took to promoting Dogecoin, a meme-coin made as a parody of cryptocurrencies, which helped inflate the value of the token more than 14,000% from the start of 2021 to a high of $0.68 per token in May 2021. Earlier in January, Musk announced on Twitter that Dogecoin could be used to buy Tesla merchandise. It traded at about 14c on Monday.
For all its recent losses, bitcoin remains in the middle of a trading range that has held since the start of 2022 between about $35,000 to $45,000. The digital currency moves strongly in line with the tech-heavy Nasdaq 100, and is negatively correlated with the dollar.