[Asia Economy New York=Correspondent Baek Jong-min] The decline of the cryptocurrency Dogecoin continues. Contrary to individual investors' goal of reaching 1 dollar, even the 30-cent price range has collapsed. Bitcoin is recovering from the downtrend and is consolidating around the 55,000-dollar level.
As of 9:29 AM on the 22nd (local time), according to CoinMarketCap, Dogecoin is trading at 28.4 cents per coin, down 8.6% compared to 24 hours ago.
Dogecoin rose to 41 cents on the 20th, known as Doge Day, encouraged by investors, but has since turned downward, showing a 30% decline.
Bitcoin, the cryptocurrency with the largest market capitalization, is trading at 55,100 dollars, up 0.3%. Bitcoin is rebounding after falling to the 52,900-dollar range.
Last week, Bitcoin reached its highest price of 65,000 dollars just before the Nasdaq listing of the cryptocurrency exchange Coinbase, and has since been undergoing a correction.
A day earlier, Scott Minerd, Chief Investment Officer (CIO) of Guggenheim Partners and a well-known cryptocurrency optimist on Wall Street, warned that Bitcoin could plunge to the 20,000-dollar level.
Ethereum, the second largest by market capitalization after Bitcoin, is trading at 2,567 dollars, up 12%.
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