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Items like the Giga Texas Belt Buckle can be bought with dogecoin in Tesla's online store

First Bitcoin now Doge, Tesla Announces New Payment Method, Uk’s Economic Recovery & ECB’s Inflation target

Dogecoin climbs 15%, on Tesla announcement

Dogecoin was up by as much as 15% higher on Friday, as Tesla began accepting the meme coin as a payment method.

In a tweet from the company’s founder Elon Musk, it was confirmed that “Tesla merch is buyable with Dogecoin”.

The EV, who previously accepted BTC as a payment option for its vehicles in 2021, moved away from crypto, due to the climate impact of Bitcoin mining.

However, Dogecoin which was popularized by Musk, after several tweets and memes linked to the coin, does not present these climate related issues.

As of writing, Dogecoin was trading close to 16% up on the day, at a rate of $0.1886.

British economy grows beyond pre-COVID levels

On Friday, it was revealed that the British economy had finally grown above pre-COVID levels, after better than expected GDP data was released.

Figures released by the Office for National Statistics showed that the UK’s Gross Domestic Product grew by 0.9% in November.

💡 Back on track
Services, which are is the largest economic sector in the UK (80%) grew by 80%. Manufacturing and Construction grew 1.1% and 3.5% respectively. Some experts speculate that Omicron will have a less devastating effect on the economy, so growth should be continuous. While others suggest that a raise in borrowing costs (interest rates) and inflation will ‘squeeze’ households’ purchasing power.

This was better than the 0.4% markets had expected and leaves the world’s fifth largest economy 0.7% bigger than in February 2020, when the global pandemic began.

Despite this news, the FTSE 100 closed the week 0.28% lower, as traders appear to have ignored today’s data.

GBPUSD fell for the first time this week, hitting an intraday low of 1.3653 in the process.

Euro volatile, as ECB continue to target 2% inflation

The Euro was volatile to end the week, as ECB president, Christine Lagarde confirmed the bank was still targeting a 2% inflation rate.

Lagarde, who is the president of the European central bank has been reluctant to raise rates, as the bank continues to monitor inflation.

In a statement today, she said, “Our commitment to price stability remains unwavering. We will take any measures necessary to ensure that we deliver on our inflation target of 2% over the medium term”.

This comes as the Bank of England have already moved to raise rates, with many expecting the Fed to pull the trigger in Q1. She added that, “We understand that rising prices are a concern for many people, and we take that concern very seriously”.

EURUSD fell to a low of 1.1398 on the news, after opening the session on 1.1454. Germany’s DAX also closed 0.93% lower.

“Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected.”

– George Soros

Eliman Dambell

Senior Market Analyst

 

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