Bitcoin Daily: Elon Musk’s Favorite Crypto; Secures $1B Valuation

It looks like Elon Musk has a favorite cryptocurrency. “Dogecoin might be my fav cryptocurrency. It’s pretty cool,” Musk tweeted on Tuesday (April 2).

Dogecoin then responded on Twitter, suggesting that Musk become the company’s next CEO. Musk replied back with a Yahoo email account address so Dogecoin could contact him, but that tweet has since been deleted.

The crypto was up 26 percent on Wednesday (April 3), giving it a market worth of $381 million, according to Financial Times.

In other news, has become the latest crypto unicorn after closing a Series C investment round from Bitmain and IDG Capital, reaching a valuation of over $1 billion. The funds will be used for global expansion and product development, as well as a move into the security token market.

“Our vision is to make financial services accessible to all, which means bringing more people into the digital asset space so that anyone can be a part of it,” said CEO Mike Kayamori, according to CoinDesk.

Coinbase revealed that it has a tailored insurance policy for its hot wallets holding digital assets, which has now reached $255 million.

“The data is clear that, today, the most likely consumer loss scenario for any cryptocurrency company is hot wallet loss, due to hacking,” wrote Philip Martin, Chief Information Security Officer at Coinbase in a blog post.

Martin added that the insurance is similar to traditional policies that protect in case of bank insolvency. Furthermore, Coinbase has a policy to protect its fiat assets, and will offer a similar form of security for digital assets in the future.

The U.S. Securities and Exchange Commission (SEC) has issued guidelines to help determine whether a digital asset is a security and needs to be registered with the regulator. To help make a decision, the SEC said that both it and the federal courts look to see whether an “asset has any characteristics of an ‘investment contract,’” which “exists when there is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.”