SINGAPORE: Bitcoin was pinned near its lowest in more than two months on Friday and headed for its worst week since February, while dogecoin leapt by a fifth as tweets from Tesla boss Elon Musk sent the two cryptocurrencies on a wild ride.
Markets have gyrated to Musk tweets for months since his interest in dogecoin sparked a hundred-fold rally in the previously ignored token’s value this year, while Tesla’s $1.5 billion bitcoin purchase helped it break past $50,000 in February.
Yet in an equally surprising U-turn he dented the world’s biggest cryptocurrency this week after announcing Tesla stopped accepting bitcoin in payment owing to environmental concerns, making investors uneasy about Musk’s influence on crypto prices.
Bitcoin is down nearly 15 percent this week at $49,804.
Dogecoin is down about a third since last Friday, having tumbled after Musk referred to it as a “hustle” on Saturday Night Live. It then jumped 20 percent after his latest comments that he was involved in work to improve its efficiency.
“Working with Doge devs to improve system transaction efficiency. Potentially promising,” Musk said on Twitter, vaulting dogecoin from about $0.43 to $0.52 on the Binance exchange.
It was unclear if Musk was referring to efficiency in terms of energy use, ease of use or suitability as a currency, said Mark Humphery-Jenner, an associate professor of finance at the University of New South Wales business school in Sydney.
Dogecoin consumes 0.12 kilowatt hours of electricity per transaction compared with 707 for bitcoin, according to data center provider TRG, but it is near impossible to use it to buy anything.
Almost worthless in late 2020, dogecoin is the latest darling of a frenzy gripping crypto markets that began last year as institutional investors announced big bitcoin purchases.
It has surged to become the fourth-largest cryptocurrency by market cap, according to CoinMarketCap.com. Second-biggest cryptocurrency ether has also soared more than 400 percent this year. It last sat at $3,865, steady for the week so far.
The huge moves have begun to attract regulatory scrutiny, and a Bloomberg report on Thursday which said major exchange Binance was under Justice Department investigation in the US added to some of the price pressure on cryptos this week.
Musk’s tweets and the market’s response may also invite attention, said Edward Moya, an analyst at brokarage OANDA.
“Tesla is drawing tremendous scrutiny for Musk’s cheerleading of Bitcoin,” he said. “If Tesla unveils a bet on dogecoin, regulators may have their eyes on Musk.”
Others, however, say the market might be more comparable to an old fashioned bubble.
“Dogecoin remains a lesson in greater fool theory,” said David Kimberley, analyst at investing app Freetrade, which posits that buying overpriced assets can be profitable, so long as there is a “greater fool” to buy them at ever higher prices.
“It’s being pumped by people that want to get rich quick (and Elon Musk),” he said.
Musk tweets, doge leaps and bitcoin retreats
https://arab.news/p2qft
Musk tweets, doge leaps and bitcoin retreats
- Markets have gyrated to Musk tweets for months since his interest in dogecoin sparked a hundred-fold rally
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
