Elon Musk’s announcement that Tesla would no longer be accepting Bitcoin as payment on environmental concerns was followed by China issuing a crypto crackdown.
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Bitcoin price has spent roughly two weeks consolidating around a psychological barrier and shows no affinity to move higher or lower. This indecision indicates reduced volatility and that an explosive move is on its way. Read full analysis Pulse Bomber Launched with a Low Market Cap and Big Future Potential Bybit - Could remittances be the next major use-case for cryptocurrencies?
Cryptocurrency can gain value on exchange platforms. It increases in value based on supply and demand.
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But whether that growth is sustainable, and what it means long-term, is still in question. “This crypto, blockchain technology, the public interest in it right now is being driven by a kind of speculative fever,” says Dr. Richard Smith, executive director of the Foundation for the Study of Cycles, a nonprofit organization dedicated to studying recurring patterns throughout economies and cultures.
Last but not least, Galaxy Digital Holdings Ltd (OTC: BRPHF) CEO Mike Novogratz also recently said he expects Bitcoin and the crypto market as a whole to pull off another "parabolic move."
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If you use a dollar cost averaging method to regularly invest, these savings can be significant in the long run. But while it’s important to pay attention to an exchange’s fee structure, experts say that it may be worth it to pay more in fees for more advanced security, usability, or other features.
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Shortly after achieving these astronomical new heights, Bitcoin’s price fell back toward $62,700 before recovering slightly to around $64,500, while most altcoins endured near double-digit losses.
SafeMoon is one among the handful of cryptocurrencies that made it to the top 100 crypto-list on its own. SafeMoon did not have the backing of top trading platforms and managed to gain investors’ attention by its projects alone.
The decision by Tesla, and announced by Musk, was seen by some as a slight on the credibility of cryptos to become a viable method of payment against physical currencies.
Cryptocurrency is going mainstream — and becoming increasingly difficult for investors to ignore.
Last Tuesday, Squid was trading at just 1 cent. In less than a week its price had jumped to over $2,856.
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