However, while there are some organisations that accept it as currency, others shy away due to Bitcoin’s dramatic price swings. Driven largely by speculation, the price per Bitcoin rose sharply from $1,151 in January 2017, to an all-time high of $19,783 in December the same year.* It then dropped to below $7,000 by February 2018 and rallied again to around $11,000 over a matter of days, before plunging once more to trade below $4,000. Subsequently, one of the key characteristics of Bitcoin that traders should understand is its potential for extreme volatility.
We’ll go through the several factors that influence demand for a particular crypto, but before we do that, it’s important to note that cryptocurrencies don’t fit comfortably into our existing asset categories.
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Chief among them was PayPal, which made Tesla founder and noted cryptocurrency advocate Elon Musk’s first fortune and proved to be a harbinger of today’s mobile payment technologies that have exploded in popularity over the past 10 years.
But first, a word of warning: buying cryptocurrencies and decentralised finance tokens as well as stocks and shares is a risky business.
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Bartram, S. M. and M. Grinblatt (2018), “Agnostic fundamental analysis works”, Journal of Financial Economics 128 (1), 125–147.
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While exact predictions are impossible, we asked five experts about what they’re paying attention to in the crypto space for the rest of 2021:
LifestyleMoneyWhy is crypto down today? Cryptocurrency market crash, China ban - prices of Bitcoin, Shiba Inu and Ethereum
In addition to the fiat ramp exchanges, Binance has launched a decentralized exchange and it is adding much-requested features such as margin trading. The company also took an investment from Singapore’s Vertex Ventures, one of a number of sovereign funds in the country, to develop its Binance Singapore service.
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If they manage to do that, the BNB/USDT pair will challenge the overhead resistance at $691.80. The rising moving averages and the RSI in the overbought zone indicate the path of least resistance is to the upside.
Cryptocurrencies can be highly sensitive to news announcements. The type of news that can affect the price ranges from the CEO of JPMorgan Chase calling Bitcoin a ‘fraud’ to details of networks being hacked. Also, economic and political events affecting fiat currencies can lead traders to lose faith in these more traditional trades and turn to cryptocurrencies, pushing up the price.
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