The cryptocurrency which drew investors attention from across the globe on the boom in its price, on its sudden and sharp fall also saw investors' exiting the investment. Now, here are some of the updates on cryptocurrencies from around crypto world.
The bitcoin the largest and most touted cryptocurrency to $30000 per unit as per the blockchain news outlets CoinDesk traded at $39436. After Elon Musk statement on Bitcoin now being considering it as a payment mode and later on likely inference that he may or will sell Bitcoin, saw the bitcoin go down. Now, post that environmental concerns, China's ban all weighed and pulled the crypto down.
His tweets which are impacting crypto prices are also being referred to as ' The Musk Effect' who has won an Internet award.
Now there is seen a bearish trend for the currency as it has down below the technical mark.
Nonetheless, Elon Musk again tried to push the gains in the currency and in his twitter handle said Tesla has diamond hand. What in literal terms means that Tesla would not part with its $1.5 billion stake in bitcoin. Also, this 'Diamond Hands' refers to traders who continue to believe in the eventual profitability and do not sell of their holding with their value drops.
For the week the bitcoin price declined by 15 percent.
On the hate the bitcoin enthusiast have for Elon Musk who keeps inducing volatility in the novel asset, have come up with a new cryto named after him StopElon. Now as a protest against Musk, his influence in manipulating the crypto magnificently.The token has been listed on Binance Smart Chain blockchain from record surge to $0.00009450 from to $0.00009450.
The price of Dogecoin also was influenced by Musk's comments that he will not sell his dogecoin holdings. The price at the time of mentioning this report were down over 12 percent to $0.359 and the digital token commanded a market cap of $46.55 billion.
4. Vitalik's take on cryptocurrency:
Ethereum co-founder Vitalik Buterin, is of the view that cryptos are in a bubble zone and that the comments around energy usage in bitcoin mining need the blockchain to accept technology change.
In a CNN interview, he noted that "We've had at least three of these big crypto bubbles so far." He added that it could have ended already, or it could end months from now.
5. Hong Kong:
After China cryptocurrency clampdown, there is a report stating that cryptocurrency the crypto trading and investment shall be restricted to professional investors.
6. India situation:
The investors or those looking at as a good avenue to grow their fortunes are suddenly facing Fear, Uncertainty and dobut. Nonetheless, there is made a case why India should not defer crypto regulations.
To discover the ultimate trading genius, a crypto exchange has come up with a new contest i.e. at a global level. The Singapore based Bityard said the maximum price of of up to 60,000 USDT rising from 5000USDT basis how many people participate.
There is also an option as per which participants can gel together as teams to put strategies .