Since the Elon tweet sent the entire crypto market on a wild run, Bitcoin has been going through cycles. Although some people are still willing to take advantage of the situation by “buying the dip”, there’s no denying that the No.1 cryptocurrency is nowhere near its former glory, with its calculating power cut by more than half amid the Chinese crackdown. During the bitcoin wild run, there is some positive news, such as Elon tweeting he’s still interested in the coin and the El Salvador government adapting the currency as legal tender, etc. However, the nature of cryptocurrency remained unchanged: it’s pure speculation with no real value behind it.
Square Inc. is starting a new business centered around Bitcoin. Jack Dorsey, the fintech company’s Chief Executive Officer, made the announcement in a tweet on Thursday. The service it provides will be focused on making it easier to create decentralized financial services. In short, it’s a platform for more coins. With the current trend on the crypto market, it is not sure what the company can bring to the table. But for the time being, Bitcoin is just on another regular cycle, where the price dip attracts more investors.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
