The Bitcoin saga continues as the popular cryptocurrency’s stock continues to spiral downward this week.
The currencies price fell as much as 29% earlier this week as some overseas banks began warning of the risks involved in trading with cryptocurrencies.
Despite this continued decline, however, numbers remain up around 31% in 2021 and, when comparing to last year’s numbers, are up almost 300%.
This recent market turbulence isn’t only impacting the most popular names of the sector, however, as most cryptocurrencies lost between 7% and 22% of their overall values in the past few days making many investors nervous and leading them to wonder what caused this sudden turn in the sector and how it can be stopped…
Recent Crypto Fluctuations
Many look to the random tweetings of one Mr. Elon Musk as a big factor in the recent crypto fluctuation. During a recent appearance on Saturday Night Live the Tesla founder continued to take jabs at the underdog in the crypto race Dogecoin throughout the night, going as far as to claim it as nothing more than a hoax which sent the currencies numbers plummeting.
In addition to Musk’s televised appearance, he also recently made a statement that he would no longer be accepting cryptocurrencies as payments for Tesla vehicles unless the market looked into updating their mining regulations to be more environmentally friendly. (Read more on this topic HERE!)
Despite Musk’s grasp on the market, Tesla’s not the only company that has their hand in the crypto well as retailers such as Overstock.com, banks such as BNY Mellon and even credit card company Mastercard all have shown their support for the crypto market and revealed their intentions to support the sector.
Crypto’s Biggest Hurdle
Yet, despite the markets continued growth, the average person, though aware of Bitcoin and the overall crypto market, has difficulty understanding what it is and why we need it which, in the long run, is not a good place for the industry to be in if they have hopes of widespread use in the near future.
And only adding to the overall confusion in the sector, D.C. officials have now stepped in and let their intentions be known that they anticipate a move to regulate the crypto market if it continues down a path of growth and use as an official currency.
In addition, D.C. regulators have also let their fears known that a selloff in the digital currency sector could cause broader economic damage to the U.S. economy, though at its current rate of use, officials say this is unlikely anytime soon.
Learn More Here…
As the crypto currency continues its rollercoaster ride of a lifespan, the DTI team wants you to know that we will continue to bring you the latest market updates on a regular basis, helping you better understand the sector so that you can make your investments with as much knowledge as possible!
… And to continue that tradition of sharing knowledge, we’d like to invite you to join DTI founder Tom Busby and this week’s special guest Jack Carter below as they sit to discuss this week’s markets and new trading strategies that they predict will help everyone in their journey towards financial independence.
P.S. – Market pros Roger Scott and Tom Busby are sitting down to pull back the curtain on secret Wall Street dates that have lead us to a long list of winners and they want you to join them so they can show you how you could profit too!