Is Bitcoin a good investment?
- As a result of Bitcoin's high volatility, there are ample opportunities to earn good profits. At the same time, the volatility could pose an increased risk. ... However, investing even a tiny amount into Bitcoin has proven to be effective in building wealth. Economic TimesNot sure about investing in Bitcoin? Here’s what can help you understand better
02 July, 2021 - 07:29am
The world’s second largest cryptocurrency has now re-established itself in a bearish posture on both lower and higher time frames, with the potential of a major correction to below $1,000 still on the cards before the end of the year.
Sunday’s weekly candle close beneath the 21 exponential moving average was the first since April, 2020, demonstrating that momentum in the long term is most certainly heading to the downside.
One glimmer of hope for Ethereum is the upcoming EIP 1559 update scheduled to go ahead later this month. As with most major news events, Ethereum will likely rise on a hype-fuelled rally going into the event, before crumbling to new lows afterwards.
In order to regain a bullish posture, Ethereum needs to close this weekly candle back above the 21EMA at $2,155. Failure to do this will likely result in a slump back to the $1,700 level next week.
Much of it will also depend on the trajectory of Bitcoin, which appears to be struggling to gain a foothold in the $30,000 to $40,000 range after suffering a rejection at $36,500 on Tuesday.
If Bitcoin loses the $30,000 level of support, the entire cryptocurrency market will struggle as a result, especially as Bitcoin dominance has steadily risen following the drop to $30,000 in May.
Short term levels of support for Ethereum remain at $1,875, $1,700 and the previous all-time high of $1,450.
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Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy in to his proposal.
If you want to find out more information about Ethereum or cryptocurrencies in general, then use the search box at the top of this page. Please check the below article:
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
The growth could be the result of traders looking for faster and cheaper transactions compared with Ethereum.
If BTC can hold last Saturday’s low and rally back above this week’s high from around current levels, then there is an excellent potential Bullish path in front of us.
Bitcoin's fortunes appear closely tied to Federal Reserve's money printing.
Two senior analysts at JPMorgan say that staking will gain traction as a source of revenue for both institutional and retail investors.
The council's survey focused on the crypto mining industry's electricity consumption and sustainable power mix.
A recent enforcement action against Wazir-X, India's largest exchange, offers a glimpse of how regulators might eventually treat cryptocurrency there.
Taco Bell first introduced the limited-time-only Triple Double Crunchwrap in 2016, and every time it was re-released over the next five years, the company decided to stick with the highly confusing name. What was tripled? What was doubled? Did any of us care? Tripling and doubling things is always good... right?
Anthony Scaramucci’s SkyBridge Capital plans to file for an Ethereum ETF, according to a podcast.
(Reuters) -AMC Entertainment shares closed down 4% on Friday after short-seller Iceberg Research tweeted that it had made a bearish bet against the theater chain operator's stock. The so-called meme stock closed at $51.96 after falling almost 12% to $47.77 in morning trading after Iceberg's tweet that it had sold the shares short, which involves borrowing shares with a view to buying them back at a lower price to cover the bet. "Our position is based on the fundamentals of the company and the fact its stock price has been inflated by call options, which is always temporary," said Iceberg's Arnaud Vagner in an email to Reuters.
Binance appears to be in more hot water following the latest action by the Thai SEC, who have filed a criminal complaint against the exchange.
Germany is on track to have 1 million electric cars on its roads in July, reaching the milestone six months later than planned, according to reports.
The Milwaukee Bucks find themselves weighing health versus history as they prepare to take on the host Atlanta Hawks in Game 6 of the Eastern Conference finals on Saturday night. The third-seeded Bucks advanced to the doorstep of their first appearance in the NBA Finals since 1974 with a 123-112 home win over the fifth-seeded Hawks in Game 5 on Thursday. Milwaukee did so without star Giannis Antetokounmpo, who sat out with a hyperextended left knee.
A grand jury in Manhattan has charged the former president's company with tax-related crimes, sources tell CBS News.
Growing uncertainty surrounding the extent of China’s crackdown had largely contributed to a steep decline in demand for the flagship crypto.
Mircea Popescu a controversial figure in the world of crypto boasted one of the single-biggest bitcoin fortunes and his amassed wealth in digital assets may be lost to the ether after his untimely death last month, some speculate.
01 July, 2021 - 06:45am
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Dogecoin (CRYPTO:DOGE) has been a phenomenon in the cryptocurrency world. Its price has soared by more than 4,500% since the beginning of the year and is up nearly 11,000% over the past 12 months.
Even Dogecoin's biggest competitors in the crypto space haven't been able to achieve such explosive growth. The price of Bitcoin (CRYPTO:BTC), for example, has increased "only" around 300% over the past year, and Ethereum (CRYPTO:ETH) is up around 860% in the same time period.
However, despite Dogecoin's meteoric rise, it's an incredibly risky investment. There are several reasons it may be doomed to fail, and one reason it just may thrive.
In order for any cryptocurrency to succeed over the long term, it needs to have utility within the real world.
Right now, Bitcoin is the most widely accepted cryptocurrency among merchants, and very few sellers accept Dogecoin as a form of payment. Many businesses are still on the fence about cryptocurrency, in general, and those that do adopt it are more likely to accept Bitcoin than Dogecoin.
If Dogecoin is going to become widely accepted as a form of payment, it will need to have a competitive advantage. However, there's not much that sets Dogecoin apart from its competition.
Bitcoin has the most name recognition and first-mover advantage because it's one of the oldest cryptocurrencies. Because this cryptocurrency gets the most attention, it's most likely to be accepted by sellers.
Ethereum also has an advantage because its blockchain technology is host to a wide variety of projects. Non-fungible tokens (NFTs), for example, use the Ethereum blockchain, and so does the decentralized finance movement. Ethereum's native token Ether is also the second most popular cryptocurrency behind Bitcoin.
Dogecoin, on the other hand, doesn't have much going for it other than its fan following. While some supporters tout Dogecoin's low transaction fees, there are other cryptocurrencies that have lower fees than Dogecoin. Without a competitive advantage, Dogecoin will have a tough time surviving over the long run.
Anyone can create a new cryptocurrency, so the barrier to entry is almost nonexistent. In fact, Dogecoin itself was created by two software engineers as a joke in response to the wild speculation surrounding cryptocurrencies in 2013.
Because Dogecoin is not widely accepted by sellers and doesn't have much of a competitive advantage in the crypto market, it wouldn't take much for a new cryptocurrency to overtake it.
Despite the fact that Dogecoin has shaky fundamentals, it's managed to build quite the fan club. And although it has substantially dropped in value over the past few weeks along with many other cryptocurrencies, it's still up nearly 400% over the past three months.
Part of the reason Dogecoin has earned such explosive returns is because retail investors have artificially pumped up its price. Celebrity billionaires like Elon Musk and Mark Cuban have also helped fuel Dogecoin's rise to the top by publicly voicing their support for the cryptocurrency.
These factors point to the fact that Dogecoin is a short-term investment, not a long-term one. However, because Dogecoin now has so much name recognition, it could gradually gain wider acceptance -- which may give it a real shot at staying competitive.
Keep in mind that this is a big "if," and there's a very good chance Dogecoin won't be able to keep up with its competitors over the long run. Before you invest, think about how much risk you're able to tolerate.
While Dogecoin could eventually go to the moon, it's still a high-risk investment. And for many investors, it's best to steer clear for now.
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