Elon Musk's comments over the weekend that bitcoin and rival token ether "seem high" appeared to trigger the latest move lower. The Tesla boss has played a large part in the cryptocurrency rally, and his words carry weight among many bitcoin enthusiasts.
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Craig Erlam, senior market analyst at currency firm Oanda, said: "The fall that has taken place since shows just how wild an instrument it is, how overbought it had become and how influential the Tesla CEO now is in the space. Treasury Secretary Janet Yellen also added to the wariness around cryptocurrencies, telling CNBC on Monday that bitcoin is "an extremely inefficient way of conducting transactions, and the amount of energy that's consumed in processing those transactions is staggering. Pankaj Balani, chief executive of crypto derivatives exchange Delta, said the downward correction in bitcoin and other currencies had been coming.
Harry Robertson. Other cryptocurrencies such as ether and XRP also plunged as cash fled the market. Investors have second-guessed the recent market rally, with tech stocks also tumbling.
Why Is Bitcoin At All-Time Highs? – Forbes Advisor
Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Read the original article on Business Insider. The case, then, is that Bitcoin has much more room to grow than gold and will continue to attract big money in search of high returns in an era of low yields.
You need a steadier financial plan, like a well-diversified portfolio of low-cost index funds that has proven to make retirement possible. If you want to scratch your Bitcoin itch, make sure you do so with a fraction of your taxable investments, in your brokerage account. If Bitcoin ends up as the new gold, that upper limit would still make a ton of sense.
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By David Rodeck Contributor. By Rebecca Baldridge Contributor. The U. Economy Is Healing.
The 10 Most Important Cryptocurrencies Other Than Bitcoin
Investors Are Nervous. What Gives? By Kat Tretina Contributor. Forbes adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. Taylor Tepper. First Published: Feb 17, , pm. The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site.
Bitcoin Rises Above $50,000. Where Does It Go From Here?
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