Personal Finance
Bitcoin Rebounds After Elon Musk’s Tesla Denies Selling off Bitcoin Holdings: 4 Things Investors Need to Know
By Seedly  •  May 18, 2021
As an asset class, cryptocurrencies (crypto) are known for being infamously volatile, save for exceptions like stablecoins. Even the largest cryptocurrency Bitcoin (BTC) is still not immune to this volatility. From 2016 to 2017, BTC’s price went up by about 111%. From 2017 to 2018, its price went up by about 1,120%.  After reaching its all-time high price of about US$13,000 at the end of 2017, its price went up by about 392% to reach an all-time high of US$64,000 in April 2021, only to drop 29.2% to US$45,300 at the time of writing. It is clear that volatility is much more pronounced in the crypto markets compared to the mainstream stock markets. And like mainstream stock markets, crypto prices are moved by news developments and speculation but in a more exaggerated manner. Increasingly, these price movements occur when Technoking of Tesla: Elon Musk starts tweeting. BTC’s price soared to an all-time high in March after Tesla announced that it had acquired US$1.5 billion BTC...
Read the full article
By Seedly
Launched in 2016, Seedly helps users make smarter financial decisions with its budgeting app which allows its 40,000 users to sync up their financial accounts and better manage their cash-flow. Last year, we introduced a new community feature which allows users to crowdsource knowledge from peers before making a financial decision.
LEAVE A COMMENT
LEAVE A COMMENT

Your email address will not be published.

*

Your Email Address will not be published
*

Read More Articles
More from thefinance