If you know any crypto trader I’ll highly recommend you walk up to them and give them a big hug, cause they’re going through some “Dip” times right now.
We all know Bitcoin is the oldest ad largest digital currency in the world right, and it even went bigger when Tesla CEO Elon Musk made the big announcement in Feb that they would accept Bitcoin as a form of payment for it electric cars.
In April Bitcoin reached a record high of around $65,000(I know, crazy right) well not to break the bubble but right now Bitcoin is down to almost 50%. (Madt right) Now that the reason why I mentioned giving some crypto traders a hug.
Although it not just Bitcoin, most major coins are all taking a huge dive. This is coming mostly after the republic of China reiterated the use of digital currency as a form of payment.
According to Stephane Ouellette, the chief executive and co-founder of FRNT Financial “This is going to be the first ‘welcome to crypto’ day for a lot of new entrants. The history of these assets has been littered with aggressive rallies and sickening selloffs.”
It doesn’t just end there, stocks linked to Cryptocurrency also experienced a drop with Coinbase Global Inc. falling by 5.2% in U.S premarket trading.
Now talking about the Tesla CEO Elon Musk who has been causing some rise and dips through his Twitter posts. Take for example in February when he made the big announcement, Bitcoin skyrocketed to a peak $64,870. He has been known to shake the crypto markets with just tweets and comments, so next time you see a tweet from Elon Musk you might wanna consider selling or buying.