The Great Crypto Crash: What to Do After Bitcoin’s 40% Fall
Whoever said social media doesn’t influence financial markets didn’t meet Elon Musk.
The CEO of Tesla Inc. (Nasdaq: TSLA) … whether intentional or not … has been instrumental in the rise and fall of cryptocurrency prices over the last few months.
It’s causing a lot of whiplash among crypto investors.
The latest came on Sunday when popular crypto tweeter @CryptoWhale suggested Tesla could dump its position in bitcoin. Musk responded with one word: “Indeed.”
Bitcoin values dropped more than 8% within hours of the post and, by Wednesday morning, bitcoin slipped below $40,000 — a 40% drop from its high of $63,000 reached only last month.
The tweet came days after Musk said Tesla would not accept bitcoin as payment for its popular electric vehicles.
The question now is whether cryptocurrencies remain a good investment or not.
This episode of The Bull & The Bearis all about cryptos. I provide some analysis of digital currencies like Bitcoin and Ethereum, and tell you whether now is the time to invest in this volatile asset. I also examine crypto’s role as an inflation hedge, and what I think is a better shield against rising costs right now.
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