In a dramatic reversal, prices for Bitcoin and other cryptocurrencies crashed earlier this week after several months of new price records. The decline started last week after Tesla chief executive and Bitcoin supporter Elon Musk tweeted that the company was stopping Bitcoin purchases because the cryptocurrency was not environment-friendly. Even as there was debate between the cryptocurrency’s enthusiasts and critics, traders had already made up … Continue reading Bitcoin Price Crashes. Again.
Time and again, bitcoin’s status as a safe haven is tested. Time and again, bitcoin fails the test. The recent coronavirus scare, which resulted in the sharpest selloff in the stock market since 2008, was an opportunity for the cryptocurrency to attract fearful investors, fleeing from a market crash, into its ecosystem. Except for a brief spike in prices, however, the trajectory of bitcoin’s prices … Continue reading Bitcoin Fails the Safe Haven Test Again. Time to Change the Narrative?
Over the last six months, I’ve been writing a daily post about the price of bitcoin. The cryptocurrency’s wild price swings have an operatic intensity and they skyrocket and crash in dramatic fashion. Here’s a chart showing its price rise in the last one year. Volatility is always an opportunity to make money through arbitrage and price prediction. In bitcoin’s case, however, that is difficult. … Continue reading The Three Things That Bitcoin Price Might Be Correlated To