Madelina Feliks

18
May
2022

Bitcoin Investors Continue to Get Anxious as Prices Drop Below $30K

Since Bitcoin prices started slipping down from its highest of $68,000 in November 2021, the past week saw a price drop of $26,000, the lowest seen in the past 16 months. Today, May 18, BTC price closed at $28,947.21 USD after yesterday’s closing price of $29,716. Although Bitcoin trading in May 04 saw a surge in BTC price that ended with a $40K value, this all the more saw more BTCs being sold in the cryptocurrency market.

Factors Triggering BTC’s Increase Volatility

Cryptocurrency experts are saying the increased volatility in Bitcoin prices is a result of several factors, namely: price inflation, the geopolitical crisis in Europe, particularly Russia’s Ukraine invasion and anticipation of the Federal Reserve’s stricter monetary policy and government plans of regulating the US cryptocurrency industry.

Hope Springs Eternal for BTC Prices to Rise Again

Yet many believe the price will stabilize once BTC owners decide to hold on to their digital asset and wait for the turn around to happen. Hope springs eternal as far as BTCs are concerned since experts believe it’s just a question of when the trun around will happen. The expectation is that BTC prices can even soar to up to $100,000 apiece.

The greatest influencing factor is the Russian Ukraine conflict, which according to Bone Fide Wealth found and certified financial planner Doug Boneparth brings a tremendous degree of volatility regardless of the asset class in question. However, the volatility of the market conditions makes it difficult for investors to hold on to their investing strategies.

Posted by Madelina Feliks in Cryptocurrency
28
Jan
2022

New Developments Transpire in US Cryptocurrency Market as Price Continues to Plummet

The slump that the cryptocurrency market has been experiencing since last week is regarded as being the worst plunge in months. Bitcoin (BTC) plummeted to $34,000 while Ethereum (ETH) sunk below $2,200. The huge price drop came after the Federal Reserve’s report on a possible government-issued digital currency. This was during the middle of the stock market’s worst week for almost two years. According to the CoinMarketCap statistics, crypto market cap went below $2 trillion between the sell-off.

The great news though came this Monday, although it wasn’t until Wednesday that the delayed recovery effect was felt. investors placed $14 million into crypto funds but mainly to take advantage of the price dip. According to the report, the inflows last week mostly went to Bitcoin-focused accounts totalling USD 13.8 million.

US Government to Issue Its Own Digital Currency

The Biden government announced plans of issuing its own U.S digital currency and has taken the first step to determine the potential impact of such plan. The Federal Reserve is asking the opinion of citizens on the possible release of a digital dollar, tentatively called the Central Bank Digital Currency (CBDC).

Apparently the US Central Bank will issue and support the digitalized cash. Actually, if this pushes through, the U.S. will simply follow suit to China and Sweden, the firsts to experiment the adoption of cryptocurrencies

Posted by Madelina Feliks in Cryptocurrency
24
Sep
2021

Robinhood Poised to Add Crypto Wallet to Its Stock Trading App

Popular provider of stock trading app Robinhood recently announced intentions of delving further into cryptocurrencies, by offering crypto wallets to app users. The new feature won’t be officially released until next year as the feature will be up for beta testing by next month.

During the testing stage, shortlisted Robinhood app users for will have the capability to send, receive, and trade crypto tokens by using the app’s crypto wallet. Apparently, the feature has been highly requested by users as around 60% of their users bought cryptocurrencies like Bitcoin and Dogecoin during the past quarter, However, Robinhood customers who do so, have been unable to send and/or trade their crypto assets elsewhere.

Robinhood’s COO Christine Brown expounded that they have developed an app feature that customers participating in cryptocurrency transactions have been requesting for quite some time. Giving in to the clamor will actually open up opportunities for Robinhood to take part in the crypto space, allowing the stock trading app to compete against leading crypto exchange site Coinbase.

Is the Forthcoming Robinhood Feature Free?

The Robinhood crypto wallet will be free as the company wants to make it easy and affordable for their users to take part in the crypto market, using a crypto wallet that works similarly to the one offered by Coinbase.

However, users should take note that they will still be required to pay related fees for any cryptocurrency transactions made using the app, including transfers of digital assets to the crypto wallet.

Posted by Madelina Feliks in Cryptocurrency