How Elon Musk’s Crypto Tweets Affected Bitcoin’s Price, And What It Means For You

Dogecoin is money’: Check Elon Musk’s message amid crypto rally · Dogecoin prices were trading over 10% higher above the $0.21 level, as per …

What Is Bitcoin?

Cryptocurrency, which is not a recognized form of money, is a system for moving money around that uses peer-to-peer technology to operate with no central authority, such as a bank or government, that backs it. Transactions are made without going through a financial institution.

Why Were Musk’s Tweets Important?

CNBC’s Greg Kelly, reporting on CNBC’s “Trading Nation,” had the following to say: “Elon Musk is often touted as the future of Tesla, which is already changing the automotive industry. Now the CEO has put his own stamp on the future of cryptocurrency.

How Do Crypto Prices Work?

Cryptocurrencies are decentralized digital currencies that exist on the internet. Each currency is created as a reward for work that’s performed in the blockchain, the online ledger of transactions that form the basic infrastructure of all cryptocurrencies.

Like all currency, cryptocurrencies are neutral and independent from a central bank. Bitcoin was the first to use the blockchain and has become the poster child of this new cryptocurrency craze. However, bitcoin is not the only cryptocurrency out there.

Ethereum is second-largest, while Litecoin and Dash are third and fourth in terms of market value. Types of Cryptocurrency There are several cryptocurrencies that operate in different ways and have their own individual features.

Will More Celebrity Endorsements Drive Bitcoin Prices Higher?

Elizabeth Balboa · Business Insider On Thursday, bitcoin prices moved upwards as part of a broader rise for cryptocurrency. After recent losses and a sharp drop from its high on Dec. 17, prices for all major cryptocurrencies were trading higher on Thursday. …

This week, the creator of Dogecoin was arguing that an image of the meme-inspired digital currency was good enough to be considered money.

Cryptocurrency Dogecoin “Is ‘Money’”, Creator of Dogecoin Says Praveenkumar Vijayaraghavan · CoinDesk [T]here are serious ideological and practical hurdles to creating a cryptocurrency that is widely used as a means of exchange.

Conclusion

I am bearish on Bitcoin and sell BTC calls with strike price at $2,250, $2,000, $2,050, $2,000, and $2,050 to sell into a rally. Long-term, I am bullish on Litecoin and Ethereum as they could take over Bitcoin as the “store of value” as opposed to Bitcoin being the investment for speculation. Many crypto enthusiasts have short-term losses as the price of Bitcoin hit new high and its market cap overtook that of the Ethereum and Litecoin.

ETH/USD gained more than 10% while LTC/USD gained around 7.5% in the last 24-hours. The Bitcoin price reached new high of $6,510 on Bitfinex and hit new record price on the Bitcoin Price Index (BPI) above $6,700. The market cap of Bitcoin crossed $300 billion.

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