The Elon Musk Cryptocurrency Impact: Bitcoin and Dogecoin (DOGE) Continue to Rise…?
The values of cryptocurrencies have been surging due to the increase in popularity and Elon Musk’s Tweets. In this Fox News media segment with Mike Emanuel, I go over Bitcoin and Dogecoin impact and predictions…
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NOTE: I’m having a cryptocurrency discussion on Fox News… Not a political discussion… Please don’t judge 🙂
While there’s tangible value is some cryptocurrency projects, right now it seems like the crypto market as a whole is simply rising thanks to hype and FOMO.
Similar to what happened end 0f 2017 to the market and similar to that of the dotcom bubble.
This doesn’t mean all crypto is bad, but at this point, market sentiment seems to have a bigger role to play in the rise than the actual fundamentals in the short time frame.
While another thing that is contributing to the rise, in my opinion, is the determination of the cryptocurrency investors to HODL (Hold On For Dear Life) and refusing to sell because of future return expectations which have been rated at above $300K by some analysts.
Many investors are realizing the crypto may be too volatile to actively trade, and that they may be better off to simply hold long-term to mitigate risk.
While this is an excellent approach from a personal finance point of view, it also impacts the liquidity of the market, meaning, there may not be as many investors actually willing to sell their asset
That being said, if a large “whale” pushes the sell button and starts a potential downtrend, that bearish sentiment could again compound to a massive panic sell-off similar to what we saw in 2018 when the bubble burst.
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#Cryptocurrency #Bitcoin #Dogecoin