Daily Crypto Analysis - January 30th, 2021

Trading | 7 months ago


Daily Crypto Analysis - January 30th, 2021 - tradeglobalmarket

Cryptocurrencies are highly speculative financial assets. Large movements in its value as compared to any other financial assets in the market is very common. That is why in the Daily Crypto Analysis segment we discuss about the latest happening in the crypto currencies like Bitcoin, Ethereum and Litecoin.

Bitcoin, BTC to USD, rose by 2.6% on Friday. On Friday, Bitcoin rallied above $35,000, with brokers crediting the move to Elon Musk mentioning the cryptocurrency in his bio page on Twitter. Elon Musk's attention towards cryptocurrencies was taken very seriously by his followers on Twitter. There was a sudden spike and the prices of Bitcoin and DOGE. As a result of the sudden increase in market volatility trading platforms like Robinhood has stopped trading activities for its cryptocurrency users.

Ethereum rose by 3.47% on Friday. Ethereum has seen an immense amount of turbulence throughout the last week. it is clearly reflecting from its chart that buyers and sellers both are trying to gain control of its price action. It is not able to gain any clear trend.

Litecoin is down by 8% in the last 24 hours. Litecoin is currently on a bearish momentum. Litecoin is approximately 411% up from its 52-week low and 29% down from its 52-week high.

However, some long-term investors are worried about the future of cryptocurrencies like Bitcoin. They have begun asking the central banks regarding the future of these financial assets. The central bank authorities of United Kingdom have warned the people who were willing to invest in Bitcoin that they should be prepare to lose all their money.


 

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