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Bitcoin has been quite vulnerable for the past few weeks, especially since a steep correction in its price was observed on May 19th. Struggling to reach the $40,000 region, the flagship crypto asset has been brought down once again by a meme shared by Tesla CEO, Elon Musk.
Earlier today, Elon Musk tweeted a meme that mentioned a chart-topping song by one of the rock bands in the U.S.A. The tweet was accompanied by a Bitcoin hashtag and broken heart emoji, which caused a 3% decline in Bitcoin’s price.
While the meme could have been just a source of entertainment, the accompanying hashtag and emoji passed a different message. Many crypto enthusiasts are speculating this to be an indication of Musk bidding farewell to the flagship cryptocurrency.
Bitcoin is currently trading at $36,968 (at the time of writing) and while a decrease has been noted for BTC, it is still supported by long-term investors and Whales. Therefore, if someone is interested in making use of the price and investing in BTC then they can use secure exchanges such as SwissBorg exchange or Kraken exchange.
Will the Future be Dominated by the Meme Coin?
A lot of controversies have kept Bitcoin surrounded for the past few weeks as Tesla stopped accepting BTC payments for its vehicles and Elon Musk hinted at selling Tesla’s Bitcoin holdings.
Meanwhile, Dogecoin received plenty of attention, not only from Musk but also from several other crypto enthusiasts, so much so that Coinbase Pro recently announced listing the meme coin on the platform.
Coinbase Pro is one of the top crypto exchanges in the USA and its announcement to support Dogecoin increased the price of the meme coin by 6.51% within an hour.
The meme crypto asset has once again been promoted by the Tesla CEO as he compared Dogecoin with the U.S. Federal Reserve.
The future of both Bitcoin and Dogecoin can be unpredictable at the moment as the crypto market is a volatile place. However, people interested in stepping into the crypto space should remain up-to-date with new developments, news updates and a lot more to make an informed decision about where they want to invest their funds.
Should you Be Selling your Bitcoin?
The past few weeks have been challenging for Bitcoin, which has also been stressful for enthusiasts of the flagship cryptocurrency. While many short-term investors sold the BTC they owned, many Bitcoin Whales made use of its low price and were seen to accumulate the crypto asset.
The competition between Bitcoin and Dogecoin has undoubtedly grabbed the attention of crypto enthusiasts. However, it cannot be said for sure as to which digital asset will come out on top.
Therefore, if you are a Bitcoin investor you should not be concerned or sell your BTC just yet. The long-term BTC investors have been hodling the Bitcoin they own as according to them this is not the first time such fluctuation in price has been observed for the largest crypto asset.
This can be taken as a positive sign for people who have been interested in buying Bitcoin but have not been able to do so yet. Hence, crypto enthusiasts planning on buying BTC should use SwissBorg or Kraken for secure crypto investing experience.
Novice investors can also consider crypto trading and enjoy its benefits by using ByBit, which is one of the most trustworthy exchanges in the market.
People with insufficient time and expertise required for active trading don’t have to miss out on the benefits of trading BTC or other digital assets as they can opt for copy-trading. Copy-trading enables inexperienced traders to copy the trades of an expert and get the same returns without constantly monitoring the market trends. One of the best exchanges to use for copy-trading is PrimeXBT Covesting.
