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While popular culture figures like Elon Musk have touted their Bitcoin belief in the past, the Tesla chairman has since moved on to a coin with a smaller market capitalization and many crypto traders suspect his appearance on Saturday Night Live may spark volatility in some lesser known cryptocurrencies.
Prior headwinds in the cryptocurrency space were centered around acceptance, regulation and practical use cases, which the recent wave of corporate adoption and public embrace have worked to resolve.
Just recently, Goldman Sachs announced new Bitcoin derivatives the bank will offer to Wall Street investors, signaling the latest addition to the considerable wave of corporate adoption.
Nevertheless, the glimmer of Dogecoin and other emerging cryptocurrencies may continue to steal the limelight, and retail demand, in the days ahead.
Over the longer term Bitcoin may look to continue its ascent should it weather the current storm successfully.
Unfortunately, surviving the shifting tendencies of retail traders is much more difficult to gauge, so price will have to suffice as an alternative on the fundamental and sentimental fronts.
Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.