BITCOIN’S SLUMPING PRICE IS WORRYING CRYPTOCURRENCY INVESTORS

What’s the latest with Bitcoin?

Bitcoin is struggling to go beyond the US$40,000 mark and is extending its decline against the US Dollar. At the time of writing, the value is hovering at US$38,000. After reaching US$42,000, BTC broke the key to moving into a short bearish run. On Tuesday, the price settled below US$40,000 and traded as low as US$38,711. Experts believe that a bearish trend is on its way near the US$39,250 mark on the hourly chart. 

Speculations are arising that if Bitcoin fails to rise above US$39,250 and US$40,500, there might be a dip in Bitcoin’s value. The downfall might stop at US$38,700. The first support is at US$38,500 and anything below that mark will result in more losses. 

A Positive News 

Jack Dorsey, co-founder of Twitter and Square announced that Bitcoin would be a critical part of the company’s future endeavors. In its third-quarterly earnings call, Dorsey explained cryptocurrencies’ potential to transform Twitter-related products and services. Jack Dorsey is known for being a Bitcoin advocate for years, calling it the currency of the internet. “Bitcoin reminds me of the early days of the internet”, said the CEO. 

Bitcoin has an immense caliber to combine with Twitter products and services like subscriptions and other new features. To stand on his verdict about Bitcoin, his company, Square, invested in cryptocurrencies in October and bought Bitcoins worth US$170 million in February. 

Jack Dorsey also launched a Bitcoin fund worth US$23.6 million with music artist Jay Z. Swaure is also looking at introducing the hardware wallet for Bitcoins. According to Dorsey, decentralization is a key trend for Twitter, apart from artificial intelligence. 

While the value is beginning to slump, Elon Musk and other tech influencers have been vocally supporting Bitcoins. Though Elon moved on to Dogecoin and raised questions about Bitcoin Mining’s environmental impact, Tesla will soon re-accept Bitcoins for its payments.