Like in every healthy heartbeat’s pattern, it is the ups and downs that indicate life; this is no different in the crypto market. Last week was not the best period ever in terms of price performance, but many positive events happened that actually point way beyond a mere short-term correction—you’ll find out what they are in today’s market recap.
As the introduction hints, the crypto market’s last week was not particularly great in terms of price development. This could’ve been caused by a multitude of things, however, since the dip was not very significant, it could be just another normal heartbeat of the market. With such corrections, the question is always the same: is this the best time to buy? The answer to that is it might be a great chance to get in at lower prices, and maximize your profits in the long-run. In any case, let’s move on to the news that will likely influence the longevity of crypto assets and take them one step closer to true global adoption.
Dogecoin (DOGE) is a memecoin infamous for often being associated with Elon Musk and his actions. Musk is actually an outspoken supporter of DOGE, and has voiced his ambitions about potentially integrating the crypto asset to one of his companies.
This was maybe the connection traders discovered when investing in Dogecoin after Twitter announced that it had accepted Elon’s offer and will be selling itself to the billionaire. However, the more than 30% spike in DOGE’s price didn’t last long, and the token’s valuation fell to the levels before the sudden uptrend in a few hours. Still, Twitter integrating Dogecoin could be a thing in the future, so it might be worth it to keep an eye on the asset.
Celsius CEO announced last week his thoughts about how BTC and ETH will break their all-time high prices in 2022. Alex Mashinsky said that thanks to Terra’s significant BTC purchase, institutional interest, and regulatory successes, the two most popular cryptocurrencies might reach the $60,000, and $4,500 marks respectively, albeit later in the year.
Fidelity, a multinational investment firm, announced that it will offer its clients the option to open a Bitcoin account in their 401(k) plan. This is known in the United States as the go-to retirement plan for a great part of the population, and so Bitcoin being included in it is a milestone for the asset.
The first public company to actually unlock this option for its employees is renowned Bitcoin investor MicroStrategy led by Michael Saylor. With this, many argue that Bitcoin likely got one step closer to being recognized as the ultimate store of value.
While last week was not the best in terms of price performance, such corrections are healthy parts of any market, and medium,- to long-term investors have nothing to fear. As we saw from the news this week, the future and longevity of cryptocurrencies seems to be in safe hands. With all that said, there’s only one question left: is it time to get in at lower prices?
Copyright 2022 Rain Management WLL