Bitcoin: Soaring stopped for the time being – NEUE Vorarlberger Tageszeitung



TODAY • 12:10 PM
/ 4 minutes reading time

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Tesla boss tweeted again diligently about Bitcoin at the weekend.

Bitcoin is going to run out of air on its record hunt. De©

 The  price fell on Monday by two percent to $ 56,260. ©

 The  oldest and most important cyber currency hit a record high of $ 58,354 on the Bitstamp trading platform on Sunday. On Friday, according to data provider CoinMarketCap, all Bitcoin in circulation were worth more than a trillion dollars for the first time.

In the wake of the soaring that has lasted for weeks and months, the rates of many other digital currencies such as Ethereum, Binance Coin or Polkadot are also increasing. For this reason, the share of Bitcoin in the overall market for cryptocurrencies has recently decreased somewhat despite the massive price gains. According to a list by Coinmarketcap, this was recently only a little more than 60 percent, after being a little more than 70 percent some time ago. A unit of Ethereum, the second most important cryptocurrency, was worth more than $ 2,000 for the first time on Saturday.

Record after record

Bitcoin has been on a high again since autumn last year. In October, for example, the exchange rate was barely $ 10,000before hitting over $ 20,000 in mid-December. At the beginning of January it crossed the $ 30,000 and $ 40,000 mark within a few days. After a consolidation phase until the beginning of February, things have been steadily improving again since then. Last week, Bitcoin was worth more than $ 50,000 for the first time.


 The  muscle factor


 The  colorful multibillionaire and again had a boost on Friday Tesla-Chef Elon Musk taken care of. He wrote on Twitter why cryptocurrencies were preferable to traditional currencies from his point of view. If conventional currencies were subject to negative real interest rates, only a fool would not look elsewhere, wrote Musk. He was describing the loss that many investors are currently having to accept given extremely low interest rates and taking inflation into account.

On Saturday Musk rowed back a bit: Bitcoin and Ethereum prices appeared high, wrote Musk on Saturday on the short message service Twitter. ©

 The  billionaire responded to a tweet from a user who said gold was better than bitcoin and cash. ©

 The  boss of the e-car builder added that money is only data that can be used to avoid the inconvenience of bartering. Apart from that, the prices for Bitcoin and Ethereum looked high. Both cryptocurrencies had recently achieved new records.

Bitcoin reacting to Musk’s tweets is nothing new. ©

 The  Tesla boss is an avowed cryptocurrency fan and speaks lively on the subject, mostly through the news service Twitter. It was recently announced that the electric car manufacturer Tesla had invested billions in Bitcoin and wanted to accept the Internet currency as a payment method in the future. That gave Bitcoin an extra boost.

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Bitcoin Soaring stopped time NEUE Vorarlberger Tageszeitung


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