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The past week has shown struggling prices for cryptocurrency. After weeks of cryptocurrency increasing in popularity, the falling price of Bitcoin created trouble for other cryptos. Fiduciary financial planner Jordan Schwartz of Strategic Wealth Designers joined us on the newscast to discuss what is happening with the price of cryptocurrency.
“Before this week, Bitcoin has been above $45,000 for over three months,” Schwartz says. “Dogecoin, a meme-based cryptocurrency, was valued in the top 5 cryptos. Cryptocurrency is a topic that everyone has been talking about recently. Bitcoin and cryptocurrency have been on a bull run with investors until last week.”
This week saw a drastic price drop for Bitcoin. Elon Musk implied in a Tweet that Tesla may sell or has sold its cryptocurrency holdings. This comes after he announced that Tesla would not accept Bitcoin as payment. Consequently, the price of Bitcoin has fallen drastically over the last week.
“Cryptocurrency is held by a relatively small amount of people,” Schwartz says. “This means that any price changes are magnified during low-volume periods. Additionally, the lack of a centralized market for cryptocurrency means the market is fragmented with different standards.”
The price swing of Bitcoin this week emphasize the volatility of cryptocurrency. To see additional stories surrounding business and economic news for Denver area, visit https://KDVR.com/Money and if you have a question for Jordan send an email to firstname.lastname@example.org.