Sunday, June 16, 2024

Bitcoin and Ether lose ground as Twitter’s CFO rules out investing in cryptocurrencies, while the Dollar Index reaches a 16-month high

Twitter CFO Ned Segal’s comments on cryptocurrency have changed the swing of the market rapidly. On the other hand, the dollar index grew steadily post Twitter CFO’s comments on the volatility of crypto. As the crypto market swings heavily on the basis of social media comments and entrepreneur opinions, Bitcoin and Ether going down in value is no surprise.

These anti-crypto comments led to Bitcoin running at a 4.3% loss and Ether at a 5.3% loss. Litecoin, Binance Coin, and other cryptocurrencies also saw significant losses. In light of these falling values, it is important to understand what Ned Segal said.

According to the Twitter CFO, trading in crypto is not a wise option now, considering the state of the dollar and the high volatility of the market. He added another crucial point – that of regulations. In the United States, 2022 will be a tumultuous year in terms of crypto regulation, as has been 2021. In the absence of clear regulatory guidelines around it, the prices of cryptocurrencies will remain extremely volatile. As things stand now, the new tax bills can dramatically alter the way we view cryptocurrencies and its profits.

Some experts argue that Ned Segal’s comment talks about a momentary occurrence in crypto, something that will not have a long-term consequence. For long-term investors, immediate fluctuations in price do not matter. For day traders, however, crypto might be a volatile playground unless regulations are solidified.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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