GameStop once again took the news cycle by storm last week as the stock shot up 200%, but Bitcoin is making a move as well. In our Monday Morning Roundtable, we sat down with our fellow trading experts to talk about trading Bitcoin volatility this year.
Not too long ago, Bitcoin (BTC) hit a record high off the back of some interesting news. It was announced that Tesla Inc. (Nasdaq: TSLA) bought $1.5 billion worth of the cryptocurrency. CEO Elon Musk also said consumers could begin buying cars using Bitcoin.
We said it back then: the higher the price, the more volatility.
On Feb. 21, the cryptocurrency was priced over $57,000… A week later, it was down to $45,000.
A $12,000 move in a week? For anything else that would be incredible. For Bitcoin, it’s run-of-the-mill. But that doesn’t mean you should stay away from trading Bitcoin volatility!
Tesla isn’t the only company to validate a cryptocurrency. PayPal Holdings Inc. (Nasdaq: PYPL) announced at the end of 2020 that users in the U.S. could now buy, sell and hold Bitcoin directly through PayPal.
Adding that option to Venmo is also in the works.
Not only that, but new forms of cryptos are popping up everywhere… And, no, we’re not talking about Dogecoin.
One of the newest trends is NFTs, or Non-fungible tokens. This version of crypto is created by companies that already exist. It can’t be traded like Bitcoin, but it can be used to purchase goods from the company.
The NBA has one, for example. You can buy jerseys, tickets and any other products sold directly by the NBA with its NFT.
This means that crypto is definitely here to stay… And if you’re a good trader, you can play with fire. You just have to know how to do it.
Check out our video below to see what we think about trading Bitcoin volatility, the world reopening and what we’re seeing in the market to start the week.
As always, feel free to email your trading questions to email@example.com, and make sure to stay ahead of the markets by subscribing to our YouTube channel.
P.S. Did you know that for over a century, there have been cash floods offering regular folks the chance to make gains of 20%, 40% and even 100% or more on their trades?
These predictable money patterns happen at the start of every month, and when tapped properly, the people who know about them can make an absolute killing.
We predict these anomalies will continue to occur in the market for decades to come — and we’ve discovered the secret to consistently profiting from them.