What is bitcoin in dollars

columnBitcoin and Elon Musk - brothers in spirit

Quite a few traders had probably not even opened their portfolios at the start of the week when the prices at the broker Etoro were hectically jumping back and forth. Bitcoin went up by $ 2,000 within minutes and the reason was once again Elon Musk. Traditional players in the financial market must feel like a mixture of madness and volatility, what Musk can trigger in Bitcoin. Initially, he criticized the fact that cryptocurrencies were not exactly going to win the environmental award. What an exciting discovery after years of being informed in the media about the environmental damage caused by so-called mining.

In any case, this realization sent Bitcoin into a correction that is not at all unusual in 2021. Because the drawdowns, i.e. the price declines from the respective interim high, amounted to four times between 20 and 25 percent. Bitcoin has now corrected 35 percent from the record of over $ 60,000.

So this time it went from $ 63,000 to $ 42,000 in 30 days. The next rumor was that Tesla might run out of bitcoins. The denial came on Monday: it was all a misunderstanding. And that's where the magic of Bitcoin lies. Its fans have to live with the highest volatility, and professional traders can too. The demand is great, as the run on the recently newly issued Vontobel papers shows, which cover Bitcoin and Ethereum in the certificates market in Germany.

Bitcoin course (Bitcoin / Dollar) cryptocurrency


Course provider: Bitstamp

Bitcoin is not only misnamed as a currency, it is also completely unsuitable. Rather, it is to be seen like a work of art. Perhaps like one of Leon Löwentraut's hyped in recent years. You don't have to like the works, you can also be of the opinion that they are not worth 100 euros. But if there are people who believe they have to pay hundreds of thousands - for art or Bitcoin - then that's perfectly fine. A question of faith.

The benefit, the added value of Bitcoin and art is essentially zero. But the market is there and active investors like to take advantage of the fact that volatility is almost a promise. In contrast to art, at some point a deeper discussion could arise with Bitcoin about whether one wants to continue to allow a medium of exchange that is obviously used by criminal actors for business of all kinds.

At this level, however, one would have arrived at legal and moral questions and this should not be a basis for discussion for traders. Because where did you want to begin morally, since a lot of corporations do dubious business and art also plays a role in the greenwashing of totalitarian systems. Bitcoin remains highly speculative and first of all dependent on two factors: influencers like Elon Musk, the brother in spirit, and also dependent on free money that can be used for speculation and trading of this kind.

 


Daniel Saurenzruns the stock exchange portal Feingold Research with his team. It offers a daily market letter that you can test free of charge for 14 days. Sign in at [email protected]ld-research.com or try the stock exchange service under this one link out. Training days and coaching can be found NEW under feingold-academy.com