Crypto Correction
Even as the S&P 500 hits new highs, the crypto market as a whole keeps going down, which worries investors. Stablecoins are about to be regulated, and regulators just cracked down on them. This has made investors even more nervous, but George Soros’s recent investments in MicroStrategy and Marathon Digital have given them some hope. Professional traders are advised to monitor Bitcoin derivatives metrics and futures markets.
Bitcoin Ordinals
Non-fungible tokens (NFTs) may now be added to Bitcoin transactions thanks to Ordinals, a new protocol that has been installed on Bitcoin and has generated a lot of controversy.
Bitcoin blockchain continues to inscribe Ordinals, with over 90,000 created to date, according to Dune Analytics. Muneeb Ali, co-founder of Stacks and CEO of Trust Machines, noted that the unique thing about Ordinals is that the image is literally in the blockchain, making them stand out from other NFTs.
High-profile Celebrities
The involvement of high-profile celebrities and athletes in the crypto space, as seen in the advertisements during the recent Super Bowl, raises questions about the future of crypto capital and its ties with celebrity clout. Some people are worried that Bitcoin and other cryptocurrencies could be banned “quietly” because of regulatory crackdowns.
Ray Dalio, a billionaire who runs a hedge fund, has talked about what he thinks Bitcoin’s role will be in a more digital future, how it compares to gold, and even what money is. But he warns investors to be aware of the risks and to talk to a financial advisor for advice.
Even though the crypto market has been volatile lately, some investors may still feel comfortable putting some of their money in Bitcoin, depending on how long they plan to invest for and how much risk they are willing to take. However, they should be aware of pending regulatory action and monitor the market closely.
Cover: Crypto Vectors by Vecteezy
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
