“Buy when there is blood in the streets even if it is your own” — Barron Rothchild
Wednesday’s pullback of the cryptocurrency markets did not last long. As broad rally among digital currencies has brought Bitcoin, Ethereum, Dogecoin, and many others nearly the point at which they were before Wednesday’s decline and, in some cases, a bit higher.
Bitcoin was up 13% in the past 24 hrs according to Coindesk. Ethereum saw gains of 11%, and Doge was up nearly 14%.
In terms of real dollars, Bitcoin started trading at $42,906 Tuesday and currently is trading at 39,865. Ether, the cryptocurrency associated with Ethereum is now 2,726.54 compared to a Tuesday start of 2,880. And Doge, which started at 39 cents Wednesday, currently stands at 39c. This action is following Fibonacci, learn it.
GBITS is still surging forward, this is a Crypto with a difference “Not Just a Token This is a Reinvention of Capital Markets” GBITS is like a Central Bank of an Ecosystem Fees all Cryptos = redistributed to all existing holders New Cryptos = Auto-Distribution of 5% of Total Tokens, the volatility underpins the valuation.
GBITS is also in the early stages of integrating with an exchange that brings together DeFi, traditional Prop Trading as well as listing and Blockchain services.
The Key reversals follows a day of record volume for Ether and Bitcoin. There does not appear to be any catalyst for the broad turnaround, and cryptos mirror Wall Street, where the benchmark indexes mark gains Thursday.
Dogecoin might once again partially have Elon Musk to thank for its rally Early Thursday, Musk mentioned the crypto project no one was meant to take seriously in a Tweet.
The volatility is a Key element of the cryptocurrency market. China’s crackdown on digital currency is still in effect and the overall lack of fundamentals will continue to be a concern with corporate investors, even as individual investors continue to buy and hold the tokens.
Have a healthy day, Keep the Faith!