It has been an eventful week. And it is that, if it were not enough with the IPO of the main cryptocurrency exchange in the United States, Coinbase. We also saw the disproportionate rise in the value of altcoins like Dogecoin, Ethereum Classic, and Bitcoin Cash. As well as, the collapse of the crypto market overnight yesterday. Therefore, today we tell you what was talked about on crypto Twitter this week.
Dogecoin to the moon
At the beginning of the week, many of us believed that the main news would be the IPO of Coinbase, the largest cryptocurrency exchange in the United States. However, as usual, the crypto market had other plans, with the surprise increase in the price of Dogecoin. Cryptocurrency that went in a matter of days from $ 0.06 at which it was on April 11 to $ 0.33 at which it is currently located.
«If you had invested $ 1,000 in any of these assets on January 1, 2021, you would have all this money by April 16:
Tesla: $ 1,012
GameStop: $ 9,060
Bitcoin: $ 2,150
Dogecoin: $ 50,500»
Thanks to this, during the year 2021 Dogecoin has managed to become the most profitable financial asset in the world. Outperforming other products like Bitcoin, gold, Tesla stocks, and even GameStop stocks despite the boost received from Reddit. With which, a person who had invested $ 1,000 at the beginning of the year in Dogecoin today would have a fortune of more than $ 50,000. What Zack Guzmán highlighted through his Twitter account.
Coinbase excites crypto twitter
The arrival of cryptocurrencies in the world of traditional finance is a development that the crypto world has been waiting for a long time. And now, finally, a crypto-asset company has managed to get publicly traded. After this April 14, Coinbase, the largest exchange in the United States, finally managed to start trading on the New York Stock Exchange.
«Cryptocurrency price rises in preparation for Coinbase IPO».
At this news the markets reacted naturally, increasing the price of all the main cryptocurrencies in the world. Including a new all-time high price in the Bitcoin market. Given what is envisaged as a facilitation process in the acquisition of cryptocurrencies by users, and therefore a boost for their adoption in the medium and long term. Just what the Investing.com account reflected on Twitter.
Red Sunday at the market
However, the joy of the Coinbase effect did not last long, because during the early hours of this Sunday all the main cryptocurrencies went into the red. Led by a 14% drop in the price of Bitcoin that soon spread to the rest of the market. And that was exacerbated by the sale of leveraged positions below $ 50,000. Which is part of what was talked about on crypto Twitter.
«Bitcoin has fallen to levels not seen since last week».
However, despite how hard the blow was for many investors, as Anthony Pompliano recalls on Twitter, this drop has not been really serious. On the contrary, shortly after the collapse in its price, the price of Bitcoin and other crypto assets began to recover. So we can expect a return to its usual dynamics in the short term.