Checking Cryptocurrency Price: Time To Buy Bitcoin Down?
Bitcoin has fallen over 19% over the past week, from over $ 63,000 to just over $ 49,000 on Saturday morning. Cryptocurrencies have been hit after reports of Biden’s capital gains tax proposal and uncertainty as to how it will affect the cryptocurrency market.
Jim Cramer explained why you should not fear the taxman and why the recent decline in stocks could present a buying opportunity for stocks. Could this also be an opportunity to buy down cryptocurrency names?
Despite the drop last week, more and more institutional names are starting to support the cryptocurrency market.
Former New York Stock Exchange chairman Thomas Farley has said cryptocurrency is the best-kept secret in the world and perhaps even in the history of financial markets.
Charles Schwab said he is looking closely to offer cryptocurrencies to his clients, but is waiting for more regulatory clarity. “If Charles Schwab, the company, decides to participate in the crypto market, we will be very competitive, we will be disruptive, and we will be customer oriented,” said Schwab CEO Walt Bettinger.
First Midwest, a Chicago-based banking institution, is exposed to Bitcoin through the Grayscale Bitcoin Trust (GBTC). His holdings were disclosed in an SEC filing on April 15.
During the 4/20 Marijuana Party, D8 Holdings, a leader in THC products, announced that it would start accepting Bitcoin, Dogecoin and other cryptos for its products. The company even said it would hand out free THC candy to those who pay in crypto.
For more in-depth cryptocurrency coverage, including recommendations and investment strategies, follow the Crypto channel on TheStreet.
Here is a list of some of the top cryptocurrencies to watch and how they performed over the past week by percentage change around 10:30 a.m. ET on Saturday, April 24.
Bitcoin BTC | $ 49,400.00
WeWork announced that it will start accepting Bitcoin as a payment method for its services. He also said he would hold various cryptocurrencies on his balance sheet.
Jackson, Tennessee, has also started to consider adopting Bitcoin and cryptocurrency. The city also said it was exploring the possibility of mining Bitcoin and keeping the crypto on its balance sheet.
Ethereum ETH | $ 2,209.04
At least 13 $ 100 million companies have said they own the Grayscale Bitcoin Trust this quarter and four more have said they have its Ethereum offering. Rothschild Investment added 265,000 shares of Grayscale Ethereum Trust.
Dogecoin DOGE | $ 0.27
The popular cryptocurrency Dogecoin, which started out as a joke, hit a new high last week, briefly rising above 40 cents after trading below a cent as recently as January. This pump came right after Elon Musk tweeted a meme, leading many to believe that there is a strong correlation between Musk’s tweets and coin price movements.
A New York-based family office has developed trading algorithms for Dogecoin and is actively playing in the market.
Binance Coin BNB | $ 494.45
Binance has been criticized by European regulators for its Tesla (TSLA) and Coinbase (COIN) token lists.
Solana SOL | $ 35.85
Solana is a proof-of-stake cryptocurrency similar to Ethereum in that it offers a platform to build DeFi applications. Over the past week, Solana has grown by over 35%.
All cryptocurrency price performance is referenced and extracted from Coinbase.