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Cryptocurrency

Tesla unfazed as Coinbase shares fall amid crypto sell off

After the second week of trading, Coinbase shares closed at $291.60. That’s a decline of 11.17 percent from its Nasdaq opening price of $381 on April 14.

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After the second week of trading, Coinbase shares closed at $291.60. That’s a decline of 11.17 percent from its Nasdaq opening price of $381 on April 14.

Analysts predicted that the price of Coinbase’s shares would be closely tied to the cryptocurrency market as the exchange went public last week. Friday’s performance may have backed them up. Bitcoin fell below $50,000, wiping out over $200 billion from the cryptocurrency industry in a single day. Coinbase saw a loss of -0.63% on Friday.

Bitcoin was $49,309.91 with decrease of -0.40 percent and Ethereum was $2,212 with a -2.8 percent loss at the time of writing this post, despite the cryptocurrency market seeing a small recovery of +1.30 %.

Following Tesla’s announcement that it had invested $1.5 billion of its cash in Bitcoin, analysts predicted that the stock price will move in lockstep with the cryptocurrency sector. Tesla, on the other hand, seemed to be resilient to the cryptocurrency market’s massive sell-off on Friday, posting a profit of 1.35 percent to settle at $729.40, up from the previous close of $719.69.

While wall street is asleep, the cryptocurrency market is swift in making bullish or bearish decisions and the impact can only be felt from the opening bell on Monday. There can be a wide disparity between Wall Street and the cryptocurrency sector right now. However, if adoption continues to rise, the gap can close quickly.

What this means

  • The cryptocurrency market’s sell-off was tied to Biden’s proposal of increasing capital gain tax. This caused massive panic leading to over 500,000 investors taking a loss.
  • Stocks that are closely tied to the cryptocurrency performance may decrease as the crypto market declines, vice versa.
  • It is paramount that investors look for assets that diversify their portfolio, and make sure that they consider the magnitude of correlation between assets held in wall street and the crypto space.
  • Dodgecoin and Solana were not significantly impacted by the sell-off in the crypto space, as they both posted double-digit gains as of Friday night.

Ubah,Jeremiah ifeanyi is a PhD candidate of Economics in Covenant university. He has held positions as the financial manager in Opera and is also a research ambassador in M&S research Hub. Ifeanyi is currently the financial market analyst for Nairametrics. Follow Ifeanyi on Twitter @ubahjc

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Cryptocurrency

Ethereum keeps breaking new highs, trading at $4,115

Ether traded at $4,115.72 with a daily trading volume of $53.5 billion.

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Ethereum

Ether, the world’s most popular utility crypto broke above $4,000 in the early hours of Monday and keeps soaring high after passing the all-important resistance level on many crypto exchanges’ barrier including the FTX exchange.

Such a milestone comes barely a week after it breached above the $3,000 price level.

At the time of writing this report, Ether traded at $4,115.72 with a daily trading volume of $53.5 billion. Ethereum is up 3.85% for the day and is presently the second most valuable crypto asset by the market value of $476.7 billion.

Crypto pundits argue that the leading altcoin has attracted a new wave of institutional investors in credence to its recent approval of 3 Ethereum exchange-traded funds (ETFs) in North America.

Adding credence to Ethereum’s record buying pressures is data retrieved from Glassnode, an advanced crypto analytic firm, revealing the Number of Addresses Holding 0.01+ Coins just reached an all-time high of 14,969,657.

A previous all-time high of 14,966,780 was observed on 9th May 2021.

The rising use of non-fungible tokens to validate the ownership of digital assets is notably purchased and used on Ethereum, thereby attracting more apps and contracts.

Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.

The rise of many DeFi crypto assets that thrive on the Ethereum Blockchain has added more buying pressures from investors globally with YAM, UniSwap, Chainlink, Compound, Cream finance, and Melon seeing record cash inflows.

Investors are getting more attracted more to DeFi because they can receive higher interest rates when compared to what is gotten in traditional finance, on the basis that lower operating costs are enabled when operating on an automated decentralized network.

Just recently it upgraded to Ethereum 2.0, which is seen by many crypto enthusiasts as the game-changer in reforming the distributed system, after some years of research and coordinated effort by top developers around the world.

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Cryptocurrency

Dogecoin investor loses $12 million on Binance as Doge suffers violent dump

Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.

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The fast-rising crypto asset, Dogecoin suffered record losses in the early hours of Sunday despite Elon Musk’s debut on the long-awaited Saturday Night Live which surprisingly led to a violent dump.

At the time of drafting this report the dog meme coin traded at $0.564505 on the FTX Exchange with a daily trading volume of $31 billion. Dogecoin is down 21.34% for the day.

Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.

The largest single liquidation order happened on Binance-DOGE value $12.07 million as over $270 million positions in the Dogecoin assets vanished into thin air.

READ: Dogecoin up 168%, more valuable than Polkadot, Cardano

READ: Altcoin season? Ether, ADA, Doge and others hit all-time highs

Supporters of the fast-growing crypto were earlier hopeful that Elon Musk might offer some strong bullish bias in favour of Dogecoin but that was not to be. Although the Tesla CEO has, many times via social media, stated that Dogecoin remained his favourite crypto, he recently warned fans to invest in the asset with great caution.

Crypto pundits have often frowned at the inflationary properties of Dogecoin considering that it is printed every minute of every day, giving it a potentially infinite supply. The implication of this is that the crypto asset’s unlimited supply could, over time,  impact negatively on its price.

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