On Friday, Bitcoin rose to a two-week high with a 14 percent jump following a tweet by Tesla CEO Elon Musk. Musk simply wrote “#bitcoin” in his biography on the social media site. Because of this, the world’s largest cryptocurrency rose 10.2 percent to $ 36,901 (about Rs 26.9 lakh) at 3:35 pm. Billionaire Musk has 43.8 million followers on Twitter and Musk is always in discussions on social media for one reason or another.
Starship SN9 & SN10 pic.twitter.com/urtPJn7amo
– Elon Musk (@elonmusk) January 29, 2021
Earlier on Tuesday, Elon Musk tweeted Gamestonk that led to a spike in GameStop Corp shares and rose as much as 50 percent in a single day. After this Elon Musk has been called Papa Musk by his supporters. In December, Elon Musk asked a lawyer for Digital Currency on Twitter about the possibility of converting large transactions of Tesla’s balance sheet to bitcoin.
What is cryptocurrency ie bitcoin?
Cryptocurrency is a digital currency based on blockchain technology. Through this technique, the transaction of the currency is fully audited. The operation of cryptocurrency is independent of the central bank, which is its biggest drawback.
This is how trading in bitcoin
Bitcoin trading is done through digital wallet. The price of bitcoin remains the same at a time worldwide. No country determines it, but it is a currency to be digitally controlled. There is no set time for bitcoin trading, due to which its price fluctuations are also rapid.
What are the risks associated with it
The price of a share in the stock market is determined by the profit position of that company or the profitability of a bond, but this is not the case in bitcoin. There is no basis for deciding its price. Those who advocate this claim that in other investment resources like gold, there is no value associated with their value. The tremendous fluctuations in bitcoin prices can be quite stressful.