Should you invest in Dogecoin, Bitcoin, or Ethereum now that PayPal is getting involved? Kiana Danial joins Charles Payne on FOX Business to also address Elon Musk Dogecoin promotion.
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There are so many things in the play at the moment:
1- More and more investors are looking for alternative methods of investments as the Fed doesn’t seem to anywhere near to winding down their aggressive quantitative program and they’ll likely continue until (and I quote) the economic recovery makes “substantial further progress.”
– CME’s Ethereum futures are set to begin trading Sunday evening. They will be the exchange’s second crypto-based futures product, following the launch of Bitcoin contracts three years ago.
– Visa is signaling more crypto ambitions and is working on APIs that will allow banks to offer bitcoin services
– Some analysts predict credit-card issuers will start using Ethereum in the coming months. Mainstream lenders and central banks could follow.
2- The whole GameStop saga that then turned into Dogecoin saga thanks to Elon Musk pushing it, has got new investors interested in the cryptocurrency industry as a whole.
Dogecoin started as a joke and the only reason is rising is because Elon is Tweeting about it… and many savvy investors are now looking for smarter ways to get into crypto instead of just following the hype.
Cardano (ADA) is another crypto that has been following the Ethereum route and is up 52% since last week
Since Dogecoin is not supported by some of the largest cryptocurrency exchanges such as Coinbase or payment platforms like PayPal, many investors turned to Ethereum investing which is significantly cheaper than Bitcoin and is promised to be Bitcoin 2.0. This could be behind the recent sudden rise in Ethereum, lagging Bitcoin’s uptrend that started in 2020.
I think at this point Elon Musk is just having fun trying to see how powerful his tweets are in moving the markets.
4- Cryptocurrency exchange Binance has launched a payments system called Binance Pay. The Pay platform allows users to pay and be paid in five cryptocurrencies – bitcoin (BTC, -0.2%), ether (ETH, +2.18%), swipe (SXP), BNB and BUSD –
Technical points:
ETH/USD finally broke above the key psychological level of $1,400 and has been able to maintain its bullish momentum in the past 2 days.
However, due to its volatile nature and the fact that institutional investors may start taking profit soon, we could see pullbacks again.
The current all-time-high level is around $1,650. Based on Fibonacci retracement levels tracing the most recent uptrend that started end of December 2020, the key psychological support levels are at $1,400, $1,229, and $1,100 respectively.
The same length Fibonacci calculated the next resistance levels to be at $1907, $2092, and $2233
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Disclaimer: I am NOT a financial advisor, and nothing I say is meant to be a recommendation to buy or sell any financial instrument. I will NEVER ask you to send me money to trade for you. Please report any suspicious emails or fake social media profiles claiming to be me. Don’t invest money you can’t afford to lose. There are no guarantees or certainties in trading or investing.
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