NgospelMedia.Net
NgospelMedia.net is The No. 1 International Urban Gospel Media Website, The Largest Repository of Your Favorite Gospel Entertainment Website, Worldwide, Nigeria. We Published Latest Nigerian and Foreign Gospel Music Downloads, Videos; Lyrics, Artiste Biography, Daily Devotionals. NgospelMedia is mainly a Christian Website, as the Domain Name Speaks; Gospel; Which is also tagged as a Gospel On-line Ministry for Souls Winning... 

Cryptocurrency trading exploded last month after Tesla’s bitcoin buy

0







- Advertisement -


Cryptocurrency trading surged to record levels in February as the price of bitcoin swung wildly following Tesla’s $1.5 billion investment, new data show.

Crypto trading volumes soared 17 percent to more than $2.7 trillion last month as the electric-car maker and other major companies started to embrace digital currency, according to a Friday report from industry data provider CryptoCompare.

The jump came as the price of bitcoin — the world’s biggest and oldest cryptocurrency — hit a record high above $58,000 on Feb. 21 thanks in part to bullish comments from billionaire Tesla CEO Elon Musk.

But crypto trading was heaviest two days later on Feb. 23, when bitcoin went through a “sharp correction” and plunged to around $43,000 after Musk tweeted that the price looked “high,” according to CryptoCompare.

Nearly $160 billion in cryptocurrency changed hands that day, marking a new all-time record for trading volume, the firm’s report says.

Elon Musk
Elon Musk
Bloomberg via Getty Images

The data points to both the growing popularity of cryptocurrency and the big price swings that could hamper its widespread use as an investment asset or payment method.

The trading spike coincided with signs that cryptocurrency was nevertheless gaining traction among big corporations and institutional investors. Mastercard and BNY Mellon announced last month that they would support crypto payments and investments, and CME Group launched futures trading for Ether, the second-largest cryptocurrency by market value.

The bulk of the elevated trading flowed through the biggest crypto exchanges, which saw their volumes surge 35 percent to $2.4 trillion, according to CryptoCompare.

Smaller exchanges, on the other hand, saw their volume shrink by 36 percent to $381 billion, the firm’s data show.

Bitcoin
The price of bitcoin — the world’s biggest and oldest cryptocurrency — hit a record high above $58,000 on Feb. 21 thanks in part to bullish comments from billionaire Tesla CEO Elon Musk.
Getty Images

- Advertisement -

Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time

- Advertisement -

- related posts -

0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

NgospelMedia.Net and its partners uses cookies and similar technology to collect and analyze data information about the users of this website. We use this information to enhance the content, advertising and other services available on the site. Accept Read More

Share via
Exit
0
Would love your thoughts, please comment.x
()
x




Send this to a friend