In the world of so many cryptocurrencies, we often get confused because of their value drops or price increase.
The data given below is based on the current value of 1 coin on 22nd May 2021, 2: 35 am (GST).
- BTC Bitcoin $36,258.18
- ETH Ethereum$2,358.31
- USDT Tether $1.00
- BNB Binance Coin $310.03
- ADA Cardano $49.23
- DOGE Dogecoin $46.66
- XRP XRP $46.51
- DOT Polkadot $22.50
- ICP Internet Computer $18.07
- USDC USD coin $14.39
- BCH Bitcoin Cash $12.85
- UNI Uniswap $12.30
- LTC Litecoin $11.92
Question) Why is the value of cryptocurrency dropping so fast?
The price of Bitcoin fell as much as 29% Wednesday after the China Banking Association warned member banks of risks associated with digital currencies. Other digital currencies suffered sharp declines as well.
All popular cryptocurrencies are trading weaker on Wednesday due to higher sell-off by investors. Bitcoin, the world's most popular cryptocurrency, is trading just above $40,000.
The People's Bank of China also reportedly said virtual currencies can't be used as a form of payment because they aren't real currencies. Financial institutions in China cannot facilitate bitcoin transactions, and exchanges and platforms were banned in 2017 amid a crackdown.
Question) Is Bitcoin safe now?
After a year of gains and record highs, cryptocurrency markets are down today (20 May). ... The market crash follows a decision by Tesla to no longer accept Bitcoin as payment for its vehicles, as announced by the car company's CEO Elon Musk.
Simple answer, NO, chances are it will fall further.
Question) What CryptoCurrency to use now?
There are many, it needs research but currently, BUSD is going in +0.10% profit!
BUSD is a U.S.-regulated stablecoin, fully backed by U.S. dollars: 1 BUSD = $1.00 USD.
BUSD offers faster ways to fund your trades and is acceptable as a medium of exchange, store of value, and method of payment across the global crypto ecosystem.
I hope you found my research helpful.
Rest, Allah knows best!
: )
