The cryptocurrency rally may correct and end cryptocurrency transactions in the summer Coinbase Global Inc. Leading foreign exchange expert Boris Schlossberg said that if virtual assets start to “crack”, then (NASDAQ: COIN) may be one of the “most likely short positions”.
what happenedSchlossberg, managing director of foreign exchange strategy at BK Asset Management, said on CNBC on Wednesday: “For me, the weakness of Coinbase shows that with the arrival of summer, if any kind of encryption The currencies are beginning to collapse, so there will be further weakness.”
Analysts believe that even Dogecoin (DOGE) Reach the trader’s $1 USD goal Tesla. (Nasdaq: TSLA) CEO Elon Musk hosted the “Saturday Night Live” event on May 8th to conduct investment meetings in areas with limited basic catalysts. There is a huge risk. Musk is a strong supporter of Meme cryptocurrency and is expected to appear on the show.
See also: How to buy Dogecoin (DOGE)
Schlossberg added that although Bitcoin (BTC) will never become a currency, due to its affordability, it has a certain value in the long run and can replace gold.
Gina Sanchez, the founder and CEO of Chantico Global, pointed out that the cryptocurrency field is very turbulent, so it is difficult to treat these digital assets as a real form of currency. She believes that cryptocurrency is a marginal boon for overstimulating and shutting down the economy.
Why is it important: Dogecoin is in a major bull market this week, and its year-to-date increase has reached a staggering 13,574.59%. The benefits of meme cryptocurrency can be attributed in part to celebrity endorsements such as Musk, Dallas Mavericks owner Mark Cuban and rapper Snoop Dogg.
Dogecoin is also supported by major companies, including Conagra Brands Inc. (NYSE: CAG) and Candy Bar Snickers.
However, the Shiu Inu-themed cryptocurrency has fallen 1.2% in the past 24 hours and is trading at $0.6330 as of press time. Cryptocurrencies, such as Bitcoin, Ethereum (ETH) and Binance Coin (BNB) also rose on Wednesday, reflecting a new round of excitement surrounding digital assets.
At the same time, Coinbase’s stock fell on Wednesday, falling for the third consecutive trading day. Last month, the cryptocurrency exchange made its debut on the Nasdaq Stock Exchange.
Price actionCoinbase Global’s stock closed down 2.7% to $273.00 in regular trading on Wednesday, and fell further by 0.2% to $272.44 in after-hours trading.
Read the next article: Can Elon Musk’s SNL Custody Can Dogecoin price be booked for profit?
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