BITCOIN and Ethereum as well as other cryptocurrencies continue to be volatile as the markets continue their roller coaster ride.
The two largest currencies, Bitcoin and Ethereum, have seen their prices fluctuate significantly over the past week.
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The recent market comeback stalled yesterday as several major coins fell.
This included Bitcoin, Ethereum, and Dogecoin which all fell again despite trending upward for much of Friday.
The market moves come as Elon Musk took to Twitter to post memes poking fun at the market downturn.
The CEO of SpaceX and Tesla tweeted a meme of a estranged couple discussing lyrics from the Linkin Park In the End hit suggesting a breakup – like the billionaire’s relationship with Bitcoin.
The meme came with the hashtag #Bitcoin and a heartbroken emoji.
The billionaire’s tweet lowered Bitcoin’s value by six percent, while other cryptocurrencies like Ethereum (by seven percent) and Dogecoin (by eight percent) also plunged.
Buying cryptocurrency, like any investment, is a very risky business and making money is never guaranteed.
You need to make sure that you know the risks of investing in cryptocurrencies and that you can afford to lose all the money you invest in them.
As cryptocurrencies are very volatile, the value of your investments can go down as well as up in the blink of an eye.
Some cryptocurrency products and services are very complex to understand.
You should only invest in things that you understand.
Cryptocurrencies are a speculative investment, with a limited track record and a lack of a reliable foundation.
There is no guarantee that you will be able to convert cryptoassets back to cash, as this may depend on demand and supply in the existing market.
Fees and charges may also be higher than with regulated investment products.
We know that crypto firms can also overestimate returns or underestimate risks. Be careful.
What is the price of Bitcoin today, June 5th?
Despite a brief increase, the price of Bitcoin has started to run out after dropping more than £ 1,000 in the past 24 hours.
Bitcoin’s price currently sits at $ 35,952.66 (£ 25,394.42) on June 5, still well below its all-time high of $ 64,621 on April 14 (£ 45,616).
Elon muskComments continued to impact the cryptocurrency markets.
This included when Musk denounced Bitcoin’s huge power consumption as well as Tesla’s initial support for Bitcoin payments.
The bitcoin network currently uses more electricity than the entire country of the Netherlands, according to the Cambridge Bitcoin Electricity Consumption Index.
His turnaround came days after the cryptocurrency crash when Musk said Tesla would no longer accept Bitcoin payments to buy cars.
The founder cited the adverse environmental effects of mining cryptocurrency, which is a hugely energy-intensive process.
The price of Bitcoin fell last month as Turkey banned cryptocurrency payments.
People considering investing in Bitcoin or stocks and shares have been warned of the “risky” tips shared on TikTok.
What is the price of Ethereum today, June 5?
At the time of writing on June 5, the second largest cryptocurrency Ethereum has fallen 0.13% to $ 2,625.15 (£ 1,854.22), which is even higher than its value a while ago. week.
Ethereum’s value had fallen by $ 4,260 (£ 3,002.11) on May 12.
Ethereum is a cryptocurrency released in 2015. It is the second largest after Bitcoin.
It was founded by eight people, including Vitalik Buterin, a 27-year-old cryptocurrency “celebrity”.
He recently became the world’s youngest crypto billionaire as Ethereum skyrocketed.
Ethereum is also a ledger technology – using “blockchain” like Bitcoin – that companies use to create new programs.
A blockchain is where encrypted data can be transferred securely, making duplication or forgery nearly impossible.
What is the price of Ripple (XRP) today, June 5th?
Ripple’s (XRP) value, at the time of writing, was $ 0.95 (£ 0.67), which is another significant drop in value over the past few days.
XRP is a form of digital currency that can be used on the Ripple network.
It can be transferred between individuals or between banks.
For example, if you need to send euros to someone who uses dollars, the Ripple network will convert it to XRP.
The main difference between the two is that XRP is a coin, while Ripple is a network which allows money transfer.
The founders of Ripple created XPR before the Ripple company existed.
Which cryptocurrencies increased in value the most today, June 5?
- Theta Fuel is up 12.00%, according to coinbase.com.
- Figure up 9.98%
- Solana up 8.49%
- 1 inch of 7.10%
- Cosmos up 3.24%
New crypto coins – a warning
EXPERTS warn investors that they must exercise “extreme caution
Price fluctuations can be wild and there is a real risk that investors will be burnt out.
This is due to the lack of data on which you can base your investment risk and the increased possibility of scams.
Cryptocurrency companies are not regulated in the same way as other financial companies. This means you won’t have any protection if things go wrong.
Which cryptocurrencies lost the most in value today, June 2?
- NuCypher fell 18.61% according to coinbase.com.
- UMA fell 10.69%
- Kusama is down 6.52%
- Augur is down 5.89%