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What Are Bitcoin Prices Doing?

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Whether you actively follow digital currency news or not it will come as any surprise that the value of Bitcoin is something that changes often. Much like any other more traditional currency, Bitcoin’s value is determined by current affairs and news – but it can also have a big increase if someone on social media mentions it, for example.

Today’s Bitcoin Prices

In general, Cryptocurrencies have had a slow month, driven by what is happening in the world and uncertainty across the economy. This week we have seen Bitcoin lose value and its price  continued to fluctuate from around $29,000.

Investors will certainly be feeling the pressure of things such as Russia’s invasion of Ukraine and rising inflation, so will be keeping an eye on Cryptocurrency value and what this means for their investments. The end of April has seen Bitcoin experienced a 2% increase in 24 hours, great news for those that hold Bitcoin funds in their investment portfolio. However, considering this week also saw the lowest dip for a while down to $38,000 many feel that there is no telling what the month of May will bring for digital currency investments.

Can You Actually Spend Bitcoin?

Many people believe that Bitcoin is something just for investors rather than being a functional currency, but that is not the case at all. In fact, there are various places where you can spend Cryptocurrency, with lots of eCommerce platforms recognising that adding the ability to spend using Bitcoin is going to add to their appeal. The online casino industry was one of the first to click onto the fact and recently, even more of them have started to add the likes of Bitcoin to their books. This allows people to place bets, play cards and even enjoy Crypto games via a variety of different online platforms.

Investing in Cryptocurrency

Investors wanting to dabble in Cryptocurrency are being advised to keep an eye on the stock market and how this is performing, as the two appear to be performing incredibly similarly over recent weeks. For short term investments, it is worth considering that plenty of people consider both the stock and the Cryptocurrency markets to be volatile in the immediate future, although most agreed that long term they are going to creep up again in value. 

Most are in agreement that Bitcoin and Cryptocurrency are likely to remain in a state of change, with big dips and increases taking place. The trick is to research your market, expand your knowledge and do what you can to invest at the right time but also, to know when the best time to sell is. A good rule of thumb is to have your Cryptocurrency make up no more than 5% of your overall investment portfolio.