The rally in cryptocurrency DogCoin Starts could end the summer correctly and cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN) could be one of the “easiest shorts” if virtual assets begin to “crack”, according to Boris . Schlossberg, a chief. Currency expert.
What Happened: “For me, Coinbase’s weakness suggests that if the summer goes ahead, any of the cryptos will start to erupt,” Schlossberg, managing director of currency strategy at BK Asset Management, said Wednesday on CNBC’s ” Trading Nation “.
The analyst believes that even though Dogecoin (DOGE) hits the $ 1 traders target on May 8 by Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk, investing in space with limited basic analysts poses significant risks. it happens. . Musk is a big supporter of the cryptocurrency memes, which are expected to appear on the show.
Schlossberg said that while bitcoin (BTC) will DogCoin Starts never be a currency, it has some long-term value as an alternative to gold because of its liability.
The founder and CEO of Chantico Global, Gina Sanchez, said that the crypto space is very volatile and therefore it was difficult to see these digital assets as real money. They believe that crypto was the marginal beneficiary of additional incentives and a closed economy.
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Why It Matters: Dogcoin is in a major bull this week and has a 13,574.59% date. The profits from the meme cryptocurrency can be attributed to the celebrity endorsement of the likes of Musk, Dallas Mavericks owner Mark Cuban, and rapper Snoop DogCoin Starts
Dogecoin has received support from major companies including ConAgra Brands Inc. (NYSE: CAG) and Snickers Candy Bar.
However, Shiba Inu-themed cryptocurrency has lost 1.2% in the last 24 hours and is trading at $ 0.6330 as of press time. Cryptocurrencies such as Bitcoin, Ethereum (ETH), and Binance Coin (BNB) also rallied on Wednesday, reflecting the excitement surrounding digital assets.
Meanwhile, Combes shares fell on Wednesday, increasing the deficit for the third straight session. The cryptocurrency exchange made its debut on the Nasdaq Stock Exchange last month.
Price action: Coinbase Global shares closed down 2.7% at $ 273.00 in Wednesday’s regular trading session and down 0.2% at $