“Market liquidity is currently much lower for Bitcoin than in gold or the S&P 500, which implies that even small flows can have a large price impact," JPMorgan’s Nikolaos Panigirtzoglou said today.
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Markets Report: Bitcoin sheds 4% as bulls give way to new correction
A comedown from the weekend’s all-time high accelerates on Monday, with $50,000 about to be tested as support for the first time
Bitcoin is correcting again as the latest phase in its epic bull run looks ripe for some disruption. After the weekend produced a fresh all-time high of $58,314 for BTC/USD, Monday is proving stubborn, with Bitcoin briefly coming down over $10,000 in 24 hours before reversing.
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Elon Musk's on-again, off-again flirtation with Bitcoin can be confusing (Photo: JD Lasica/Wikipedia)Elon Musk: Tesla holding Bitcoin is ‘less dumb’ than holding cash
The tech mogul comes off as decidedly unenthusiastic about Bitcoin, which he also called ‘almost as bs as fiat money.’
Musk was defending the recent $1.5 billion Bitcoin investment of his electric car manufacturing firm Tesla, which he said “is adventurous enough for an S&P500 company.” Furthermore, he added that “Tesla’s action is not directly reflective” of his opinion.
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Electric company Luzboa will accept Bitcoin to let customers light up the night (Photo: Nuno Lopes/Pixabay)Small Portugese electricity provider turns to Bitcoin to attract customers
Tiny Luzboa hopes to ‘capture a niche’ in Portugal’s wide-open retail power market by letting customers pay their bills with the cryptocurrency
The new payment option will be called Bit Spot and will allow the firm’s customers to pay monthly based on the average monthly price of electricity on the local market. A Luzboa representative said that the firm will create its Bitcoin wallet and launch the new dedicated payment service by the end of this month.
