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A wide variety of factors can affect market trends because cryptocurrency is still in its volatile state. Fortunately for investors, Bitcoin and the like are featured in general news. This is because the decentralized economy is slowly becoming more mature as months pass.
Cryptocurrency appears in many news stories because of the versatility of blockchain technology. Some are minor while others are inconsequential. It’s better to focus on big factors such as the following five topics:
So-called ‘Bitcoin killers’ still appear nowadays but they are not featured in current crypto news for a good reason. What you need to focus on are networks designed to contribute to the existing market rather than aspire to contend with the top assets like Bitcoin or Ethereum.
One example is Cardano which was designed to create a common trading hub for multiple blockchains to work together. Some of these projects are announced at least a year in advance. This kind of information can be found on forums or social media. Content creators also cover these kinds of topics with predictions on how it will affect the crypto landscape.
Naturally, the most exciting news for investors is knowing that there are new companies that can accept their assets as payment. Despite crypto’s large role in the economy, it is still rare to see businesses accepting it as payment.
Some of the biggest companies, like Tesla, have already started supporting Bitcoin. Cities already have conversion machines for Bitcoin such as São Paulo and the Republic of El Salvador has begun accepting it as legal tender. Each of these updates caused Bitcoin prices to rise so stay tuned for similar stories.
Using tried and tested platforms like Coinbase or Binance is a safe move but most veteran traders prefer trying their luck in newer exchanges. The reason is because populated networks tend to slow down trading activities.
The competition also becomes more difficult because exchanges prioritize older offers over new ones. Trying a new exchange gives earlier users a high advantage because they are easier to spot for new buyers and they become higher priorities when other sellers come. New platforms also tend to have cheaper fees.
How countries or states treat cryptocurrency have great effects on the market. Applying laws on Bitcoin is usually good because it means users in the area are protected and investments are secured. On the other hand, bans on crypto can drop their market value.
Bitcoin mining is considered a hot topic among investors as featured in current crypto news. Software developers, miners, and investors are working together for years to find ways to cut Bitcoin’s energy consumption to half. Trade slowed down in the network in May 2021 because of a number of companies that addressed this issue.