Weekly Review Of Cryptocurrency Happenings: 22-02-21 To 28-02-21

The Cryptocurrency world is the most unstable environment in finance trading. This is the reason publications on its happenings should be as frequent as possible . Below are some events that occured in the space of Feb 22ndt – Feb 28th,2021.

Weekly Review Of Cryptocurrency Happenings
Weekly Review Of Cryptocurrency Happenings

There have been some uncertainty in the cryptocurrency world since Feb 26th after the third richest man in the world (Bill Gates) advised that Bitcoin should only be traded by the world richest man(Elon Musk) ONLY. Although, traders are always of the thought that cryptocurrency trading comes with huge risks but the words of such an influential personality have brought shivers in the spine of most traders.

The Organization for Economic co-operation and Development announced a plan to release a widespread tax standard for its members state to curb profit-shifting. This is of much benefit to the government and also to little traders but the “big guns” in the trading world are hoping that the rulings won’t fall through.

Bitcoin has seen a corrective week as its price dropped from $58,000 to about $4700 in a matter of days. This correction had been greatly anticipated and even the consistency of the fall in the coming weeks is also being discussed by experienced crypto analysts due to the observations of corrections of 15%-60% which has occurred in the month of March of recent years(2015-2020 excluding 2019).Although, that of 2020 was caused by the covid-19 pandemic.

There are still complaints that the crack down on the trade of cryptocurrencies by the Central Bank of Nigeria(CBN) is still very effective after the disclaimer coming from the CBN. It is still strongly advised to be mindful of the narrations used while making financial transactions so as to avoid stories that touches.

Lastly, the loss incurred by the great Elon Musk as a result of his single tweet about the high price of BTC and Etherum as shown that no one is perfect in the world of cryptocurrency. The low point of this is that the mistake of a single man has greatly affected millions of traders .

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