The past few days have witnessed the prices of Bitcoin remain quite calm and it is a matter that has caught many by surprise. There has been a section of people who have been taking the strong standpoint that a further rally might just be underway. Doubters have not been left behind and in airing out their opinions they outlined that they were awaiting an imminent collapse.
Back on, Fed chairwoman Janet Yellen referred to Bitcoin as a “highly speculative asset” but what followed was what left a many shocked. The comments by the top official are said to have sent bitcoin prices from roughly $17,200 to $16,200 and that happened in a matter of hours. It was an almost similar scenario with the biotech stocks in the short-term after the official proceeded to criticize their valuation way back in 2014.
The effects of Yellen’s comments are catching many by surprise considering that her latest comments regarding bitcoin, apparently pulled along with an impact on Square, which on Wednesday went down from what it has closed at recently.
A person familiar with the company’s most recent developments opined, “In mid-November, the company announced that its Cash App — which, for the record ranks higher than both PayPal and its Venmo app in the Apple App Store — would run a pilot program allowing select users to buy and sell the cryptocurrency.”
Most of the investors ended up misunderstanding Square which was almost the same thing that happened with the Box and Roku. It was just recently when the Company proceeded to announce the expansion of that program and it misled most of the investors who were quick to believe that everything had been running quite smoothly which wasn’t the case.
One notable thing was that quite significant number of them ended up correlating Micro Devices and Nvidia to what was going on with the ethereum prices as well as with bitcoin.There was pretty much to sway most of the people, one of the things being that the companies were engaged in the manufacture of graphic cards which play quite a significant role when it comes to mining cryptocurrencies.