If you’re asking yourself, “Is Bitcoin a good investment?” Here’s some news for you.
Bitcoin was stable on Wednesday, ahead of the Federal Reserve’s interest rate announcement. Bitcoin remained generally steady at $29,189 after trading in a narrow zone during the previous 24 hours. In the run-up to the Fed announcement, the largest cryptocurrency has given up gains driven by enthusiasm over the potential of an exchange-traded fund that owns Bitcoin directly.
In a research note, Matteo Greco, an analyst at Fineqia International, wrote that despite investors’ cautious attitude in the short term, mainly due to rate hike expectations at the upcoming FOMC meeting, metrics concerning BTC and ETH suggest a period of accumulation, with investors buying digital assets and holding for an extended period.
Dogecoin was trading 1.7% higher. Since May, the token reached its highest level, spurred by rumours that Elon Musk would utilise Bitcoin to develop the X social-media network — the new name for Twitter — as a financial platform.
So if you’re deliberating on whether Bitcoin is a good investment, the key is knowing the opportune moment to invest.
In other news, Ether, the second-largest cryptocurrency, lost 0.4% to $1,850. Cardano, a smaller token, lost 1.3%.