Magic Eden Acquires Slingshot to Expand Beyond NFTs
Magic Eden, has purchased the crypto trading app Slingshot as part of its broader plan to grow its offerings beyond just NFTs.
Just ahead of the weekend, Bitcoin price fell, dropping from $11,880 USD to $11,511 USD. The 3% decline in trading price, while not exceptionally bearish, comes at a notable time as the US Dollar Index (DXY) started to see an incline after four months of decline.
The dollar rose from $92.28 USD to $93.20 USD, yielding a 1.3% increase. As this happened safe-haven assets such as Bitcoin, other cryptocurrencies in the market and gold dropped in price. This movement stands to affirm the inverse correlation between Bitcoin and the US dollar value.
Bitcoin Trading vs US Dollar
Bitcoin trading across the globe, not just in the United States, sees an uptick when the US dollar is on a declining trend. As reported, traders in Nigeria moved towards Bitcoin last month when the dollar saw a 4% drop in its value.
This shift towards trading and longer-term cryptocurrency investment affirms that Bitcoin, Ethereum, and other digital assets can be considered safe-havens. This, became especially clear during the peak uncertainty about the economy as supply chains were disrupted and business operations were suspended as a result of the Coronavirus.
Investing In Bitcoin As A Safe Haven
Rich Dad, Poor Dad author Robert Kiyosaki, a financial powerhouse of information, warns investors of the dangers of keeping fiat in their portfolio only. On numerous occasions, he has berated the national US banks for consistently printing money, reducing the value of each dollar. On this, he urges investors to consider adding Bitcoin, gold, or silver – assets which have limited supply and so appreciating demand – to their portfolio instead. On the same day as the dollar rose, Kiyosaki stated:
“Banks bankrupt. MAJOR BANKING CRISIS COMING FAST. Fed & Treasury to take over banking system? Fed and Treasury “helicopter fake money” direct to people to avoid mass rioting? Not a time to “Think about it.” How much gold, silver, Bitcoin do you have?”