The trading platform stated it had added Dogecoin due to demand. Meanwhile, Elon Musk has suggested the token will feature in his upcoming Saturday Night Live skit.
"Bitcoin's value will continue to rise and fall depending on what people believe it is worth," Dr. Marion Laboure said in a research report. "This is sometimes called the 'Tinkerbell Effect'—a recognized economic term stating that the more people believe in something, the likelier it is to happen."
"We believe a healthy correction is in play as short-term traders put profits on the table after a good run from $45,000," Lennard Neo, head of research at Stack Funds in Singapore. "The digital asset is now trading comfortably in an upward channel as we head into the final week of March."
Bitcoin reached $61,556.59 this weekend, eclipsing its previous high of $58,356. "If you're looking for one word, it would be 'inevitable!'" Jason Deane, analyst at Quantum Economics, in London, told Newsweek.
While Bitcoin and other cryptocurrencies have experienced slight setbacks over the last two weeks, the industry as a whole has been booming alongside other technology equities over the past year.
The 100-point Bitcoin Fear & Greed Index, published by Alternative.me, ticked up to 95 Tuesday. Zero represents "extreme fear" and 100 represents "extreme greed."
Individuals investing in crypto-currencies such as Bitcoin should be prepared to lose all their money, a United Kingdom regulatory agency warned Monday.
The value of Bitcoin has peaked, surpassing the $20,000 mark for the the first time—having dipped below $4,000 just nine months ago.
The last time Bitcoin saw a spike of this magnitude was 2017, when price gains were largely fuelled by a swell in consumer interest, with markets closely matching trends in online search engines. This time, some analysts say it's different.
"There has been a general move to cash and bitcoin has been hit particularly hard," Charles Hayter, CEO of a price tracking service known as CryptoCompare, told Newsweek after the values plunged.
"It is reckless—and utterly false—to assert that Tether tokens are issued in order to enable illicit activity," executives at Tether said after a new research paper linked the firm to market manipulation.
Xi's speech may have suggested to investors that a potentially expansive consumer base for cryptocurrency could begin to open.
"I would say 95 percent of people in bitcoin are legit, but it's the 5 percent that kills you every time," Belfort said.
"I absolutely stand by the million-dollar prediction," he told Newsweek.
"If cryptocurrencies ever become mainstream, then prices could go a lot higher; if not, many become worthless."
The price of the cryptocurrency tanked to under $6,000 in the early hours of Tuesday. What will happen next?
Reports indicate that the price rise was attributed to bitcoin exchange traded funds (ETFs).
In March, the virtual currency was priced at more than $11,000 per coin. It has been on a downward trajectory ever since.
Bithumb, the sixth-largest exchange, has asked customers not to deposit funds into their digital wallets.
The value of the world's most popular cryptocurrency has plunged.
Following a low of $6,800, the price of a single bitcoin spiked by $1,000 in less than one hour.
The price of bitcoin tumbled to under $10,000, half of what it was worth only three months ago.
The price of bitcoin has fallen by $50 in the last 24 hours, dropping below $400 for the first time this year.