Shib Price Analysis: Shiba Inu Aims To Break Downtrend As Meme Coin Steps Into Gaming
- SHIB price analysis turned bullish for today, rising by more than 5%
- The volumes also rose by tremendous numbers
- The daily high for the token reached $0.00004212
As per data from CoinMarketCap, the trading volume for the token rose by a whopping 6.47%, standing at $1.88 billion. The daily candle opened today at $0.00003911, reaching a daily high of $0.0004212 and a daily low of $0.00003830.
The coin claims the market position of 12 with a 6.74% rise in market capitalization, standing at $22.1 billion. In the past seven days, the token rose from $0.00003599 to $0.00004754 and is currently a 54.32% low from the all-time high of the token at $0.00008845.
SHIB prices rose by 830% in the month of October, starting at $0.00000721 and rising to the all-time high at $0.00008845. On the other hand, the token has dropped by more than $38% in the month of November.
The SHIB price analysis is currently experiencing a downtrend but, this seems to be a correction from the previous bullish phase. Recently, the lead developer of the SHIB team said that the team is looking to develop a Shiba Inu game. This seems to have affected the tokens price action.
The Crypto Market Today
Despite the recent 2021 crypto market crash, cryptocurrencies are already bouncing back, something that is clearly shown by Bitcoins value of nearly $44,000 today . Confidence in cryptocurrency is still strong. Since the May crash, Mastercard has launched a cryptocurrency and blockchain program for start-ups and El Salvador has accepted cryptocurrency as legal tender. Additionally, decentralized finance continues to make great gains, while Ethereum progresses with its update to Ethereum 2.0, aiming to cut emissions by 90%.
There are still some bumps, as some countries such as France and Albania, push for further regulation. However, there is no fear of centralization, and arguably this regulation will further help legitimize crypto. Thus, it would seem that despite Mays crypto market crash, confidence remains high and opportunities remain on the horizon. Nothing proves this more than the huge jump in users that cryptocurrency has seen: from 143 million at the end of April to 221 million as of June.
Elon Musk Questions Shady Binance
Elon Musk has questioned the CEO of Binance about the crypto exchanges treatment of dogecoin users.
Binance boss Changpeng Zhao, known as CZ, has previously said he doesnt get dogecoin and caused outrage among fans of the meme-inspired token after temporarily suspending doge withdrawals last week after a minor issue.
Musk, who is one of the most high-profile fans of dogecoin, asked CZ on Twitter this morning: Whats going on with your Doge customers? Sounds shady.
The crypto boss is yet to respond to the SpaceX and Tesla boss.
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Bitcoins Value Has Sunk Back Below $60000 Having Reached An All
Billions were wiped from the cryptocurrency market after Bitcoin and other major coins crashed on Monday night.
Bitcoins value sunk back below $60,000, having reached an all-time high of around $69,000 on 10 November.
Most coins have recovered slightly after the crash. As of Wednesday afternoon Bitcoin was valued at around $60,000.
Ethereum lost more than 11 per cent of its value on Monday night, and is now at around $4,200.
The overall cryptocurrency market fell by more than $200 billion overnight, to around $2.6 trillion.
Whats Behind The Latest Bitcoin Drop
Many investors see Bitcoins price swings as part of the game, but volatility is tough for individual investors to deal with, Noble says. Like Yang, he warns against selling too fast.
While this recent drop is reminiscent of 2017s sell off, Bitcoins presence has grown a lot since then. New short-term investors who are selling their holdings in reaction to the drop may be influencing the continued dip in Bitcoins value, according to a recent report from Glassnode Insights, a blockchain analysis firm.
While fluctuations are expected, Noble says this swing is a bit out of the ordinary. I thought the market was maturing and these things would be less frequent and severe. Boy was I wrong, he says.
This particular drop was caused by a combination of factors that may have made this drop more severe, Noble theorizes, from excitement about low-quality coins, to negative remarks from Elon Musk, to Chinas latest crack down on crypto services. The accumulated response made this sell off all the more violent, says Noble.
He likens the drop to the stock market crash of 1987, from which the markets took months to recover. But because crypto moves a lot faster today than equities did in the 1980s, Noble says we may see a quicker recovery.
Dont panic and puke, Noble says. If you keep your positions small, you can try to tolerate the volatility.
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Why Is The Crypto Market Down
Chinas crackdown on cryptos comes days after Musks shock announcement.
Musks decision signifies a sharp u-turn for Tesla who only started accepting Bitcoin as payment for its services in February 2021.
It came after the electric car company bought $1.5b of Bitcoin shares, which in turn sent the market price of both the crypto and Tesla soaring.
Yet the impact on the environment of Bitcoin mining – a complicated process of minting new digital tokens – has seen Tesla withdraw this option for customers.
The billionaire entrepreneur said: We are concerned about rapidly increasing use of fossil fuel for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
Musk reaffirmed his belief that cryptocurrency has a promising future but that it cannot come at great cost to the environment, in his Twitter post.
Musk has been a long-time advocate of cryptocurrencies and the Tesla decision was felt across the market, with other digital tokens going down in price.
The 2021 Crypto Crash
Bitcoin had been on a tear throughout the later parts of 2021 and through Q1 2021. However, after a series of policy moves by China and the withdrawal of various celebrity support, in particular Elon Musk, the price fell hard. The entire crypto market seemed to have crashed again.
While many are familiar with the crypto crash in 2018, the seriousness of the 2021 crypto crash is still debated. There are those who remain skeptical about crypto, predicting its end, and others that firmly believe that crashes like 2018s are behind them. Regardless, it cannot be ignored that Bitcoin lost 50% of its value in just three months, from $63,000 in April 2021 to $32,000 in July 2021.
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Buy Coins With An Underlying Value
Some coins such as Bitcoin are valuable only because people agree with its value. That is, it possesses value due to its network effect. However, coins such as Ethereum and Fortune Coin have underlying value.
The Ethereum blockchain is used to run applications, tokens, and many more. While you are not able to claim physical assets, there is a strong utility attached to Ethereum.
Similarly, Fortune Coin seems to present an underlying value. You can purchase food and products using Fortune Coin on the Old Village Cafe E-commerce site. Because there is a use for Fortune Coin, its market price may be less volatile than other cryptocurrencies.
The value of Fortune Coin has increased 400% since its Initial Coin Offering in May 2021. We only expect that the injection of smart money with the completion of its own native smartchain to boost the price of the coin.
Cryptocurrency Prices Today: Bitcoin Crashes 9% Down 20% From Record Highs As New Variant Spooks Investors
1 min read.Livemint
- Ether, the second-largest digital currency, dropped more than 12%, currently trading 9.69% lower at $4,087.
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The new variant of coronavirus, first found in Southern Africa, is roiling global markets, with its impact resounding across markets incuding cryptocurrencies.
The worlds largest cryptocurrency fell as much as 9% to $53,552 on Friday. It is currently trading lower by 7.30% at $54,695 at the time of publishing this report
Ether, the second-largest digital currency, dropped more than 12%, currently trading 9.69% lower at $4,087. Other coins such as Dogecoin dropped 8.3% while Shiba Inu is down nearly 5%
Bitcoin tumbled 20% from the record high it notched earlier this month. The world’s largest cryptocurrency has been under pressure since reaching a record of almost $69,000 earlier this month on enthusiasm over the first US exchange-traded fund linked to futures on the digital asset. It is currently sitting near its 100-day moving average of $53,940, which served as support during its late-September pullback.
A new variant identified in southern Africa spurred liquidations across global markets, with European stocks falling the most since July and US equity benchmarks also lower in early trading. Bitcoin wasnt spared from the carnage despite being seen by many crypto enthusiasts as a hedge against financial-market turmoil.
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Crypto Sphere Needs More Regulation To Protect Investors
SEC chair Gary Gensler has repeatedly expressed the need for more regulation. Most cryptocurrencies are trading in exchanges as unregistered securities and are apparently subject to SEC enforcement actions. While some SEC officials have been advising against cryptocurrency, others have criticized that the regulator hasn’t been stronger in enforcing regulations.
In fact, some people in the industry are frustrated by the lack of clarity surrounding certain federal policies in the crypto space. Some cryptocurrency companies are violating federal rules by raising money through auctioning their tokens. People are surprised that the SEC has taken a backseat on regulation and hasn’t made it a priority. Unsure of where the actions towards regulation are going, other people aren’t as concerned about cryptos.
Why Is Cardano Down Today
Cardanos price fell by more than 9% on Wednesday after US cryptocurrency exchange, eToro, announced that it will soon be delisting the coin for US users due to regulatory concerns.
“eToro will be limiting ADA and TRX for users in the US, the platform stated on its website on Tuesday.
US users will not be able to open new ADA or TRX positions starting on December 26, 2021.
Additionally, staking for those assets will end on December 31, 2021.
These changes are due to business-related considerations in the evolving regulatory environment.
The move has come as a shock to ADA investors as the cryptocurrency has not received as much scrutiny from other cryptocurrencies such as XRP, which has been subject to an SEC lawsuit since 2020.
It is believed that the move from eToro comes in the wake of the Infrastructure Bills passage into law and the threat posed to cryptocurrencies which could be deemed securities by the SEC.
While cryptocurrencies like Bitcoin and Ether function as a form of digital currency designed to be used as an alternative to the British Pound, US Dollar or other currencies, crypto assets as securities would be simply digitalised financial assets and subject to more regulation and taxation as a result.
According to Coinbase data, the 9% fall in Cardanos price led to a 95% increase in trading volume on the last 24 hours on Wednesday with 68% of this accounting for Coinbase customers buying the dip and increasing their stake in ADA.
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Should I Invest In Cryptocurrency
People invest at their own risk and cryptocurrencies are not regulated by British financial authorities.
All crypto investments are risky, but meme coins like Shiba Inu are particularly volatile, and you should be prepared to lose everything you invest.
The Financial Conduct Authority warned in January: Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors money.
If consumers invest in these types of product, they should be prepared to lose all their money.
India On Track To Ban All Private Cryptocurrencies: Market Crash Imminent
The Indian government has listed the Cryptocurrency and Regulation of the Official Digital Currency Bill for the winter session of Parliament. The bill plans to bar all private cryptocurrencies except a few. The bill also includes creating a framework to regulate digital currencies issued by the Reserve Bank of India .
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Cryptocurrency Market Crash What Are The Reasons Explained
Cryptocurrency Market Crash: On Wednesday, 19 May, the cryptocurrency market saw an enormous fall down. The main digital currencies such as Bitcoin , Ethereum , Binance Coin , and others fell as much as 30-40% in 24 hours. Why? It may or may not be due to the announcement of a crackdown on cryptocurrencies by the Chinese regulators.
Premiere League Clubs Under Investigation Over Dubious Crypto Partnerships
The English Premiere League is investigating questionable crypto deals.
The English Premier League will take a closer look at the increasing number of cryptocurrency deals signed by its clubs, The Times reports.
The top tier of the countrys football pyramid doesnt regulate such partnerships.
The news comes after Manchester City had to put a cryptocurrency deal on hold after it came to light that none of the executives mentioned in the press release had any sort of online presence. This gave ground to speculation about whether or not the company actually exists.
According to the Times, the EPL itself is mulling over forming a tie-up with a non-fungible token platform for issuing digital collectibles.
Strapped for cash, clubs view cryptocurrencies and NFTs as a viable source of revenue, but they are also concerned about their negative impact on fans.
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What If Youre Interested In Crypto But Havent Yet Invested
Yangs set it and forget it approach to crypto reflects his philosophy for investing in the traditional stock market, but some experts feel cryptocurrency is too different from traditional investments to draw any historical comparisons. Thats why AShira Nelson of Savvy Girl Money is staying well away.
Nelson primarily invests in low cost index funds because I can see history on that, she says. The newness of cryptocurrency and lack of trackable data make her wary of these crazy swings.
Potential investors looking to buy the dip should understand that fluctuations are par for the course, and be prepared for this kind of volatility going forward. Even if you invest now, with prices relatively low, be prepared for them to fall even more. Again, only put in what youre comfortable with losing after youve covered other financial priorities, like emergency savings and more traditional retirement funds.
Recovery Of The Cryptocurrencies
In the below graph, it can be observed that though the value of the cryptocurrencies dropped drastically in the month of May 2021, the price seems to be recovering towards the end of the month. We are seeing green shoots in most cryptocurrency graphs.
In the figure below, the value of Bitcoin dropped drastically, but it can be seen showing a slight recovery in its value on 30th May.
Now, from the figure above the slight peaking at the end of May can be elaborated into a plot showing the analysis of 30th May only.
Now, analyzing the plot shown above of Bitcoins price in USD versus time in Hours on 30th May, we can see that just after 6:00 am the price of Bitcoin started rising from $34,000 to $37,000 approximately, which is a great change.
Now, the sentiment is remaining positive, and this is fueling the recovery even more. Furthermore, as companies allocate Bitcoin to their balance sheets, it is a positive reinforcement proving that the asset class is going mainstream rather quickly.
Ethereum, another proficient cryptocurrency too is following the same trend as that of the Bitcoin. The second-largest asset by market capitalization, Ethereum , also witnessed a major correction falling from $4,300 levels to lows of $1,750. Since then an upward trend has set in and ETH has gradually come up to $2,900 levels as of now.
Here, it can be observed that, after 30th May, Ethereum has seen a good hike in its price.
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Bitcoin And Dogecoin Prices Have Dipped Drastically To 10 And 12 Percent Respectively
On May 19th, Wednesday, the cryptocurrency market started dipping with Bitcoin and Dogecoin crashing down in its prices. This pressure is being witnessed after the exponential increase of the market values of many cryptocurrencies recently. We witnessed how the Dogecoin frenzy brought down many crypto exchange networks like WazirX. However, Dogecoin has already been having a very volatile market with its prices rising and falling in a 24 hours gap. Ethereum, which rose to popularity recently with hitting record heights of market value also weighed down with more than 10% declines in the prices these days.
Among all these cryptos, the most astonishing crash was that of Bitcoin, which dipped to a price of USD37,525 with a decreasing value of more than 15% in the last 24 hours according to Coindesk. As the major sell-off that began a month ago still continues, Bitcoin has fallen to an all-time low in several months. This sudden crash can be the result of incidents that happened last week. On May 12, Elon Musk tweeted that Tesla has suspended the sale of Bitcoin and the use of it in any transactions. The decision was due to environmental concerns. Teslas CEO cited that Bitcoin mining uses fossil fuels that have the worst emissions. According to a CNBC report, this comment by Musk had wiped more than USD300 billion from the entire cryptocurrency market on that day.