There Is Skepticism Around Bitcoin
Yes, plenty of it. Tracking bitcoin’s price is obviously easier than trying to figure out its value, which is why so many institutions, experts and traders are skeptical about it and cryptocurrency in general. Digital currencies were seen as replacements for paper money, but that hasn’t happened so far.
Federal Reserve Chair Jerome Powell has said the central bank prefers to call crypto coins “crypto assets,” because their volatility undermines their ability to store value, a basic function of a currency.
While some banks and financial services companies are getting in on it, others are staying away.
Why The Crypto Market Is Down Today
The cryptocurrency market is currently in a bearish run following Chinas latest comments on Bitcoin mining, but the short and medium-term outlooks for the market remain positive, and Bitcoin could top the $70k level over the coming days and weeks.
The cryptocurrency market has experienced massive losses over the past few hours but could recover and rally over the coming days and weeks.
What Are The Prices Of Ethereum Shiba Inu And Cardano Today
With cryptocurrencies often moving in tandem with Bitcoin, Ethereum, the cryptocurrency synonymous with the rising crypto trend of NFTs, was trading down more than 7% on Tuesday after hitting a new record high of almost $5,000 last week.
Ethereums price was fluctuating at around $4,316.19 at 2.30pm on Tuesday down from $4,842.54 at 6am on 9 November.
The hype surrounding popular memecoin Dogecoin had appeared to diminish recently as new altcoins took centre stage.
Shiba Inu coin is trading up at approximately $0.00005060 as of 2.30pm today after smashing through multiple record highs in late October.
Dogecoin, meanwhile, was trading down by approximately 6.5% on the last 24 hours at $0.24 on Tuesday afternoon.
Meanwhile, Cardano prices are fluctuating around $1.93 in a 6% fall on the last 24 hours, XRP was down 7% at $1.11 and Solana at $226.32 as of 2.35pm on Tuesday.
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An Easier Way To Buy Crypto With Etoro
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There have also been warnings around scams related to cryptocurrencies, with people losing vast sums of money.
You should never invest in something you dont understand and you should never put in money that you can’t afford to lose entirely.
From Avoiding Fomo To Having A Plan 5 Key Ways To Manage A Crypto Down Cycle
How to minimize your losses during a falling market
Since its inception in 2009, the Bitcoin and cryptocurrency markets have seen many cycles of growth and decline, even within the larger ongoing trends known as bull and bear markets. While its true that each market dip has so far been followed by a recovery and significant growth, periods of decline can be stressful and hard to navigate for experienced traders and beginning investors alike.
Here, we discuss five strategies that you might want to follow during a market dip in order to hold on to the value in your portfolio, avoid emotional trading, and lose less sleep.
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Why Is The Cryptocurrency Market Down Today
- 4:30 ET, Jul 14 2021
THE cryptocurrency market has dropped again, proving the volatile nature of coins like Bitcoin, Dogecoin and Ethereum.
The price of Bitcoin, the biggest cryptocurrency on the market, is currently down by around 9% over the past 24 hours.
It is sitting around $43,429, according to Coinmarketcap, compared to its highest ever level of more than $64,000 in April.
The second biggest cryptocurrency, Etheruem, has also dropped in value in the last 24 hours along with other popular coins like Dogecoin, Cardano and XRP.
Cryptocurrencies are highly volatile, meaning their values often make large swings with no notice.
The extreme volatility and the accompanying sudden market falls are just one of the reasons that investing in cryptocurrency is a very risky business.
You can be left with less money than you put in, and the markets can shift in the blink of an eye.
You might not be able to access your investment if platforms go down and you could be left unable to convert crypto into cash.
‘bitcoin Is Not Naturally Going Down’: Market Reacts To Buying The Dip
As Bitcoin, Ethereum and many other large cryptocurriencies took a dive on Tuesday, #BuyTheDip has also made a reappearance on Twitter.
Immediately, popular crypto influencers like Carl Runefelt started encouraging followers to “buy the dip,” or take advantage of the price drop to score cryptocurrency before it goes back up.
The opportunity is hard to ignore when Bitcoin hit an all-time high of more than $68,000 last week, analysts predicted that it would soon top $70,000.
But after the Chinese government announced a crackdown on crypto mining, it $60,000 for the first time in two weeks and was worth as low as $58,702 at one point during London trading time.
The world’s second-largest cryptocurrency, Ethereum also fell 5.2% to $4,325.18.
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Bitcoin Is Better Than Gold Michael Saylor Says
As bitcoin continues to steadily clamber back the losses it suffered earlier today it just returned above $61,000 MicroStrategy boss Michael Saylor has claimed that the cryptocurrency is better than gold.
Under his leadership, the software company has become the biggest corporate investor in bitcoin, holding roughly $7 billion worth of the cryptocurrency.
It means the companys value tends to fluctuate with the price of BTC, put this hasnt put Saylor off his belief that bitcoin is a better store of value over the long term than traditional assets like gold.
Bitcoin continues to hold above the $60k mark, but only just.
As is customary following sudden price falls, the staunchest BTC advocates and most optimistic bulls are celebrating the opportunity to buy the dip and stock up on the cryptocurrency while its price is relatively cheap at least compared to last week.
Ive lost count of how many times bitcoin and other altcoins have suffered flash crashes during the various market rallies in 2021. It seems Im not the only one:
If it is just a dip, and not a sustained drop, then the key is always timing:
Explainer: How Us Regulators Are Cracking Down On Cryptocurrencies
U.S. Treasury Secretary Janet Yellen answers questions during the Senate Appropriations Subcommittee hearing to examine the FY22 budget request for the Treasury Department on Capitol Hill in Washington, DC, U.S., June 23, 2021. Greg Nash/Pool via REUTERS
WASHINGTON, Sept 24 – Regulators globally are cracking down on cryptocurrencies, alarmed at a rapidly expanding market that exceeded a record $2 trillion in April. China on Friday said it was banning all crypto trading and mining, sending digital coins tumbling.
Global regulators worry the rise in privately operated currencies could undermine their control of the financial and monetary systems, increase systemic risks, promote financial crime and hurt investors.
In the United States, President Joe Biden’s regulators have launched several efforts to rein in cryptocurrencies. Here’s the breakdown:
THE PRESIDENT’S WORKING GROUP ON STABLECOINS
The President’s Working Group on Financial Markets, comprising top financial regulators, is focusing on stablecoins, a type of digital coin pegged to traditional currencies.
The group traditionally includes the Treasury Department, Federal Reserve, Securities and Exchange Commission and the Commodity Futures Trading Commission , but the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency are also involved.
The group is expected to publish a report detailing the risks and opportunities of stablecoins in coming months.
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Reasons Why The Crypto Market Crashed Btc/eth/xrp Down 10%
After yesterdays news of Vitalik dumping all his dog tokens, we woke up on a different kind of bad news. The whole cryptocurrency market was down by more than 10% in the past 24 hours. Most cryptos were seen red by multiple digits, while very few were seen rising. What caused this crypto crash? Here are 3 reasons that explain this crashing market.
Bitcoin Price August : The Cryptocurrency On Monday Surged To $50000 Which Happened For The First Time After The Crash That Happened In May This Year
Bitcoin Price continued to drop for the second straight day on Thursday. The worlds largest crypotcurrency was trading at $48,373, up 0.43 per cent at the time of this article. The cryptocurrency on Monday surged to $50,000, which happened for the first time after the crash that happened in May this year. In April, the world biggest currency Bitcoin surged and hit an all-time high at $65,000. Bitcoin has risen and recovered after hovering in the range of $30,000 to $40,000 for many weeks. Bitcoin steeply fell from $65,000 in April to $28,800 in June, after a massive sell-off in June and July, triggered by Chinese ban on the corporates, financial companies, payment companies, providing services related to cryptocurrency.
This week two announcements made by Paypal and Coinbase pulled up the Bitcoin around $50,000 mark.
According to Zebpay trade desk, Bitcoin has touched the $50,000 mark for the first time since May and has surged almost by 72 per cent from its recent low of $29,301. Technically on the weekly time frame, the asset is trading in an uptrend forming a Higher Highs Higher Lows pattern. BTC may face some resistance around $51,109 levels and if these levels are breached with good volumes then we can expect the asset to further rally up to $57,000.
Binance Coin stood at $501.72, up 4.09 per cent over the past 24 hours. The Binance Coin was trading up 26.41 per cent over the last week. The market cap for Binance Coin stood at $85.5 billion.
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Lack Of Liquidity Deters Widespread Adoption
Increased liquidity would mean price stability, easier, cheaper transactions, and more investor confidence. It would also prevent Bitcoin whales, or large buys, from manipulating cryptocurrency prices.
Stability and fast transactions translate to wider cryptocurrency adoption, meaning that people besides cyberpunks and techies would feel comfortable converting their U.S. dollars into cryptocurrencies knowing that they could easily convert it back without paying steep transaction fees.
Today, however, exchanges do not have enough liquidity to provide these functions, despite the fact that cryptocurrency adoption is on the rise. Some suggest that the best way to increase liquidity is to create a large exchange pool used by multiple exchanges.
Which Crypto Prices Are Down
Bitcoin wasnt the only cryptocurrency to feel the initial effects, with most of the top 10 all experiencing dips in value.
Dogecoin, which was initially set up as a joke in 2012 before seeing its shares skyrocket, has also dropped while Solana has seen its market price rise by more than 8%.
Musks influence cannot be underestimated as, even though the likes of PayPal, Mastercard and have backed cryptos, the Tesla announcement still rocked the market.
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Cryptocurrency Regulation Remains A Headache
The crypto industry has come under increased regulatory scrutiny recently, shaking investors’ confidence in the sector. China has intensified its crackdown, targeting crypto trading and mining activities.
In Malaysia, authorities have seized and destroyed more than a thousand Bitcoin mining machines. That followed Britains banning of major crypto exchange Binance. In Paraguay, lawmakers are pushing for more crypto regulations and tax, and U.S. authorities are also uneasy with cryptocurrencies, particularly stablecoins.
What Is The Price Of Bitcoin And Ethereum
The price of Bitcoin was £44,293.16 after the latest drop in prices , according to Coinbase.
Ethereums value is now £3,118.48.
Cryptocurrencies are seen as an alternative to traditional banking methods, cheaper to move money around due to not being regulated by the government or its banks.
The decision by Tesla, and announced by Musk, was seen by some as a slight on the credibility of cryptos to become a viable method of payment against physical currencies.
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Why Are Crypto Markets Down
Cryptos have suffered a series of blows recently, on top of their regular volatility.
The major cryptos are down today, September 20, following a global sell-off in stock markets.
It comes after the struggling Evergrande property giant in China sparked wider economy fears.
Snowed under a huge debt pile, a business default could hurt more than just China’s economy.
In early September, JP Morgan analysts also warned that the markets were due a correction following “retail investor mania”.
And in August, hackers stole $600million in a cryptocurrency heist after spotting a “vulnerability” in a blockchain site.
It came after a series of worldwide crackdowns on the cryptocurrency market, and another big sell-off in global stock markets.
In July, the Met Police also seized nearly £180million in the largest-ever cryptocurrency raid in the UK.
The money was discovered as part of a major probe into money laundering.
It was the biggest amount of the cryptocurrency seized in the UK and one of the largest in the world.
The seizure tops the previous recent record made after police seized £114million.
Binance has also been banned in the UK, signalling a major “red flag” to investors, Hargreaves Lansdown senior investment and markets analyst Susannah Streeter previously told The Sun.
Why Is Crypto Going Down On Monday Ex
The price of Bitcoin fell significantly over the past few hours. As a result, the whole crypto market tumbled downward. Ethereum, Dogecoin, Cardano, BNB all major currencies saw a fall in prices anywhere from 5 to 10 per cent. This fall in price was sudden and unexpected as Bitcoin had been comfortably trading in the $35k-40k bracket over the past week. Read on to know why is the crypto market going down.
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What Is Blockchain Technology
You’ve likely heard some of the following terms if you’ve paid attention to the world of finance: Cryptocurrency, Blockchain, Bitcoin, Bitcoin Cash, and Ethereum. But what do they mean? And why is cryptocurrency suddenly so hot?
First, we’ll explain the blockchain basics.
As society become increasingly digital, financial services providers are looking to offer customers the same services to which they’re accustomed, but in a more efficient, secure, and cost effective way.
Enter blockchain technology.
The origins of blockchain are a bit nebulous. A person or group of people known by the pseudonym Satoshi Nakomoto invented and released the tech in 2009 as a way to digitally and anonymously send payments between two parties without needing a third party to verify the transaction. It was initially designed to facilitate, authorize, and log the transfer of bitcoins and other cryptocurrencies.
Timeline Of The Crash
- 17 December 2017: Bitcoin’s price briefly reaches its all time high of $19,783.06.
- 22 December 2017: Bitcoin fell below $11,000, a fall of 45% from its peak.
- 12 January 2018: Amidst rumors that South Korea could be preparing to ban trading in cryptocurrency, the price of Bitcoin depreciated by 12 percent.
- 26 January 2018: Coincheck, Japan’s largest cryptocurrency OTC market, was hacked. 530 million US dollars of the NEM were stolen by the hacker, and the loss was the largest ever by an incident of theft, which caused Coincheck to indefinitely suspend trading.
- 7 March 2018: Compromised Binance API keys were used to execute irregular trades.
- Late March 2018: , , and banned advertisements for initial coin offerings and token sales.
- 15 November 2018: Bitcoin’s market capitalization fell below $100 billion for the first time since October 2017 and the price of bitcoin fell to $5,500.
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Opensea Confirms Insider Trading On The Nft Platform
“Yesterday we learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly,” the company wrote in a blog post on Wednesday.
In OpenSea’s written statement, it called the incident “incredibly disappointing.”
OpenSea would not confirm the name of the employee to CNBC.
As CNBC reported, since NFTs exist in a legal gray zone, this incident doesn’t appear to be illegal.
What Happened To The Price
A on May 18 statement posted on the Chinese Banking Association’s website said financial institutions should “resolutely refrain” from providing services using digital currencies because of their volatility.
Virtually every cryptocurrency fell after the industry group’s statement. Bitcoin slumped to $30,202 before recovering to $38,038, down 12% on the day, according to Coindesk. Most cryptocurrencies lost between 7% and 22% of their value and shares of Coinbase dropped 5.4%.
And China isn’t the only country clamping down on cryptocurrencies. Many banks in the Middle East are also barred from dealing in bitcoin, while U.S., regulators appear to be leaning toward more actively monitoring cryptocurrencies. On Thursday, the Treasury Department said it would require businesses to report any bitcoin payment over $10,000, citing an effort to crack down on tax evasion.
The value of bitcoin can change by thousands of dollars in a short time period. On the last trading day of 2020, bitcoin closed just under $30,000. In mid-April, it flirted with $65,000. The price bounced around after that, with some notable swings, before taking a decidedly negative turn last week.
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