The token was trading at $1,157.00 Monday morning - 5.3% lower compared to actual Tesla stock, which closed at $1,222.09 on Friday.
The exchange is cutting off Chinese users and will lose a third of revenues from next year, co-founder tells FT News
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Billionaire Elon Musk has also already gotten involved with DogeZilla by posting a tweet.
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Contrary to this assumption, if the price plummets below the 20-day EMA, traders may rush to the exit. That could pull the price down to the 50-day SMA ($39.87).
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“We’ve seen a tremendous amount of inflow of attention, and that’s going to continue to drive the growth of the industry for a while now,” says Abner.
The repeated retest of a support level within a short interval tends to weaken it. If the price breaks below $49.78, the DOT/USDT pair could drop to the 20-day EMA ($48.09). This is an important support for the bulls to defend.
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Many lesser-used cryptocurrencies can only be exchanged through private, peer-to-peer transfers, meaning they’re not very liquid and are hard to value relative to other currencies — both crypto- and fiat.
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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.
That seems to be the overall message from most. Even Innes, who has been critical of bitcoin and crypto-trading for quite a while, admits that this doesn’t mean the blockchain is bunk. He, in fact, sees things looking up. “If this base can hold,” he says, “[the price will] start drifting up.” But not because of fervor or blind faith that bitcoin is the future, but due to advances on the technology side.
Elon Musk changes his Twitter name to 'Lorde Edge' - and some users see it as a nod to dogecoin
Any claims that a particular cryptocurrency confers total anonymity or immunity from legal accountability are worthy of deep skepticism, as are claims that individual cryptocurrencies represent foolproof investment opportunities or inflation hedges.
One of the fastest-growing pension markets in the world could be about to dive into crypto.