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The bears tried to pull Bitcoin below the breakout level at $67,000 on Nov. 9 but they could not sustain the lower levels. The modest pullback indicates that bulls are buying on every minor dip.
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The overall market cap of cryptocurrencies hit $3.3 trillion on Monday, according to CoinGecko pricing.
From the perspective of technical analysis, profit-taking near all-time highs and the need for a retest of lower support levels are normal processes for most cryptocurrencies. In fact, a quick glance over discussions by many analysts and traders on Twitter shows that most expected BTC to revisit lower support levels at $64,000 and below before recapturing bullish momentum and moving higher.
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“It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”
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Triple threat: This Dyson fan purifies, heats and cools — and it's $170 off for a limited time
— Allie Caccamo is now an associate doing tech policy strategy at Christoff & Co. She most recently was an account coordinator at Allison+Partners.
Ethereum Dropped After Setting Another New All-Time High. Here’s What Investors Should Do Next
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Although it’s theoretically possible for a new blockchain copy’s previously unverified transactions to be entirely fee-free, this almost never happens in practice.
A new white paper from healthcare analytics platform provider Healint shows that most patients with migraine and other comorbidities had positive experiences with telemedicine, especially during the COVID-19 pandemic. These findings were based on a survey of users in Healint's Migraine Buddy app, a highly rated headache and migraine tracking app recommended by neurologists.
Elon Musk changes his Twitter name to 'Lorde Edge' - and some users see it as a nod to dogecoin
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Senior fellow at the Peterson Institute for International Economics. Adjunct professor at Georgetown University.
More importantly, we find that the ACP and ANET factors can price cryptocurrency returns. In particular, all of our five cryptocurrencies have positive and significant exposures to the fundamental factors. The explanatory power of ACP and ANET is over and above any effects related to the Bitcoin and momentum factors. This finding is non-trivial given that the five cryptocurrencies in our sample have consistently accounted for between 80% to 95% of the total cryptocurrency market capitalisation. Furthermore, we extend our factor analysis to an out-of-sample set of 33 cryptocurrencies obtained from the Bittrex exchange. We find that the aggregate computing power and network factors also price cryptocurrencies in this large out-of-sample data set.