Get the weekly newsletter on Cryptocurrency
More from The ScotsmanAnnouncementsJobsPublic NoticesMust ReadBuy a PhotoDirectoryConferencesThe Scotsman Archive
.
An Instagram ad by the influencer was criticised in a speech by FCA chairman Charles Randell.
cryptocurrency price todaycardanopolkadotdogecoincardano price todaypolkadot price todaydogecoin price today
The cryptocurrency has continued to rise and fall as other global administrations and regulators mull legislation to curb increased crypto activity often attributed to laundering and crime.
Bitcoin price hits new record high - why is Bitcoin up today? Cryptocurrency prices of Bitcoin, ETH and Shiba Inu (Image credit: Getty Images/Canva Pro)
Bitcoin is increasingly viewed as a legitimate means of exchange. Many well-known companies accept Bitcoin payments, although most partner with an exchange to convert Bitcoin into U.S. dollars before receiving their funds.
Its use as a monetary system is still crypto’s most lucrative feature. It allows users to send cryptocurrencies between parties in exchange for goods and services provided. Because cryptocurrencies are not controlled by any central authority, it has unique advantages. There are usually little to no processing fees. There is less government control and regulation. This means that cryptocurrencies are portable, inflation-resistant, and transparent in their transaction history.
Bitcoin is the world’s most widely used cryptocurrency and is generally credited with bringing the movement into the mainstream.
Despite the new record high, Bitcoin is still a highly volatile and speculative investment. In fact, the last time the crypto saw a record high in mid-April, it abruptly lost over half of its value and plunged to around $30,000 by mid-July.
When Ethereum and Bitcoin crashed, these “discount plays” tanked. Now, as the mainstream plays begin to build momentum, these cryptos are struggling to get off the ground and make space for their own identities.
We’re certainly in a much different place now than we were 12 months ago. What was a hot commodity has turned into a hot potato nobody wants to touch. Still, this almost certainly won’t be the end for bitcoin, or cryptocurrencies as a whole. Despite the realization that it was a bubble, even the toughest critics see some sort of a future.
The bullish rise and increased confidence in Bitcoin will likely see it remain at prices fluctuating between $60,000 and $70,000 but with increased resistance as it looks toward a $100,000 price prediction in 2022.
Get Insights on Asia in your inbox Register for our newsletters
Some major differences between Bitcoin and altcoins can be found in the blockchain itself. Some altcoins have an uncapped supply, which changes how the coins are used. Some altcoins have made the blockchain faster, which speeds up both mining and transactions.
The growth of SafeMoon, coupled with its online slogan, has drawn comparisons to the surge in popularity of another cryptocurrency Dogecoin. (Pic: Shutterstock)
According to Stephen Innes, the head of Asian trading for the foreign exchange Oanda, hacks were the first element to have a chilling effect on crypto. Hearing the amount of money that thieves were able to take, he says, “Consumers got very concerned that their money could go missing.”