Keeping abreast of cryptocurrency news and watching the patterns of trading is key to gain an understanding of each coin. For more information on how to do this effectively, look at our Guide to Day Trading Bitcoin and Other Cryptocurrencies.
Cryptocurrency is going mainstream — and becoming increasingly difficult for investors to ignore.
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According to reports on Tuesday 26 October, US regulators are looking for new ways and strategies for banks to hold crypto assets and address their current rise.
Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC's Cathie Wood. In late July, Elon Musk said Tesla was "most likely" to start accepting bitcoin as payment again. The comment helped the cryptocurrency race past the $30,000 level.
Alternatively, if the price breaks below the 20-day EMA, the next stop could be the 50-day SMA ($0.24). If this support is breached, the selling could intensify and the pair may drop to the strong support at $0.19.
Cryptocurrency prices can move in spectacular fashion, and there are a variety of triggers for such volatility. Here are a few of them:
Polkadot was designed to reward genuine investors and sorts out those that are only trading to make fast money from crypto. Investors that are well-engaged on this platform also help with decisions such as network fees, removing or establishing parachains, and network upgrades.
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The pair could first drop to $4,146.30 but if this support also gives way, the correction could reach the psychological support at $4,000.
Unlike other cryptocurrencies, SafeMoon claims it will reward people who buy its token and hold on to it rather than trade - for which there are penalties in place.
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The tecg titan said it wanted to create a separate, private currency system to allow users to make cross-border payments more easily.
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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)
Also, several businesses now receive bitcoin as payment for goods and services – another reason why it is a wise investment. For instance, Visa transacts with BTC, and in February, Tesla announced that the company has invested $1.5 billion in BTC and will also be accepting it as means of payment for its cars. Additionally, the large banks are already incorporating BTC transactions in their offers too.
Altcoins also sometimes differ in the method of verification used to authenticate transactions. While some altcoins use Proof-of-Work systems, others use Proof-of-Stake consensus, which replaces miners with validators. Proof-Of-Stake mining requires a lot less energy and fewer resources than Proof-Of-Work systems since Proof-Of-Work miners have to do much more ‘work’ to mine blocks.