The global cryptocurrency market cap has grown by 2.63 percent over the previous day to $2.94 trillion, data from coinmarketcap.com shows.
Bitcoin (BTC) is the preeminent cryptocurrency and the first to be used widely. However, hundreds of cryptocurrencies exist, and more spring into being every month.
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From a technical perspective, Bitcoin’s price action appears to be contained within an ascending parallel channel that developed since Oct. 4. Every time BTC has risen to this technical formation’s upper boundary since then, it has been rejected and retraced to the pattern’s lower edge. From this point, it tends to rebound, which is consistent with the characteristics of a parallel channel.
If you’re merely dipping your toe in cryptocurrency, it can be hard to imagine your crypto as something worth talking to an estate attorney about. But that $100 in fun money could grow to a significant percentage of your total investments, sometimes overnight.
Earlier, we presented a chart indicating how Binance has gone from essentially a non-player in the U.S. crypto market a few quarters ago to now doing significant volume. With the recent hiring of Brian Brooks, who certainly has the connections to tap into the right areas, Binance.US could be set up for a very bright future.
“This is because if the bill passes, exchanges will have to issue 1099-B tax forms with cost basis information to investors,” Shehan Chandrasekera, CPA, head of tax strategy at CoinTracker.io, a crypto tax software company, recently told NextAdvisor. “This will significantly reduce the crypto tax filing burden.”
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The growth of SafeMoon, coupled with its online slogan, has drawn comparisons to the surge in popularity of another cryptocurrency Dogecoin. (Pic: Shutterstock)
Decentralized platforms that require a coin can be enabled via blockchains. The blockchain is the distributed ledger technology that allows a network to maintain consensus. The network can track transactions and transfer value and information due to distributed consensus.
In recent days, the company has stopped those in Singapore from making trades on their platform, reacting to a tightening in regulations locally. While Binance remains the most preferable of the two platforms currently, it is important to remember that changes such as these have an effect on which may come out on top.
Despite this incident, crypto industry experts keep speculating about where Bitcoin's price is headed next with some suggesting it will soon hit $80,000. This past Friday, Bloomberg reported Bitcoin was headed for $80,000 to $85,000, while a crypto data expert said resistance at $60,000 would have provided the last buying opportunity before the coin would head for new all-time highs.
While the biggest cryptocurrency trades strong, its market dominance has been dipping as investors shift to altcoins, said CoinDCX Research Team.
The phenomenon has occurred more frequently in recent days, with Bitstamp also seeing freak order-book events.
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In early 2009, Nakamoto released Bitcoin to the public, and a group of enthusiastic supporters began exchanging and mining the currency.
And cryptocurrency exchanges are somewhat vulnerable to hacking, representing the most common venue for digital currency theft by hackers and cybercriminals like those responsible for taking down Mt. Gox.
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