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The inability to get SEC approval really held back bitcoin and cryptocurrencies in general. It sent the message, says Innes, “that there wasn’t underlying support from Wall Street.” Meanwhile, the price dropped from around $10,000 to $6,000.
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Its value has now plummeted by 99.99%, said cryptocurrency data website CoinMarketCap.
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The story of cryptocurrency scammer Dr Ruja Ignatova's London flat - and how her purchase was concealed.
Another factor that crypto experts have mentioned regarding the competitiveness of the Safemoon coin is the speed of product release. Since the launch of the Safemoon token, only the Safemoon has been released. All other Safemoon products are in the development phase. This is not the case with the Safemoon coin contest, like Bitrise, which in short released several products, including a great dApp wallet.
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CYNTHIA LUMMIS: My son-in-law has a shirt that says friends don't let friends sell bitcoin. And that is my investment strategy for bitcoin.
While paying for things in cryptocurrencies doesn’t make sense for most people right now, more retailers accepting payments might change that landscape in the future. It’ll likely be much longer before it’ll be a smart financial decision to spend Bitcoin on goods or services, but further institutional adoption could bring about more use-cases for everyday users, and in turn, have an impact on crypto prices. Nothing is guaranteed, but if you buy cryptocurrency as a long-term store of value, the more “real world” uses it has, the more likely demand and value will increase.
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Bitcoin set another new all-time high Wednesday afternoon over $68,000. And then it promptly dropped down to below $65,000, where it remains Thursday morning.
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A cryptocurrency transaction technically isn’t finalized until it’s added to the blockchain, which usually occurs within minutes. Once the transaction is finalized, it’s usually irreversible.
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As of 8am ET on Thursday morning, it was slightly up in early trading. Bitcoin, however, was down under $65,000 at 8am ET, according to CoinBase.