Billionaire Elon Musk has also already gotten involved with DogeZilla by posting a tweet.
While Bitcoin tumbled, Ethereum was heavily rejected on Oct. 21 as it approached its mid-May all-time high at $4,380.
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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.
The majority of NFTs exist within the Ethereum blockchain. Ethereum is a cryptocurrency that has the ability to support NFTs.
“If you were to wake one morning to find that crypto has been banned by the developed nations and it became worthless, would you be OK?” Frederick Stanield, a CFP with Lifewater Wealth Management in Atlanta, Georgia, told NextAdvisor recently.
A top official said Zimbabwe is looking to allow cryptocurrency as legal payment, according to a local report Sunday.
Elon Musk’s announcement that Tesla would no longer be accepting Bitcoin as payment on environmental concerns was followed by China issuing a crypto crackdown.
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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.
Bitcoin had rallied 220% in 4Q 2017 and if history repeats itself, Bitcoin could reach $96,355, which could potentially be this cycle’s top.
Additionally, cryptocurrencies are frequently used to facilitate gray and black market transactions, so many countries view them with distrust or outright animosity.
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HAVANA (AP) — Cuba's government said Thursday it will recognize — and regulate — cryptocurrencies for payments on the island.
As we don’t know exactly how to classify them, it’s difficult to attribute a direct causality to a specific factor and a crypto’s rise or dive in value.
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