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The overall market cap of cryptocurrencies hit $3.3 trillion on Monday, according to CoinGecko pricing.
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Cryptocurrencies use cryptographic protocols, or extremely complex code systems that encrypt sensitive data transfers, to secure their units of exchange.
In the meantime, cryptocurrency users (and nonusers intrigued by cryptocurrency’s promise) need to remain ever-mindful of the concept’s practical limitations.
Among those who called it, hedge fund manager Mark Dow wrote almost exactly a year ago about his decision to short bitcoin after future trading on it first began:
Litecoin price has entered a tight congestion zone since the initial spike above the Cloud on October 20th. The trading range has been limited to the Tenkan-Sen at $196 above and Senkou Span B at $188 below. Thus, Litecoin has prime conditions for a bullish expansion move to occur, but bulls are unable or unwilling to make that happen.
It’s always hard to know exactly what is driving crypto prices given the opacity of the market and a certain rather large player whose name rhymes with weather, but we think it’s probably partly related to the same market madness that drove GameStop to da moon, as well as to a desire for an alternative to central bank-issued money due to worries about the government overreach (by means of Covid restrictions), and also endorsements from chief executives at the likes of PayPal, Tesla and Twitter/Square.
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Bitcoin was trading 1.5% lower Thursday morning. The price was around $59,000 per coin.
This lack of regulation means its transaction costs are less - making it an attractive tool or investment for people to move digital money around the world.
If the price turns down from the resistance line of the channel, the pair could drop to the support line. This is an important level to keep an eye on because a break below it will suggest a possible change in the short-term trend.
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But what about now? Well, Binance.US certainly doesn't have the same level of liquidity that Binance does. If we look at the top traded pair on each exchange over the last 24 hours, BTC/USDT for Binance, and BTC/USD for Binance.US, the volumes are as follows:
Currently, the global crypto market cap stands at $2.94 trillion, an increase of 3.21%. Other cryptocurrencies were also trading in the green.
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.