The price of Bitcoin was £48,199.49 after the latest drop in prices (11 November), according to Coinbase.
Both moving averages are sloping up and the relative strength index (RSI) is near the overbought territory, indicating that bulls are in control.
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China is one market to impose strict regulation that impacted prices. In February 2018, the country blocked its citizens from accessing websites that offer cryptocurrency trading services, prompting a 15% fall in Bitcoin and 20% plunge for Ether. Similarly, in January 2018, Bitcoin’s price was hit by new South Korean legislation requiring traders to reveal their identity.
After all, gold is often touted as the ultimate inflation hedge, yet it’s still subject to wild volatility — more so than many developed countries’ fiat currencies.
Bitcoin wasn’t the only cryptocurrency to feel the effects of Tesla’s decision. (Pic: Shutterstock)
Yet in some ways, the crypto crowd were not wrong. In the almost 18 months since Covid-19 was declared a pandemic, the price of bitcoin has risen by about 525 per cent, from just under $8,000 to a three-month high just above $50,000 on Monday. XRP has climbed by a similar amount to trade around the $1.25 mark.
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New York, New York--(Newsfile Corp. - November 8, 2021) - Shiba Inu and Safemoon's competitor Bitrise coin breaks the $200m market cap. Finally, Bitrise coin has broken the $200m market cap mark as predicted by crypto experts. The coin, an aggressive Safemoon and Shiba Inu Crypto competitor, is breaking all previous crypto records on its way to become the fastest-growing crypto.
Additionally, EverGrow's creators have cleverly split its TokenEconomics to make it more resilient to market fluctuations. EverGrow burnt almost 50% of its supply at launch, and burned tokens were obliterated from circulation before launch. The remaining 45 percent is reserved for PancakeSawp's pre-sale and Initial Liquidity Lock, with the remaining 5% reserved for its team members and airdrop. The Innovative TokenEconomics will ensure that EvegGrow has all the features to become the Next Big Cryptocurrency.
While the biggest cryptocurrency trades strong, its market dominance has been dipping as investors shift to altcoins, said CoinDCX Research Team.
With the V2 upgrade, SafeMoon contracts will have additional use-cases, driving the token’s adoption higher.
4JNET is a new project that presents investors with the opportunity to get massive returns. For many, missing boats on projects like SHIB and Safemoon has been a big regret. However, investors are presented with a fresh opportunity to realize the same kind of returns as 4JNET.
Like most things with cryptocurrency, regulation comes with hurdles. “There are different agencies that may or may not have jurisdiction to oversee everything,” says Wang. “And it differs state by state.”