MoneyNews MoneyCRYPTO CRASH? Cryptocurrency price LIVE – Shiba Inu coin UP today and Bitcoin down as Evergrande ‘default’ sparks crash fears
We’ve seen Bitcoin hit multiple new all-time high prices, regulatory talks with potential to have big impact on the industry, and more institutional buy-in from major companies. All the while, people’s interest in crypto has skyrocketed this year: it’s a hot topic not only among investors but in popular culture too, thanks to everyone from long-standing investors like Elon Musk to that kid from your high school on Facebook.
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The blockchain technology backing cryptocurrency is inherently secure, thanks to the decentralized — and public — nature of distributed ledger technology and the encryption process every transaction undergoes.
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The process is more complicated than this, but when most coins are mined, the mining rate decreases so that the total supply is only replenished to account for lost units. If you’re aware of basic economics, you’ll know that supply and demand determine prices. For the sake of our discussion, let’s consider supply to be limited or highly restricted.
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These are just some of the reasons Bitrise crypto coin has hit the $200m market cap so fast. The token has exciting features that are appealing to thousands of crypto investors. With the upcoming staking process and launch of the revenue sharing program, the coin's market cap is projected to jump even higher.
That lack of widespread adoption, plus crypto’s volatility, limits its use as a currency, says Roger Aliaga-Díaz, principal and senior economist with Vanguard Investment Strategy Group.
Ether and bitcoin rallied on Tuesday to record highs off the back of a weaker dollar, taproot upgrade and positive investor sentiment.
Bitcoin’s (BTC) price hit another all-time high at $69,000, while Ether (ETH) continued its long slog toward $5,000 after reaching a new high at $4,868 earlier on Wednesday. Shortly after hitting this fresh milestone, however, traders began taking profit, leading to a nearly $7,000 drop, which plunged BTC’s price below $63,000.
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It hasn't yet been recognised by the major cryptocurrency sites such as Coinbase but why did it get so popular?
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An early-morning error led to the value of Bitcoin dropping nearly 87 percent on Binance's crypto exchange.
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Yet the impact on the environment of Bitcoin mining - a complicated process of minting new digital tokens - has seen Tesla withdraw this option for customers.