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Online factors exhibit stronger relationships in the long term, and such relationships were found to be consistently positive. The long term positive relationships suggest long term price trends are linked with online activity. This is an intuitive result, given that successful cryptocurrencies are likely to have active communities; as the community grows, so does belief in the cryptocurrency, and vice versa.
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Six out of the top-10 cryptocurrencies were trading higher at 9.30 hours IST. Binance Coin and Solana witnessed profit booking whereas XRP gained 9 per cent.
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A recent statement from President Joe Biden read: “Cyber threats can affect every American, every business regardless of size, and every community.”
Nevertheless, a decisive four-hour candlestick close below the $3,922 level could lead to a steeper correction. Ethereum could then dive to look for support around the 100 four-hour moving average at $3,700 or even test the 200 four-hour moving average at $3,400.
However, cryptocurrency experts had warned of several tell-tale signs that it was likely to be a scam.
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According to reports on Tuesday 26 October, US regulators are looking for new ways and strategies for banks to hold crypto assets and address their current rise.
Mr Musk has served as a key for driving up the prices for other major meme coins this year, including Dogecoin and Shiba Inu.
The crypto prices today are trading in the red as Bitcoin, as well as the altcoins, have retreated after a strong week of rallies to new all-time highs.
When some of the most respected people on Wall Street make comments like that, it “takes a huge element of mainstream out of the market,” says Innes. Essentially, these heavy hitters were telling their minions that bitcoin wasn’t worth their time.
Plenty of altcoins have also taken a beating. Dogecoin erased the breakneck gains of the week and then some, nearly halving its price after a meteoric climb last weekend. XRP is down 35% week-over-week, Stellar is down 30% and Polkadot is down 25% since last week.
The bitrise token has been on a hot streak lately, increasing its value by over 3558 percent in just three months. Experts are calling it the next SafeMoon and Shiba Inu Coin.