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From the rise of meme stocks to the increasing mainstream adoption of crypto, Wall Street has embraced once-fringe areas of investing and finance.
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Bitcoin Gold was spawned as a way to make Bitcoin a more user-friendly experience. Developers of Bitcoin Gold have promised that cryptocurrency will be a network for experimentation, allowing users to develop products while working with a protocol that is similar to that of Bitcoin.
Cryptocurrency prices today: Bitcoin rises over 4%; Ethereum, Dogecoin & Litecoin gain up to 18.7% The price of Bitcoin rose 4.63% to $68,351 on Coinmarketcap. Market cap of the cryptocurrency reached $1,288.07 billion. Currently, the global crypto market cap stands at $2.94 trillion, an increase of 3.21%. Other cryptocurrencies were also trading in the green. BusinessToday.In Nov 09, 2021, Updated Nov 09, 2021, 10:09 AM IST
Despite the new record high, Bitcoin is still a highly volatile and speculative investment. In fact, the last time the crypto saw a record high in mid-April, it abruptly lost over half of its value and plunged to around $30,000 by mid-July.
And new cryptocurrency applications take root with impressive frequency — Cryptomaniaks has a great look at the fast-growing world of cryptocurrency sports betting sites as just one example.
Coinbase falls 11% after the crypto exchange misses Wall Street's 3rd-quarter earnings expectations
Worth noting: Once upon a time, cryptocurrency mining was a potentially lucrative side business for those with the resources to invest in power- and hardware-intensive mining operations.
In the case of cryptocurrencies, academia has barely scratched the surface with respect to identifying the determinants of their prices. For example, studies by Cheah and Fry (2015) and Corbet et al. (2018) claim that Bitcoin has no intrinsic value and that its price has persistently exhibited ‘bubble-like’ behaviour. Makarov and Schoar (2018) find that the prices of Bitcoin, Ethereum, and Ripple differ across exchanges for weeks. Outside of academia, the President of the United States recently tweeted that cryptocurrencies are based on “thin air”.1
That’s the same crowd that has pumped up the prices this year for other crypto like Shiba Inu and Dogecoin.
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Unlike other cryptocurrencies, SafeMoon claims it will reward people who buy its token and hold on to it rather than trade - for which there are penalties in place.
Squid was available for sale on decentralised crypto exchanges including PancakeSwap and DODO, which allows for buyers to connect directly to sellers, without a central authority.
Bill Noble, chief technical analyst at TokenMetrics, a cryptocurrency analytics platform, thinks the price of Bitcoin will climb throughout the rest of the year. “I think it’s more likely Bitcoin goes to $75,000 than $25,000,” he says.