But even this kind of pullback could not kill the inherent uptrend and in one of our previous reports, we mentioned that a breakout above $62,500 was required for BTC to resume strength.
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.
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MoneyNews MoneyMOON MONEY SafeMoon price prediction 2021: Can the cryptocurrency reach $1?
BEIJING (AP) — China’s biggest banks promised Monday to refuse to help customers trade Bitcoin and other cryptocurrencies after the central bank said executives were told to step up enforcement of a government ban.
To begin trading in this volatile market it is necessary to be well aware of the market prices of cryptocurrencies. The cryptocurrency investor has to differentiate between Bitcoin and the wide variety of existing Altcoins and should be well informed about their graphs and quotes, as well as the latest news related to these digital currencies.
Meanwhile, Cardano (ADA) prices are fluctuating around $2.37 (£1.75) in a 16% increase on the last 24 hours, XRP Ripple was up 2.39% at $1.27 (£0.937129) and Solana at $244.80 (£180.39) as of 2.50pm on Tuesday.
‘TradFi’ groups say they are investing in digital asset expertise for defensive reasons
Security is the highest priority for us when it comes to safeguarding your funds. Store your crypto safely with the Binance.US app.
Jack Purdy, a senior research analyst at crypto analysis firm Messari Inc., said that while he didn’t know how risky SafeMoon might be, its website makes it clear that it’s designed to get investors to buy and hold to “earn passive rewards through static reflection as they watch their balance of SafeMoon grow indefinitely.”
Ripple (XRP) broke and closed above the overhead resistance at $1.24 on Nov. 8, signaling that bulls are attempting a comeback. The bears tried to pull the price back below $1.24 but failed to sustain the lower levels.
Dogecoin, meanwhile, was trading up by less than one percent on the last 24 hours at $0.28 (£0.21) on Tuesday afternoon.
"It is one of many schemes by which naïve retail investors are drawn in and exploited by malevolent crypto promoters," Cornell University economist Eswar Prasad told the BBC.
Binance Coin (BNB) slipped below the $630 support on Nov. 11 but the bears could not sustain the lower levels. The altcoin staged a strong recovery and the bulls are now trying to push the price above $669.30.
There are over 2000 cryptocurrencies available to buy and sell, though most have little value. Of these, bitcoin, ether (the token of the Ethereum network), ripple, bitcoin cash (an offshoot of bitcoin) and litecoin are among the most valuable by market capitalisation.
“It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”
"For any centralized service, we have to do [client verification] and hold customer data," Zhao said. "On top of that we have to hold customer assets. Unlike banks, when the assets get stolen it's difficult to get them back. There's a high responsibility on the centralized exchanges we need to carry out well."
Going forward, it's impossible to know for sure how the value will change and whether it could rise further.