Cryptocurrency prices continued to tumble Friday with Bitcoin leading the charge, with prices for the internet currency dipping below $50,000 for the first time since early March.
The global cryptocurrency market cap has grown by 2.63 percent over the previous day to $2.94 trillion, data from coinmarketcap.com shows.
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Cryptocurrency prices can move in spectacular fashion, and there are a variety of triggers for such volatility. Here are a few of them:
Interestingly, the breakout was initiated right as a report from the United States Bureau of Labor Statistics (BLS) showed a sharp 6.2% annual rise in the Consumer Price Index (CPI), a figure that has hit its highest mark in 30 years.
About 15 years later, an accomplished software engineer named Wei Dai published a white paper on b-money, a virtual currency architecture that included many of the basic components of modern cryptocurrencies, such as complex anonymity protections and decentralization.
The global crypto market cap fell more than 2 per cent to $2.82 trillion mark compared to the last day. However, the total crypto market volume jumped over 31 per cent to $176.91 billion.
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These protocols also mask the identities of cryptocurrency users, making transactions and fund flows difficult to attribute to specific individuals or groups.
As its name suggests, you can use cryptocurrency to make purchases. But your purchasing power is limited; crypto isn’t yet widely accepted among retailers and other businesses.
The bullish rise and increased confidence in Bitcoin will likely see it remain at prices fluctuating between $60,000 and $70,000 but with increased resistance as it looks toward a $100,000 price prediction in 2022.
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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.
CPI gained 0.9% in October, higher than the estimated 0.6%. The reading marks an acceleration from the 0.4% gain seen in September.
The price fluctuations came as conflicting reports on whether Chinese property giant Evergrande had "defaulted" on its loan surfaced.
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