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A look at funding rates across exchanges hints at excessive optimism, with traders going long on BTC en masse — a classic indicator of a correction.
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Danial says there have been plenty of huge spikes followed by pullbacks in Bitcoin’s price since 2011. “What I expect from Bitcoin is volatility short-term and growth long-term.”
Mikhael Karkhalev, financial analyst at currency.com, said: “Growing concerns around inflation and global rate hikes are clearly on investors’ minds.
The global cryptocurrency market cap has grown by 2.63 percent over the previous day to $2.94 trillion, data from coinmarketcap.com shows.
Play iconA circle surrounding a triangle pointing right. It indicates, "this type of media can be played."Crypto investing: All you need to know!
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Bitcoin is inarguably the most famous cryptocurrency to date. Designed by an anonymous individual under the pseudonym ‘Satoshi Nakamoto’ in 2008, it is the biggest by some distance in terms of market capitalization.* It can be used as a medium of exchange, with companies in sectors ranging from travel to gift cards to jewellers having accepted Bitcoin as payment through anonymous transactions.
"After hitting fresh milestones and hitting new ATH’s backed on the US CPI Inflation figures for October, traders began to book profits," it added. "Such corrections do not seem to be a major cause of concern just yet."
Cryptocurrencies are wholly digital, so there’s no physical coin or bill connected to the crypto you own. Instead, owners hold cryptocurrency in a digital wallet, and buy or sell through an online exchange. Your wallet may be online (some popular exchanges like Coinbase offer an in-app wallet) or stored offline on a hardware device similar to a USB drive.
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The market seems to have taken a turn this morning as a correction has set in. Both BTC and ETH have witnessed a small correction, said Zebpay Trade Desk. The same is happening in altcoins as well, it added.
Because most cryptocurrencies aren’t regulated by national governments, they’re considered alternative currencies — mediums of financial exchange that exist outside the bounds of state monetary policy.
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Moreover, holding the NFTs entitles the holders to a 3% decrease on all service charges.