It came after the electric car company bought $1.5b (£1.06b) of Bitcoin shares, which in turn sent the market price of both the crypto and Tesla soaring.
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After all, gold is often touted as the ultimate inflation hedge, yet it’s still subject to wild volatility — more so than many developed countries’ fiat currencies.
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“Where digital assets land, at the end of the day … will be driven in part by regulation, both domestic and international,” Former SEC Chairman Jay Clayton recently told CNBC.
While Bitcoin tumbled, Ethereum was heavily rejected on Oct. 21 as it approached its mid-May all-time high at $4,380.
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Bitcoin’s Market Capitalization Went Over $1 Trillion This Year. Here’s What Crypto Market Cap Means for Investors
(Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
It's likely SafeMoon - the 203rd-ranked cryptocurrency on CoinMarketCap - will eventually be listed on further exchanges. This is especially likely after Coinbase CEO Brian Armstrong tweeted in June: "Our goal is to list *every* asset where it is legal to do so."
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Although Binance.US is growing fast and is now considered to be one of the top exchanges in the United States, it doesn’t measure up to its parent company, Binance.
Asset manager’s planned launch will significantly undercut ProShares’ BITO and Valkyrie’s BTF
‘TradFi’ groups say they are investing in digital asset expertise for defensive reasons
Privacy coins are among those most being discussed by investors today. Monero is one of the oldest privacy coins. Its whole purpose is to help users keep their transactions completely anonymous. It also aims to be wholly decentralised. Users are able to complete transactions without needing to trust any user on the network.
The bears tried to pull Bitcoin below the breakout level at $67,000 on Nov. 9 but they could not sustain the lower levels. The modest pullback indicates that bulls are buying on every minor dip.
Musk reaffirmed his belief that cryptocurrency has a “promising future” but that it “cannot come at great cost to the environment”, in his Twitter post.