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Friday’s notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes.
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Andrea Edwards has worked in marketing and communications all over the globe for 20 years, and is now focused on her passion – writing. A gifted communicator, strategist, writer and avid blogger, Andrea is Managing Director of SAJE, a digital communications agency, and The Writers Shop – a regional collaboration between the best business writers in Asia Pacific Main navigation Economics
Its founders have been holding ‘Ask Me Anything’ sessions to reassure potential investors of its legitimacy due to the unregulated nature of cryptocurrencies.
This positive view will invalidate if the price turns down from the current level or the overhead resistance and plummets below the support line of the wedge.
Binance and Coinbase listings remain a coveted goal for new cryptocurrencies such as SafeMoon. However, it can take some time to achieve this. For example, Coinbase only listed Shiba Inu Coin in mid-June.
Such volatility in crypto markets is nothing new. With no formal structure and countless competing exchanges, trading in the digital currency is still akin to settling out in the old American West. Earlier this month, decentralized finance platform Synthetify was forced to halt all trading due to a bug in the platform that provides pricing data. The same software responsible for Synthetify’s troubles was also blamed for a September Bitcoin crash.
The inability to get SEC approval really held back bitcoin and cryptocurrencies in general. It sent the message, says Innes, “that there wasn’t underlying support from Wall Street.” Meanwhile, the price dropped from around $10,000 to $6,000.
Still, an increasing number of big, powerful players are validating crypto’s potential.
Cryptocurrency prices can move in spectacular fashion, and there are a variety of triggers for such volatility. Here are a few of them:
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.
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Loopring263 (-11.33%) The Graph89.07 (-9.49%) Internet Computer3,882 (-9.45%) Theta Network594 (-8.96%)
Bitcoin price hits new record high - why is Bitcoin up today? Cryptocurrency prices of Bitcoin, ETH and Shiba Inu (Image credit: Getty Images/Canva Pro)
Dow, at the time, simply could not come up with a good reason for the crypto’s insane performance. The only logical explanation: It’s a bubble. His views were especially prescient. He told Bloomberg this month that he made a profit twice due to this canny call.
“The manual burns, alongside the company having a pretty large stake in the coins, just speaks to me of a manipulation risk,” said Jasper Lawler, head of research at London Capital Group, an online brokerage firm offering cryptocurrency derivatives. “Whenever there’s some sort of mechanism to stop selling, that’s a bit of a warning sign.”