Bitcoin’s price spiked above its previous record high of $67,700 seen in late October on Tuesday morning in a continued surge of support for the world’s most popular cryptocurrency.
It’s true that the source codes and technical controls that support and secure cryptocurrencies are highly complex. However, laypeople are more than capable of understanding the basic concepts and becoming informed cryptocurrency users.
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Ethereum gained 1.66% to $4,808 and Dogecoin was trading 4.08% higher at $0.2837. Digital token Stellar climbed 3.56% to $0.3817 and XRP rose 0.01% to $1.27.
With the rise in artificial intelligence and automation, armies of trading bots can theoretically be used to push a crypto’s price up by creating an artificial demand for the coin. As always, you should do some research to make sure any crypto you’re thinking of investing in isn’t being artificially boosted by bots.
The number of people who utilize crypto coins (i.e., utility) and for what purpose impacts their price. The price will rise if more people use them to buy goods and services rather than just holding them.
Amid rising inflation, the Federal Reserve and the Biden administration continue to message that the situation is “under control,” but equities markets reacted negatively to the news.
Bitcoin hit another new all-time high above $68,000 Wednesday, two days after its previous all-time high when it went over $68,000 for the first time on Monday.
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Meanwhile, Ethereum also hit a record — rising to $4,837.59, according to CoinMarketCap.
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Brits are being warned they risk losing all of their money if they invest in bitcoin and other cryptocurrencies.
But no true cryptocurrency emerged until the late 2000s when Bitcoin came onto the scene.