Bitcoin made a new life high at $66,998 on 20th Oct and since then it entered into a retracement phase and subsequently prices dipped below $59,000 in the following days.
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Bitcoin plunged to as low as $8,200 on Binances U.S. exchange from around $65,000.
Analyst Ken Goldman cites concerns over the imitation-meat company's wider-than-expected third-quarter losses.
But whether that growth is sustainable, and what it means long-term, is still in question. “This crypto, blockchain technology, the public interest in it right now is being driven by a kind of speculative fever,” says Dr. Richard Smith, executive director of the Foundation for the Study of Cycles, a nonprofit organization dedicated to studying recurring patterns throughout economies and cultures.
Investing is always a risk but investing in cryptocurrency is an even higher risk as they are VERY volatile.
This level is likely to act as a stiff resistance but if bulls do not give up much ground, the ETH/USDT pair may overcome the barrier and rally to the next target objective at $5,283.17.
Billionaire Elon Musk has also already gotten involved with DogeZilla by posting a tweet.
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.
Bartram, S. M. and M. Grinblatt (2018), “Agnostic fundamental analysis works”, Journal of Financial Economics 128 (1), 125–147.
Dow, the man who first shorted bitcoin, for instance, even mentioned in his initial post that a person can be “simultaneously bullish on blockchain and bearish on bitcoin.” And he just announced that he’s ending his short.
In many ways, 2021 has been a “breakthrough,” says Dave Abner, head of global development at Gemini, a popular cryptocurrency exchange. “There’s tremendous focus and attention being paid to [the crypto industry].”
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The riskiness is taken a step further when it comes to newer coins because they make you more vulnerable to scams when compared to ones that have been around longer such as Bitcoin.
Bitcoin and Ether created a new all-time high of $68,641.57 and $4,857.25 on Tuesday Bitcoin breaks past $68,000, ether nears $5,000 as flows surge in crypto
Plus, a short seller’s $1m ‘bounty’ on Tether, more outflows from unloved UK stocks and Tom Stoppard’s Leopoldstadt