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New Delhi: Major cryptocurrencies continued to gain following a rally in the weekend. However, investors booked profits in a couple of altcoins.
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The cryptocurrency market woke up to a shock in early trading on Thursday morning. On the Binance US cryptocurrency exchange, the value of Bitcoin (BTC) plummeted nearly 87 percent in value, settling around $8,200. The issue that caused the value spike was reportedly corrected swiftly and the Bitcoin value returned to its normal levels within a couple of minutes.
Bhambhwani, S., S. Delikouras, and G. M. Korniotis (2019). “Do fundamentals drive cryptocurrency prices?”, Working paper .
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Shroder said in a statement he is looking “forward to sharing our exciting story with the broader investment community as we begin our journey toward IPO.”
OK perhaps that’s a little far-fetched. But what is behind crypto’s crazy climb over the past 18 months, we hear you ask? We don’t mean to suggest that the pandemic hasn’t been involved, because we think it has, but not in the way that this chart criminal implies — not, in other words, because it’s some kind of safe haven that traders flock to when they are worried about Covid cases rising; the data don’t bear that idea out.
Bitfury has appointed former Binance US boss Brian Brooks as CEO. Former financial regulators are in control of one of the world’s largest crypto mining outfits when the industry is booming.
As of 8am ET on Thursday morning, it was slightly up in early trading. Bitcoin, however, was down under $65,000 at 8am ET, according to CoinBase.
Mr Musk has served as a key for driving up the prices for other major meme coins this year, including Dogecoin and Shiba Inu.
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“Volatility is as old as the hills, and it’s not going anywhere,” Noble says. “It’s something you have to deal with.”
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Nonfungible tokens, or NFTs, are yet another type of cryptocurrency, denoting that it is a one-of-a-kind asset and cannot be replaced. A Bitcoin, for example, is fungible, meaning you can exchange one for another and get precisely the identical thing. However, a one-of-a-kind trade card, on the other hand, cannot be duplicated. You’d get something altogether different if you swapped it for a different card.