New Delhi: Major cryptocurrencies witnessed a fall on Thursday amid global inflation concerns, which made other currencies and gold attractive. Barring Solana, all other nine out of the top 10 cryptocurrencies were trading lower at 9.30 hours IST. Cardano, Dogecoin and Polkadot shed up to 5 per cent each.
How does this latest crash compare to previous ones, or even to regular stock market drops — and what does it mean for investors?
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But, why do individuals mine cryptocurrency? The most obvious answer is that some people seek a second source of income and others want more financial freedom without the interference of governments or banks. For instance, crypto miners verify the legitimacy of transactions in exchange for Bitcoin as a reward for their efforts.
Table 2. T-test p-values (for each period band of each cryptocurrency / metric pair).
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Bitcoin was trading 1.5% lower Thursday morning. The price was around $59,000 per coin.
At IG, our markets for bitcoin, bitcoin cash, ether and litecoin are quoted against the US dollar. This is how you’ll usually see these cryptocurrencies quoted elsewhere, too.
Similar to forex — foreign exchange — trading, there can be significant risks involved with a largely unregulated market, and your best bet is to get informed beforehand, and don’t invest any money you can’t afford to lose. Regulators are still trying to figure out how to classify cryptocurrencies, for purposes of trading, payments, antifraud, taxation, and more. Clear regulation may help us understand how to use cryptocurrency and what its future may look like, but we aren’t there yet.
China’s crackdown has delivered a windfall to international groups that mint digital tokens
While paying for things in cryptocurrencies doesn’t make sense for most people right now, more retailers accepting payments might change that landscape in the future. It’ll likely be much longer before it’ll be a smart financial decision to spend Bitcoin on goods or services, but further institutional adoption could bring about more use-cases for everyday users, and in turn, have an impact on crypto prices. Nothing is guaranteed, but if you buy cryptocurrency as a long-term store of value, the more “real world” uses it has, the more likely demand and value will increase.
The market seems to have taken a turn this morning as a correction has set in. Both BTC and ETH have witnessed a small correction, said Zebpay Trade Desk. The same is happening in altcoins as well, it added.
President of Islamic Development Bank, African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, World Bank Group respectively.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
“Don’t panic and puke,” Noble says. “If you keep your positions small, you can try to tolerate the volatility.” Cryptocurrency prices today: Bitcoin gains 7%; Ethereum, Dogecoin & XRP rise up to 9.7%
The growth of SafeMoon, coupled with its online slogan, has drawn comparisons to the surge in popularity of another cryptocurrency Dogecoin.
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But cryptoassets as commodities can be traded if they can exhibit clear benefits and can abide by the principles of Shariah, Bloomberg first reported.