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With cryptocurrencies often moving in tandem with Bitcoin, Ethereum was trading up nearly 11% on the last seven days after hitting a new record high of almost $5,000 on Tuesday morning.

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We set the stage for our formal econometric analysis by providing some graphical evidence. For example, in Figure 1, we see a close mapping of the prices of Bitcoin and Ethereum with their respective computing power values. Moreover, in Figure 2, we observe an even stronger mapping of the prices of Bitcoin and Ethereum with their respective network values. Interestingly, these graphs also show that when prices significantly exceed the trend in computing power or network (as was the case in late 2017), prices eventually fall and trace the trend in fundamentals. The convergence of prices to the trend with fundamentals suggests that fundamentals are the ultimate, long-run determinants of prices.
US cryptocurrency exchange Coinbase Global Inc on Tuesday reported a nearly 30% fall in third-quarter trading volumes on a sequential basis, hit by lower volatility and declining prices of Bitcoin and other cryptocurrencies. .

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Bitcoin’s latest big jump also isn’t anything new. “While in the long-term Bitcoin’s price has generally gone up, we experience a lot of volatility along the way,” says Kiana Danial, founder of Invest Diva.
Squid's developers have made off with an estimated $3.38m (£2.48m), according to technology website Gizmodo.

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These protocols also mask the identities of cryptocurrency users, making transactions and fund flows difficult to attribute to specific individuals or groups.
While its price had fallen slightly from a 24 hour high of $68,525 on Tuesday morning to $67,983.80 as of 2.10pm, Bitcoin’s price hike still represents a year-on-year increase of more than 300% on last November’s value.

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Twitter is launching a dedicated crypto team to work on blockchain applications and Web3

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    The law also states that tax contributions can be paid via Bitcoin and exchanges in the cryptocurrency will not be subject to capital gains tax.

    Specifically, “5% Holder Rewards are dispersed to all token holders relative to their holding percentages,” DogeZilla claims.
    But cryptoassets as commodities can be traded if they can exhibit clear benefits and can abide by the principles of Shariah, Bloomberg first reported.

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    TruRating Announces the Hire of Global Head of Marketing and Innovation, Amy Daugherty, in Expansion of Its Global Leadership Team

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    Home / Markets / Cryptocurrency / Bitcoin appears to crash 87% in a flash on Binance’s US venue Bitcoin appears to crash 87% in a flash on Binance’s US venue Premium Volume on the exchange in that minute was 592.8 Bitcoins, which are worth just shy of $40 million at current prevailing prices. (REUTERS) 1 min read . Updated: 21 Oct 2021, 09:54 PM IST Bloomberg The price of Bitcoin appeared to rapidly — and only temporarily — plunge about 87% on Binance’s U.S. exchange Thursday morning, sinking to as low as $8,200 from around $65,000. The price did nothing like that on other venues, and on Binance the level almost immediately snapped back to where it had been. The plunge occurred at 7:34 a.m. New York time, according to Binance’s website. Volume on the exchange in that minute was 592.8 Bitcoins, which are worth just shy of $40 million at current prevailing prices. Mistakes like this happen throughout finance when, for instance, traders mess up details of their intended trades, entering the wrong price or order size. An erroneously large trade, as one example, can overwhelm an exchange’s order book, leading to a quick and massive decline. The entire U.S. stock market famously flash crashed back in May 2010, though equities have mostly avoided trouble since that era. This is the latest in a string of recent high-profile trading problems in crypto. Synthetify, a new decentralized exchange, was forced to shut down for a while earlier this month shortly after its debut because of bad data provided by the Pyth Network, a price feed backed by some of the world’s most well-known trading and exchange firms. Pyth malfunctioned another time in September, erroneously making it appear that Bitcoin had crashed 90%.

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    Nostalgia seeps in the trends, whenever the price of SafeMoon cryptocurrency makes a continuous price increase, data of SafeMoon forecast shows the rise was followed by a correction between 20 percent and 30 percent, adding to investor rally of buy and sell. SafeMoon, the world’s best-known and most valuable cryptocurrency based on SafeMoon Protocol price rise, has more than doubled in price this year, a wild run that’s reminiscent of its monster rally in the last month that saw it narrow in on the 0.000004 US Dollar mark.

    With cryptocurrencies often moving in tandem with Bitcoin, Ethereum was trading up nearly 11% on the last seven days after hitting a new record high of almost $5,000 on Tuesday morning.
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    “We do it in the equity market, we do it in the bond markets, people might want it here,” Gensler said at the Aspen Security Forum over the summer.

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So far, the main thing that has driven Safemoon has been the hype generated by celebrity backing. Celebrities such as Jake Paul, Afrojack, and Keemstar have also promoted the coin this year, leading to significant price increases.

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Like most things with cryptocurrency, regulation comes with hurdles. “There are different agencies that may or may not have jurisdiction to oversee everything,” says Wang. “And it differs state by state.”

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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.

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