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.
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People considering investing in Bitcoin or shares and stocks have also been warned over "risky" tips being shared on TikTok.
The wallet has been a subject of excitement, particularly among the SafeMoon community, for some time. Earlier this month, John Karony posted a video showcasing the product’s “safety, quality and accessibility.”
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Shortly after achieving these astronomical new heights, Bitcoin’s price fell back toward $62,700 before recovering slightly to around $64,500, while most altcoins endured near double-digit losses.
Because most cryptocurrencies aren’t regulated by national governments, they’re considered alternative currencies — mediums of financial exchange that exist outside the bounds of state monetary policy.
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.”
Professor Prasad said buyers need to be aware when buying cryptocurrencies as there is almost no regulatory oversight.
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“It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”
This past autumn, the bitcoin cash community–which was created due to a technical disagreement with the larger bitcoin sector–started a civil war. Essentially, bitcoin cash developers had diverging views on the software update for the system, and so they decided to implement another hard fork. This created two new bitcoin cash sects. Internally, the fork caused a lot of strife; one of the most popular bitcoin alternatives was unable to reach a consensus, and instead had to create two different paths that would essentially go to war with each other.
Even though the current downside move is sure to shock some investors, slight corrections after reaching new all-time highs are a customary practice for Bitcoin.
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However, cryptocurrency is unique as it is typically decentralised so there is no control from government interference. Cryptocurrency uses something called a blockchain.