According to Cointelegraph business editor Sam Bourgi, Bitcoin is viewed by many as the best “hard money” alternative to sovereign currencies and:
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Bartram, S. M. and M. Grinblatt (2018), “Agnostic fundamental analysis works”, Journal of Financial Economics 128 (1), 125–147.
Cochrane, J. H. (2011), “Discount rates”, The Journal of Finance 66 (4), 1047–1108.
Notes: This figure plots weekly averages of log price and log computing power (log hashrate) of Bitcoin and Ethereum over the period from August 2015 to January 2019. We normalise both time series by subtracting their mean and dividing by the standard deviation.
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.
Bitcoin–and the cryptocurrency industry as a whole–plunged this year, after a gravity-defying surge in recent years. The price of the digital coin hit nearly $20,000 late last year. And then in early 2018, it began to fall. Though it hit a few plateaus, the price has still tumbled; today it hovers at a little over $3,000.
This may sound like an over-inflated number to many, however, Shiba Inu recently showed that this is within the possibility of the cryptocurrency market. With reasonable timings assumed, $1000 in Shiba Inu would have generated investors over three million dollars.
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“Based on our current trajectory, I believe we could have an extremely successful IPO in the next two to three years,” Shroder said in response to a question from Bloomberg News. Binance.US would look to close its ‘first seed round by the end of the year,” he said.
Though both assets posted a quick recovery, the event has made a significant impact on the market. Bitcoin retraced by 7.4% a few hours after making a new all-time high at $67,000.
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RIVERHEAD, N.Y. (AP) — An employee cost a New York county at least $6,000 in electricity bills by allegedly secretly installing dozens of machines at his workplace in a cryptocurrency scheme, authorities said Wednesday, announcing charges against him.
With its bullish structure now invalidated, those looking for long positions will need to eye support levels at $2.44 and $2.2. Should the crypto market remain bearish (with BTC having a probability of revisiting $60-62K), these levels are likely to come into play.
"In fact, open pump and dump schemes are rampant in the crypto world, with investors often jumping in with eyes wide open, perhaps hoping that they can ride the wave and dump their holdings for a quick profit before prices collapse," he said.
Former winners include musician Tamar Braxton and Broadway star Marissa Jaret Winokur
The price of the bitcoin rose to an intraday high of $69,000 Wednesday, reflecting a 4.6% gain following the release of CPI data.