“This is a legitimate technology–it’s going to expand,” he says, “My longer-term view is nowhere near where some of [my current] views are.” It could even perhaps hit $10,000 again, he says. But that will probably take a few years. For now, we wait and see.
Bitcoin wasn’t the only cryptocurrency to feel the initial effects, with most of the top 10 all experiencing dips in value.
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July saw the Met seize a cryptocurrency operation valued at £180million in the UK’s largest cryptocurrency seizure to date.
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A strong rebound off the 20-day EMA will suggest that sentiment remains positive and traders are buying on dips. The bulls will have to push the price above $55.09 to signal the resumption of the uptrend. The next target objective on the upside is $63.08.
The team, dubbed Twitter Crypto, will serve as a "center of excellence" for all things blockchain at the social media giant and will be "setting the strategy for the future of crypto at and on Twitter."
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Decentralization is a primary tenet of cryptocurrency. Whereas most currencies are backed by a central bank — the U.S. dollar, for example, is backed by the “full faith and credit” of the U.S. government — cryptocurrencies are maintained and valued by their users.
The country will be the first to recognise the crypto-currency as legal tender from September 7.
The exchange is cutting off Chinese users and will lose a third of revenues from next year, co-founder tells FT News