Tesla-linked crypto tokens are trading 5% below the stock's current price as traders react to possible Musk share sale
Musk’s influence cannot be underestimated as, even though the likes of PayPal, Mastercard and Facebook have backed cryptos, the Tesla announcement still rocked the market.
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On the other hand, cryptocurrencies come with a host of risks and drawbacks, such as illiquidity and value volatility, that don’t affect many fiat currencies.
Additionally, EverGrow intends to launch Staking Pools or RBLOs (Reflection-Backed Liquidity Offerings). By using an innovative set of smart contracts for Staking Pools, EverGrow will be transferring liquidity to their Partnered Tokens by buying them on specific contract interactions. The purchased tokens are then distributed amongst participants of the Pool. This concept gives EGC token a sustainable utility in which staking X token to earn Y token makes economic and mathematical sense.
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Even though many coins are on an uptrend, Bitrise is worth considering as thousands of Shiba Inu and Safemoon holders have joined since its release.
The billionaire founder of Citadel also expressed bewilderment with Elon Musk's decision to ask Twitter if he should sell 10% of his Tesla stake.
Bitcoin was trading 3.7% higher Friday morning. The price was around $61,200 per coin.
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Plenty of altcoins have also taken a beating. Dogecoin erased the breakneck gains of the week and then some, nearly halving its price after a meteoric climb last weekend. XRP is down 35% week-over-week, Stellar is down 30% and Polkadot is down 25% since last week.
New short-term investors who are selling their holdings in reaction to the drop may be influencing the continued dip in Bitcoin’s value, according to a recent report from Glassnode Insights, a blockchain analysis firm.
New York City Mayor-elect Eric Adams pledged Thursday that he would accept his first three paychecks in bitcoin when he formally takes office next year.
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Combining the BSADF with the GSADF test allows the r2 value to vary while still using a backward expanding window. r2 starts at the smallest possible window size, and moves one point at a time towards the end of the time series.
Further, EverGrow will launch its Play-to-Earn games. Each sort of "Hero" will have its own unique set of powers and limitations in these games. While gamers will be enjoying their gaming experience, EverGrow will give daily login and NFT incentives. These NFTs can be traded with other players or utilized in built-in NFT markets. As a result, players will profit from the economic growth of the in-game assets.
Such volatility in crypto markets is nothing new. With no formal structure and countless competing exchanges, trading in the digital currency is still akin to settling out in the old American West. Earlier this month, decentralized finance platform Synthetify was forced to halt all trading due to a bug in the platform that provides pricing data. The same software responsible for Synthetify’s troubles was also blamed for a September Bitcoin crash.