While Bitcoin tumbled, Ethereum was heavily rejected on Oct. 21 as it approached its mid-May all-time high at $4,380.
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More and more cryptocurrencies are entering the market every day, each one offering a slightly different model to attempt to attract investors. One of the most intriguing cryptocurrencies launched this year is SafeMoon, which looks to take the DeFi world by storm.
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.
From a technical perspective, Bitcoin’s price action appears to be contained within an ascending parallel channel that developed since Oct. 4. Every time BTC has risen to this technical formation’s upper boundary since then, it has been rejected and retraced to the pattern’s lower edge. From this point, it tends to rebound, which is consistent with the characteristics of a parallel channel.
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Bitcoin’s bullish price rise to near $70,000 in value comes as investors hope to see the $1 trillion market cap remain firmly in place ahead of a volatile trading period.
Considering there are no sudden jolts or risks ahead for cryptocurrency markets, SafeMoon is all set to affirm its strong position as a major attraction among its investor community. The road ahead is full of petals provided the investor confidence keeps booming, resulting in a major push to the price, taking it across all barriers scaling $0.000011.
Ethereum gained 3.85% to $4,720 and Dogecoin was trading 9.73% higher at $0.2858. Digital token Stellar climbed 3.72% to $0.3733 and XRP zoomed 8.05% to $1.26.
Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC's Cathie Wood. In late July, Elon Musk said Tesla was "most likely" to start accepting bitcoin as payment again. The comment helped the cryptocurrency race past the $30,000 level.
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One of the clearest distinctions between the main Binance platform and Binance.US is the number of cryptocurrencies (and fiat currencies) with which you can trade. As of early 2021, the number of cryptocurrencies on Binance.US stood at just 53, while the original version of the platform supports over 200 different coins.
The market for cryptocurrencies has roughly quadrupled from its 2020 year-end value [File: Paul Yeung/Bloomberg]
Cryptocurrency values are up, but so is the price of everything else in the United States! Investor curiosity in BTC grows as data shows U.S. inflation rose to a 30-year high.
The price of Bitcoin rapidly plunged 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.
During the lag time between the transaction’s initiation and finalization, the units aren’t available for use by either party. Instead, they’re held in a sort of escrow — limbo, for all intents and purposes.