Traders have flocked to the new currency and it has seen a 910 per cent increase in price since April 16 to April 20.
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Billed as the mother of all cryptocurrencies, Bitcoin which is a decentralised digital currency was created by someone called Satoshi Nakamoto (possibly a pseudonym) in 2009. As with most cryptocurrencies, Bitcoin is without a central bank or single administrator that can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a Blockchain, according to IANS report.
In the meantime, cryptocurrency users (and nonusers intrigued by cryptocurrency’s promise) need to remain ever-mindful of the concept’s practical limitations.
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.
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The token was trading at $1,157.00 Monday morning - 5.3% lower compared to actual Tesla stock, which closed at $1,222.09 on Friday.
For those who invest in crypto for the long-term using a buy-and-hold strategy, swings like this are to be expected. The recent dips are nothing to be overly worried about, according to Humphrey Yang, the personal finance expert behind Humphrey Talks, who says he avoids checking his own investments during volatile market dips.
More broadly, the U.S. has been slow to issue regulatory guidance for cryptocurrency businesses. The industry has generally appreciated regulators' care and caution to avoid hampering innovation or overregulating something so misunderstood, but the lack of clarity has also become restrictive for many looking to operate, develop, and grow their products and services. But Zhao appears to be undaunted by that.
Plus, a short seller’s $1m ‘bounty’ on Tether, more outflows from unloved UK stocks and Tom Stoppard’s Leopoldstadt
A brief technical and on-chain analysis on VeChain price. Here, FXStreet's analysts evaluate how VET can advance further. More VeChain News Analyst predicts Bitcoin price could easily hit $250k by January 2022
IG offers trading on nine of the most valuable cryptocurrencies: bitcoin, bitcoin cash, bitcoin gold, ether, ripple, litecoin, EOS, stellar (XLM) and NEO.
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Business News › Markets › Cryptocurrency › Top cryptocurrency prices today: Cardano, Polkadot, Dogecoin shed up to 5%