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Bitcoin (BTC) plummeted 2.18% to $66k at the time of writing. Bitcoinâs dominance is currently 43.35%, a decrease of 0.34% over the day.
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Crypto prices have been on a tear for the past several months, but the past week has been the clearest sign of a correction to climbing prices, though many see news of President Bidenâs adjustment to the hikes on the capital gains tax as the most apparent reason for the marketâs slide as investors cash out hoping their gains wonât be reached by a retroactive application of the rules.
So what happened? And is there any hope for a recovery? To answer both, you have to look at quite a few factors.
And new cryptocurrency applications take root with impressive frequency â Cryptomaniaks has a great look at the fast-growing world of cryptocurrency sports betting sites as just one example.
Before this latest surge for the top two cryptos, recent sudden drops followed a ban on cryptocurrency transactions and mining from Chinaâs central bank, which declared all cryptocurrencies illegal in the country. After previously topping $52,000 in early September, Bitcoinâs price had dropped and struggled to get back over $50,000 until this month.
An NFT marketplace is used to list NFTs and ensure they are accessible for trading.
Bitcoinâand the cryptocurrency industry as a wholeâplunged 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.
Bitcoin set another new all-time high Wednesday afternoon over $68,000. And then it promptly dropped down to below $65,000, where it remains Thursday morning.
Alexis Ohanian has partnered with the Solana Foundation to invest $100 million to build social-media projects on the solana blockchain.
RelatedNew York Mayor-elect Eric Adams envisions crypto paychecks for allChingari's crypto token raises $40mn within 24 hours of its live saleJeffriesâ Chris Wood raises Bitcoin allocation at cost of goldPaytm may launch Bitcoin trading if India legalises cryptocurrency
The overall market cap of cryptocurrencies hit $3.3 trillion on Monday, according to CoinGecko pricing.
The former US banking regulator and crypto enthusiast is resigning at a time when regulators in Hong Kong, Britain, Germany, Japan, Italy and Thailand have cracked down on Binance due to worries over investor protection. Watchdogs globally also fret that the boom in cryptocurrencies is aiding money laundering and increasing systemic risks.
Brits are being warned they risk losing all of their money if they invest in bitcoin and other cryptocurrencies.
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âWhat differentiates SafeMoon is that theyâre putting this out there in the open for everyone to see, and are not trying to hide the fact thatâs how the system works,â he said.
SAN SALVADOR, El Salvador (AP) â El Salvadorâs Legislative Assembly has approved legislation making the cryptocurrency Bitcoin legal tender in the country, the first nation to do so, just days after President Nayib Bukele made the proposal at a Bitcoin conference.