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Bitcoin is down roughly 20% week-over-week, around 30% from its all-time high of nearly $65,000 early last week. The market cap of the coin has dipped below $1 trillion. The tumble has been less severe for Ethereum, which hit an all-time high just yesterday but has since dropped 13% as the broader market has crawled back.
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SAN SALVADOR, El Salvador (AP) — Salvadorans trying to pay for a cup of coffee or receive money sent from relatives in the United States using the cryptocurrency bitcoin continued struggling to perform transactions Wednesday, a day after El Salvador made it legal tender.
Its market cap and individual unit value consistently dwarf (by a factor of 10 or more) that of the next most popular cryptocurrency. Bitcoin has a programmed supply limit of 21 million Bitcoin.
“That’s why my administration is marshaling a whole-of-nation effort to confront cyber threats.”
The demand for a cryptocurrency depends on many factors. Demand will be increased based on how useful it is to own the coins. This means if the crypto monetary system works well (i.e. fast transactions and low fees), if smart contracts become more commonplace, and if more businesses start to accept crypto, the demand for crypto will increase. Additionally, there is an increased demand for cryptocurrencies as a store of value investment.
Amazon shoppers are living in these on-sale joggers: 'OMG these are the most comfortable pants I've ever owned!'
Pagnotta, E. and A. Buraschi (2018). “An equilibrium valuation of Bitcoin and decentralized network assets”, Working paper .
This Ethereum project is bringing ‘virtual lifestyles’ to NFT metaverse Decentraland Lisa Gibbons · 3 days ago · 2 min read
The above prices are as of 01.09 pm IST on November 9 (Data courtesy: coinmarketcap.com).
Binance.US is not available in Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, or Vermont. For people outside of those states looking to invest in crypto, Binance.US offers both an easy buy/sell interface and more advanced trading views. It has low fees, and further fee discounts for using its native currency, Binance Coin, and does offer some educational content through its on-site blog.
With its bullish structure now invalidated, those looking for long positions will need to eye support levels at $2.44 and $2.2. Should the crypto market remain bearish (with BTC having a probability of revisiting $60-62K), these levels are likely to come into play.
Squid's developers have made off with an estimated $3.38m (£2.48m), according to technology website Gizmodo.
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Responding to regulatory pressure, Binance has curbed some services on cryptocurrency bets, highly leveraged positions and trading with tokens linked to shares, and has pledged to beef up its compliance staffing.