BUDAPEST, Hungary (AP) — An imposing bronze statue was unveiled in Hungary’s capital on Thursday which its creators say is the first in the world to pay homage to the anonymous creator of the Bitcoin digital currency.
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.
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Even if this were the case, and Safemoon coin was to increase in price dramatically before an instant fall, it would still represent a good investment for purely speculative investors. For example, if Safemoon were to simply return to the all-time high experienced on April 20th, then that would represent an incredible 921% return from today’s price!
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“They basically walked around showing people with Lambos and talking crap,” said Cora Harrison, a YouTube personal finance influencer. “It was just really random and not what you wanted to see from somebody to invest money with.”
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.
He likens the drop to the stock market crash of 1987, from which the markets took months to recover. But because crypto moves a lot faster today than equities did in the 1980s, Noble says we may see a quicker recovery.
Jegadeesh, N. and S. Titman (1993), “Returns to buying winners and selling losers: Implications for stock market efficiency”, The Journal of Finance 48 (1), 65–91.
BTC to BITO: the original cryptocurrency, and the promise and limitations of Bitcoin ETFs
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Cryptocurrencies either have a limited or predetermined coin supply—although, with over 2,500 cryptos listed on hundreds of online exchanges, a number which is sure to increase over the coming years, it’s hard to generalise.
Bitcoin (BTC) and Ether (ETH) have again risen to a new all-time high on Nov. 10, indicating that the trend remains firmly in favor of the bulls.
More popular cryptocurrencies, such as Bitcoin and Ripple, trade on special secondary exchanges similar to forex exchanges for fiat currencies. (The now-defunct Mt. Gox is one example of an exchange.)
And new cryptocurrency applications take root with impressive frequency — Cryptomaniaks has a great look at the fast-growing world of cryptocurrency sports betting sites as just one example.
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If you don’t currently have a wallet, you can download the MetaMask or Trust Wallet browser extensions to get started. These browser extensions give you password-protected access and control over all your tokens.