In the case of cryptocurrencies, academia has barely scratched the surface with respect to identifying the determinants of their prices. For example, studies by Cheah and Fry (2015) and Corbet et al. (2018) claim that Bitcoin has no intrinsic value and that its price has persistently exhibited ‘bubble-like’ behaviour. Makarov and Schoar (2018) find that the prices of Bitcoin, Ethereum, and Ripple differ across exchanges for weeks. Outside of academia, the President of the United States recently tweeted that cryptocurrencies are based on “thin air”.1
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Despite the flurry of activity and popularity around emerging alt and meme coins like Shiba Inu coin, market analysts have said that fears over rising inflation are seeing traders shore up support in Bitcoin and major cryptocurrencies.
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SafeMoon is one among the handful of cryptocurrencies that made it to the top 100 crypto-list on its own. SafeMoon did not have the backing of top trading platforms and managed to gain investors’ attention by its projects alone.
Gordon, M. J. (1959), “Dividends, earnings, and stock prices”, The Review of Economics and Statistics, 99–105.
The price movements can be seen moving along a descending triangle on the charts. The digital asset can be seen accumulating currently, hinting at a breakout to higher highs. But a slight pullback to support levels can be expected. On the downside, a fall to the bottom can prevail, which is unlikely.
Over the last few weeks, rumors have been gaining traction on the internet that GameStop is partnering up with Loopring to launch an NFT marketplace.
Tesla-linked crypto tokens are trading 5% below the stock's current price as traders react to possible Musk share sale
Hybe seeks new revenue stream with creation of digital collectibles related to boy band
SynopsisThe global crypto market cap fell more than 2 per cent to $2.82 trillion mark compared to the last day. However, the total crypto market volume jumped over 31 per cent to $176.91 billion.
Bitcoin plunged to as low as $8,200 on Binances U.S. exchange from around $65,000.
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For more on trending cryptocurrencies, check out the latest on Save Planet Earth, IOST, Bonfire, Arweave, and TrueFi.
However, cryptocurrency is unique as it is typically decentralised so there is no control from government interference. Cryptocurrency uses something called a blockchain.
Marketplaces allow users to promote their NFTs, where buyers can browse through and bid on what they would like to purchase.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.