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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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On the other hand, cryptocurrencies come with a host of risks and drawbacks, such as illiquidity and value volatility, that don’t affect many fiat currencies.
It was a wild ride for SafeMoon, with its prices exploding in the first few weeks before crashing down. .

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Additionally, cryptocurrencies are frequently used to facilitate gray and black market transactions, so many countries view them with distrust or outright animosity.
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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.

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Staffordshire PoliceFraudster Jaswant Singh Kang, 38, fled to Bournemouth to avoid being caught

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    Mr Musk has served as a key for driving up the prices for other major meme coins this year, including Dogecoin and Shiba Inu.

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    In the meantime, the Indian government is considering a middle path on cryptocurrencies, as it finalises legislation on the virtual asset to be introduced in the upcoming winter session of Parliament. The hard-line stance for an outright ban of cryptos is not being found feasible in view of large investments in such instruments by Indians, and these unregulated virtual currencies are also unlikely to be allowed as a legal tender.

    On Oct. 21, Binance.US suddenly printed a one-minute candle that took BTC/USD from $65,815 to $8,200 — a drop of 87%.
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    RIVERHEAD, N.Y. (AP) — An employee cost a New York county at least $6,000 in electricity bills by allegedly secretly installing dozens of machines at his workplace in a cryptocurrency scheme, authorities said Wednesday, announcing charges against him.

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    GURA: As the industry continues to grow and as the popularity and price of cryptocurrencies skyrocket, Davidson says he and his colleagues have to get moving, even if it involves a big fight. David Gura, NPR News, New York.

    The cryptocurrency market is a vast and sometimes confusing place with different coins to choose from.
    “It was almost like you just gave a 21-year-old a million dollars,” Harrison said. “I get it -- they were excited to be so popular.”

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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.

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5% is reflected on to all holders for passive income. 5% is added to the liquidity pool. A burn wallet receives a portion of the reflections to never be seen again.

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Jed McCaleb helped spread Bitcoin’s prominence in the industry’s early days as a result of starting Mt. Gox, a place that frequently hosted Bitcoin trading — despite its original function as a hub for fans of a game called Magic: The Gathering. However, it was rendered infamous when the platform fell apart in 2014.

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