World's largest cryptocurrency Bitcoin was trading over 7% higher today. The price of Bitcoin rose 7.34% to $66,119 on Coinmarketcap. Market cap of the cryptocurrency reached $1,252.44 billion.
Bitcoin and Ethereum are in retreat following a flash crash. Binance U.S. was hit with a bug Thursday, resulting in a flash crash that saw Bitcoin’s price plummet by around 90%. Ethereum also dipped 50% on the exchange.
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Numerous promises were made by the Safemoon team, which haven’t been delivered on. Although the price decreases could be a variety of things, it’s likely a slow burn of investors selling their holdings and depressing the price.
Musk’s decision signifies a sharp u-turn for Tesla who only started accepting Bitcoin as payment for its services in February 2021.
This is mainly because of the extreme volatility that takes place in the industry. If you’re not careful – you could lose a lot of money quickly.
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Li, Q. L., J.-Y. Ma, and Y. X. Chang (2018), “Blockchain queue theory”, in International Conference on Computational Social Networks, 25–40. Springer.
The team announced a few days back that Safemoon whales had joined the coin. Since then, there has been an influx of new crypto members joining Bitrise coin. All these factors have significantly driven the market cap up by +$200 at the time of writing. But what are the underlying factors driving the huge number of investors joining Bitrise crypto coins every day?
Bitcoin is increasingly viewed as a legitimate means of exchange. Many well-known companies accept Bitcoin payments, although most partner with an exchange to convert Bitcoin into U.S. dollars before receiving their funds.
A news story claiming Walmart would accept cryptocurrency Litecoin was fabricated, the retail giant says.
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Brooks said he was “very confident” that his tenure would last long at Bitfury and expects the Financial Times to “better gel” with Vavilov than his former employer. Said.
Recent proposed legislation could make it easier for the IRS to find cases of tax evasion when it comes to crypto, though investors should already keep records of any capital gains or losses on their crypto assets. But the new rules may also make it easier for investors to properly report crypto transactions.
The blockchain technology backing cryptocurrency is inherently secure, thanks to the decentralized — and public — nature of distributed ledger technology and the encryption process every transaction undergoes.
By hitting the $200m from a previous $150m market cap, Bitrise has again proven the pessimists wrong. The market cap shows that the coin is quickly gaining the confidence of the investors. There are many developments that have taken place in the last few days that have significantly driven such fast growth.
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SafeMoon burst on to the cryptocurrency market place earlier this year – and now the digital coin is seeing further gains.