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The cryptocurrency market woke up to a shock in early trading on Thursday morning. On the Binance US cryptocurrency exchange, the value of Bitcoin (BTC) plummeted nearly 87 percent in value, settling around $8,200. The issue that caused the value spike was reportedly corrected swiftly and the Bitcoin value returned to its normal levels within a couple of minutes.
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The bears tried to pull Bitcoin below the breakout level at $67,000 on Nov. 9 but they could not sustain the lower levels. The modest pullback indicates that bulls are buying on every minor dip.
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And while proponents tout cryptocurrencies as potentially lucrative alternative investments, few serious financial professionals view most coins — with the important exception of Bitcoin and a few others — as suitable for anything other than pure speculation.
Bitcoin made a new life high at $66,998 on 20th Oct and since then it entered into a retracement phase and subsequently prices dipped below $59,000 in the following days.
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The wallet has been a subject of excitement, particularly among the SafeMoon community, for some time. Earlier this month, John Karony posted a video showcasing the product’s “safety, quality and accessibility.”
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In early November, FTM formed an inverse head and shoulder pattern, eventually breaking the neckline with a steep rise close to $3.2. However, it is now recovering from the steep drop it experienced overnight along with the market. On its way down, it broke through several local support levels.
DeFi stands for decentralised finance token. They are very complex but essentially aim to disrupt the finance world to enable people to follow and lend in peer-to-peer networks, without needing a bank.
"After hitting fresh milestones and hitting new ATH’s backed on the US CPI Inflation figures for October, traders began to book profits," it added. "Such corrections do not seem to be a major cause of concern just yet."
Binance.US currently supports desktop and mobile-based web access upon initial launch, with the promise to provide app version down the road. No matter what type of client is served, the platform guarantees access to the Binance’s matching engine which supports up to 1,400,000 orders per second.
ProShares Bitcoin Strategy ETF, which began trading late last month, was up 10.95% on Monday.
Business News›Markets›Cryptocurrency›Top cryptocurrency prices today: Solana, Binance Coin fall; XRP jumps 9%