Squid, which marketed itself as a "play-to-earn cryptocurrency", had seen its price soar in recent days - surging by thousands of per cent.
Billed as the mother of all cryptocurrencies, Bitcoin which is a decentralised digital currency was created by someone called Satoshi Nakamoto (possibly a pseudonym) in 2009. As with most cryptocurrencies, Bitcoin is without a central bank or single administrator that can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a Blockchain, according to IANS report.
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The token was trading at $1,157.00 Monday morning - 5.3% lower compared to actual Tesla stock, which closed at $1,222.09 on Friday.
How does cryptocurrency gain value? Like any market, the value of cryptocurrencies fluctuates based on the market’s perception of its value at any given time. These fluctuations may be rooted in some of the supply and demand factors mentioned above or can happen as a result of hidden market factors. Buy low, sell high – using the classic investment strategy, users can increase the value of crypto by buying and holding coins. The buying increases demand and hence crypto value increases.Mining – the act of mining Bitcoins or altcoins can be profitable. It also impacts the supply of cryptocurrencies.Increasing utility – as more institutions invest in crypto and accept it as a form of payment, its utility increases. As a user, you can contribute to this process. This will increase the value of cryptocurrencies over the long term. Media coverage – crypto prices fluctuate according to media coverage. Users can impact this through their social media accounts. Conclusion
New Delhi: Prices of the world’s most popular cryptocurrency Bitcoin and Ether have surged to new highs in Asia trade, according to a Reuters report. The more and more acceptance of cryptocurrency and apprehensions about inflation have bolstered the Bitcoin and Ethereum prices in the trading market, the Reuters report said.Also Read - Bitcoin vs Britcoin: Bank of England Reveals Launch Timeline of UK's Own Cryptocurrency
This breakout happened in the recent weekend and consequently the uptrend resumed and Bitcoin is now on way to challenge its previous life high yet again.
This level is likely to act as a stiff resistance but if bulls do not give up much ground, the ETH/USDT pair may overcome the barrier and rally to the next target objective at $5,283.17.
MoneyNews MoneyMOON MONEY SafeMoon price prediction 2021: Can the cryptocurrency reach $1?
The worldwide crypto market capitalization is currently $2.90 trillion, decreasing 1.25% over the last day. (Shutterstock)
Decentralised Finance segment has seen growth with the rise in interests in Crypto assets. However it's sudden surge in Indian market has been noteworthy. Ashish Anand of Bru.Finance helps decode the growth as he speaks with Sidhartha Shukla of ET Online in ET Markets Cryptologue. Listen in!
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.
Crypto is driven by the fast money. Recently, the biggest bank in Australia has announced that it would offer crypto trading to its customers. Singaporean authorities have also talked positive about the cryptocurrency. Also Read - Shiba Inu Coin Price Surges To All-Time High, Cryptocurrency Bitcoin Drops. Here's Why
However, critics have noted that Ripple’s network and code are more susceptible to manipulation by sophisticated hackers and may not offer the same anonymity protections as Bitcoin-derived cryptocurrencies.
Campbell, J. Y. and R. J. Shiller (1988), “Stock prices, earnings, and expected dividends”, The Journal of Finance 43 (3), 661–676
Bitcoin’s Market Capitalization Went Over $1 Trillion This Year. Here’s What Crypto Market Cap Means for Investors
Elon Musk’s announcement that Tesla would no longer be accepting Bitcoin as payment on environmental concerns was followed by China issuing a crypto crackdown.
Now, to be fair to the bitcoin bros (not great) and XRP army (worse), even the World Health Organisation had around that time started pushing the idea that Covid could be being spread by banknotes (while simultaneously recommending that people should not wear masks), now thought to be “very unlikely”. Even if banknotes were a key transmission vector, however, we are not sure that “dirty fiat” itself could be held responsible, given that the vast majority of it only exists in digital form. Why would you use bitcoin, or XRP, or any other crypto token when you can transact digitally using fiat currencies?