However, cryptocurrency is unique as it is typically decentralised so there is no control from government interference. Cryptocurrency uses something called a blockchain.
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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Bitcoin wasn’t the only cryptocurrency to feel the initial effects, with most of the top 10 all experiencing dips in value.
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 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.
And new cryptocurrency applications take root with impressive frequency — Cryptomaniaks has a great look at the fast-growing world of cryptocurrency sports betting sites as just one example.
Cryptocurrency is formed through a process known as mining, which entails employing computer processing power to solve complex mathematical problems to earn coins. Users can also purchase the currencies from brokers, which they can then store and spend using encrypted wallets.
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BTC Price Action: According to CoinMarketCap data, Bitcoin is trading at $63,559.44 as of Thursday afternoon after seeing its price fall by about 4.74% over the last 24 hours.
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A petition to 'Get Safemoon Listed On Coinbase' has currently gained 4,646 signatures.
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“Every single day, the concept that it could be worth something, it could be a store of value is being continually approved by more large, powerful entities,” Johnson says, pointing to established financial institutions holding digital currencies and large corporations adding them to their corporate balance sheets. “The idea that it’s actually worth something is continuing to grow as adoption and acceptance continues to grow as well.”
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Community-driven DeFi token SafeMoon has made it to the top 100 cryptocurrencies by market capitalization. SafeMoon prepares for a comeback with the upcoming V2 upgrade.