Ricardo Salinas Pliego, a magnate with large operations in retail, banking and television who has been seen as President Andrés Manuel López Obrador’s closest business ally, wrote in his social media accounts Sunday that Bitcoin is a good investment.
After all, gold is often touted as the ultimate inflation hedge, yet it’s still subject to wild volatility — more so than many developed countries’ fiat currencies.
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It comes after the cryptocurrency dipped by approximately after surging to $67,700 in late October as traders appeared to pull back in anticipation of another price pump.
Such volatility in crypto markets is nothing new. With no formal structure and countless competing exchanges, trading in the digital currency is still akin to settling out in the old American West. Earlier this month, decentralized finance platform Synthetify was forced to halt all trading due to a bug in the platform that provides pricing data. The same software responsible for Synthetify’s troubles was also blamed for a September Bitcoin crash.
The next phase in the crypto mining process is to compile a list of all transactions, which is subsequently included in a new unconfirmed data block. It avoids “double spending” of any cryptocurrency and keeps a permanent and public record by adding their transaction to the blockchain, once the verification procedure is complete. The record is immutable, which means it can never be changed or corrupted.
Cryptocurrency’s technical foundations date back to the early 1980s when an American cryptographer named David Chaum invented a “blinding” algorithm that remains central to modern web-based encryption.
Bitcoin’s bullish price rise to near $70,000 in value comes as investors hope to see the $1 trillion market cap remain firmly in place ahead of a volatile trading period.
Headed by Canadian Changpeng Zhao, Binance offers a wide range of services globally, from crypto spot and derivatives trading to tokenised versions of stocks, as well as its own cryptocurrency, Binance Coin.
Meanwhile, even the most enthusiastic bitcoin evangelists are realizing that a retooling is in order. Michael J. Casey, a senior adviser for blockchain research at MIT’s Digital Currency Initiative, recently wrote about how the crypto-winter has arrived, but it may lead to better things down the line:
Cryptocurrency values are up, but so is the price of everything else in the United States! Investor curiosity in BTC grows as data shows U.S. inflation rose to a 30-year high.
Zimbabwe is looking at adopting cryptocurrency as legal payment, top government official says
Learn what crypto day trading is and how to participate in three steps: Select a platform, evaluate your investment options, and pick a trading strategy.
Take Bitcoin for example, if you want to get Bitcoin on Binance.US, here’s how you would do it to make sure you only pay that 0.1% fee, and not the 0.5% fee:
Cryptocurrency is a type of currency that’s digital and decentralized. Cryptocurrencies can be used to buy and sell things, and their potential to store and grow value has also caught the eye of many investors.
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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“That’s why my administration is marshaling a whole-of-nation effort to confront cyber threats.”