That lack of widespread adoption, plus crypto’s volatility, limits its use as a currency, says Roger Aliaga-Díaz, principal and senior economist with Vanguard Investment Strategy Group.
In the past 24 hours, the cryptocurrency has surged 93%. It's currently trading at less than $0.000000000001, according to CoinMarketCap.
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The SQUID token skyrocketed to a high of $2,861.80 before plunging to zero around 5:40 a.m. Monday. The meme coin's market capitalization hit an estimated $2.2 million, according to CoinMarketCap.
China announced in September that all cryptocurrency transactions in the country are illegal, effectively putting the brakes on any crypto-related activities within Chinese borders. In the U.S., things are less clear. Federal Reserve Chair Jerome Powell said recently that he has “no intention” of banning cryptocurrency in the U.S while Security and Exchange Commission Chairman Gary Gensler has consistently commented on both his own agency’s and the Commodity Futures Trading Commission’s role in policing the industry.
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Musk’s influence cannot be underestimated as, even though the likes of PayPal, Mastercard and Facebook have backed cryptos, the Tesla announcement still rocked the market.
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Its value has now plummeted by 99.99%, said cryptocurrency data website CoinMarketCap.
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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.
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If the price rebounds off the current level, the bulls will again try to propel the DOGE/USDT pair above $0.30. If they can pull it off, the pair could challenge the overhead resistance at $0.34. A break and close above this level will signal that bulls have the upper hand.
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Additionally, cryptocurrencies are frequently used to facilitate gray and black market transactions, so many countries view them with distrust or outright animosity.
Bitcoin’s current rally has been fueled by the U.S. trading debut of a Bitcoin-linked ETF as well as Elon Musk’s weekend Twitter poll, said Ben Caselin, head of research and strategy at crypto exchange AAX. “With Shiba and other memecoins having surged recently, and Facebook’s rebranding to Meta, interest in altcoins continues to rise.”