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Musk’s cryptocurrency tweets in the past two months have been particularly impactful for bitcoin. Musk’s latest bitcoin tweet on Sunday night shot the price of the cryptocurrency up by nearly 10 percent.< https://robertlangfordhall.com/ /p>
“You know what, dogecoin is the people’s crypto, I’ll support it,” Musk claims he said, recounting a similar experience at his rocket company SpaceX. “Lots of rich people are supporting bitcoin but if people want me to support dogecoin, I will. Dogecoin DOGE is for you.”
Most recently, Musk tweeted that Tesla would again accept bitcoin once miners moved to “reasonable” clean energy usage. This tweet brought the cryptocurrency’s price up 8 percent and his tweets about bitcoin full circle.
Bitcoin’s price saw a 3% uptick, climbing to just shy of $30,000 in response to a plunge in global long-dated government bond yields. This fall in yields was triggered by China’s far weaker than anticipated trade numbers for July. The U.S. 10-year Treasury yield tumbled below the 4% mark. These macroeconomic shifts have seemingly buoyed the crypto market, with other notable cryptocurrencies like Solana (SOL), Toncoin (TON), and Chainlink (LINK) registering gains of over 4% at the time of writing.
Bitcoin’s price saw a 3% uptick, climbing to just shy of $30,000 in response to a plunge in global long-dated government bond yields. This fall in yields was triggered by China’s far weaker than anticipated trade numbers for July. The U.S. 10-year Treasury yield tumbled below the 4% mark. These macroeconomic shifts have seemingly buoyed the crypto market, with other notable cryptocurrencies like Solana (SOL), Toncoin (TON), and Chainlink (LINK) registering gains of over 4% at the time of writing.
With PayPal’s recent stablecoin announcement, scammers are attempting to capitalize on the hype by releasing counterfeit PYUSD tokens on various blockchains. This serves as a cautionary tale for investors to exercise due diligence and verify the authenticity of tokens before making any transactions.
The price of the flagship cryptocurrency was last higher by 4.5% at $79,800.19, according to Coin Metrics. Ether rose 3%, after passing the $3,000 level on Saturday. It last changed hands at $3,203.10.
Ether and other cryptocurrencies, however, stand to gain much more from the crypto-friendly regulatory environment that Trump has promised and appears to be a priority for many in his inner circle. For example, one reason the spot bitcoin ETFs didn’t see as much success as bitcoin ETFs is because they don’t distribute staking rewards. Many in the industry are hopeful that will change next year.
In the ever-evolving world of cryptocurrencies, today brought a mix of intriguing developments that are sure to capture the attention of both crypto enthusiasts and traditional finance professionals. From Bitcoin’s resurgence on the back of weak Chinese economic data to the buzz around PayPal’s stablecoin, here’s a comprehensive roundup of the day’s most significant crypto news.
Various studies have found that crypto-trading is rife with wash trading. Wash trading is a process, illegal in some jurisdictions, involving buyers and sellers being the same person or group, and may be used to manipulate the price of a cryptocurrency or inflate volume artificially. Exchanges with higher volumes can demand higher premiums from token issuers. A study from 2019 concluded that up to 80% of trades on unregulated cryptocurrency exchanges could be wash trades. A 2019 report by Bitwise Asset Management claimed that 95% of all bitcoin trading volume reported on major website CoinMarketCap had been artificially generated, and of 81 exchanges studied, only 10 provided legitimate volume figures.
In 2022, cryptocurrencies attracted attention when Western nations imposed severe economic sanctions on Russia in the aftermath of its invasion of Ukraine in February. However, American sources warned in March that some crypto-transactions could potentially be used to evade economic sanctions against Russia and Belarus.
The cryptocurrencies of blockchains perceived to have a wide range of utilities are usually more valuable than those that don’t offer much. It all boils down, though, to the demand for the coin relative to its supply and whether the buyer is willing to pay more than the amount the seller initially acquired the coin for.
The value of a cryptocurrency usually depends on the utility of its underlying blockchain – though there have been many instances where social media hype and other superficial factors have played a role in pumping up prices.
Cryptocurrency is a relatively new type of money that operates in a completely different way than the traditional currency we all use every day. The most basic difference is that it’s exclusively a virtual currency, meaning there are no physical cryptocurrency coins or notes you can keep in your back pocket.
Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated mathematical problems that generate coins. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets.
Ripple is a distributed ledger system that was founded in 2012. Ripple can be used to track different kinds of transactions, not just cryptocurrency. The company behind it has worked with various banks and financial institutions.
Cryptocurrency is all the rage right now, but remember, it is still in its relative infancy and is considered highly speculative. Investing in something new comes with challenges, so be prepared. If you plan to participate, do your research, and invest conservatively to start.
Cryptocurrencies are digital assets that are secured by cryptography. As a relatively new technology, they are highly speculative, and it is important to understand the risks involved before investing.
