World #Dogecoin Trending Amid Crypto Crash As Fans Share 'Hodl' Memes
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A survey conducted by Voyager Digital, a Jersey City, New Jersey-based provider of crypto brokerage services, found that 81% were more confident of the future of cryptocurrencies and 87% planned to increase their holdings. The survey was based on 3,671 respondents who completed 50 to 100 trades in a 30-day period on the Voyager platform. The survey was taken at the end of May when the market took a hit.Thirty-nine percent of respondents expected Bitcoin's price to rise to a range between $56,000 and $70,000, and 28% looked for a price between $41,000 and $55,000 by September 30, the end of the third quarter.
Dogecoin has plummeted to its lowest price in several weeks as the wider cryptocurrency market sinks.
The token was down more than 20 percent on Tuesday morning, worth just over $0.20. The token fell as low as $0.1665 in 24 hours, its lowest price in at least 30 days, CoinMarketCap data showed.
was also down by over 35 percent over the past week. Its market cap, the value of all tokens in circulation, was around $26.5 billion.
The price fall came after the cryptocurrency wastrading platform earlier this month, which was followed by a jump in value at the time. The token was already traded on the Robinhood trading platform.
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Sadly for Chris Williamson, he is unable to withdraw his $1.4-trillion fortune. He believes his newfound wealth was due to a glitch in the Coinbase system.The Georgia nursing school student had dabbled in cybercurrencies for around eight months and invested in the currency on Monday. On Tuesday, its value had soared to more than $1.4 trillion.
Dogecoin is widely regarded as a meme cryptocurrency that uses the Shiba Inu dog breed as its mascot. It was
Fans of the cryptocurrency took toto post memes about the price drop, with some vowing not to sell their tokens despite their loss in value. In the cryptocurrency community, not selling is known as "hodling."
#dogecoin got me beat right now, but, I'm still gonna HODL #cryptocrash pic.twitter.com/LebZxsquk7— Zak ???? (@NovakiV2) June 22, 2021
making memes on #cryptocrash while losing all my savings#dogecoin pic.twitter.com/wYJjSDTFEj— fullvikas (@not_vikash) June 22, 2021
IF I CAN HODL YOU CAN HODL!!! ???????????? #DiamondHands this is the way #dogecoin ???????? we will rise again.. pic.twitter.com/39LYzqv702
Bitcoin dives as China widens crackdown on crypto mining
Bitcoin tumbled more than 10 per cent Monday after China broadened a crackdown on its massive cryptocurrency mining industry with a ban on mines in a key southwestern province. Last month, the value of bitcoin dived after three Chinese financial industry bodies reasserted a ban on financial institutions from offering cryptocurrency services, warning against risky speculation by traders. China is in the midst of a wide-ranging regulatory crackdown on its fintech sector, whose biggest players -- including Alibaba and Tencent -- have been hit with big fines after being found guilty of monopolistic practices.— SlumDOGE Millionaire (@ProTheDoge) June 22, 2021
Dogecoin is among the victims of a recent crypto market bloodbath. Almost all of the top few dozen coins listed on CoinMarketCap were in the red on Tuesday, either over a 24 hour period or over the week. For most, it was both.
nearly 20 percent on the week. Ethereum was down over 3 percent on the day and more than 25 percent on the week.
, a popular alternative coin, was down by more than 10 percent on Tuesday despite fans on Monday.
Overall the cryptocurrency market was down by around 5 percent over the last day on Tuesday, bringing the global market cap to around $1.3 trillion.
It is unclear why the cryptocurrency market is down, though it could be linked to the ongoing to the ongoing crypto crackdown in China.
On Monday, the People's Bank of China announced it had convened a meeting with a number of financial institutions including the Alipay payment platform to warn them against providing services forand other virtual currencies.
Crypto Markt Under pressure: Regulatory Angest in China
crypto currencies such as Bitcoin stood at the beginning of the week under persistent pressure. After losses on the weekend, it continued on Monday. © Camilo Freedman / Sopa Images Via Zuma Wire / DPA A shop in San Salvador accepting Bitcoin. observers called the increasingly hard course of China compared to the novel systems as a reason. In addition, reference was made to the generally struck mood to the financial markets.
It comes afterand payment companies from providing crypto trading services last month.
A Monday statement on the bank's website, translated from Chinese, said cryptocurrency trading activities "disrupt the normal economic and financial order" and "breed the risks of illegal cross-border transfer of assets, money laundering and other illegal and criminal activities."
The bank said that participating institutions stated they would "not carry out or participate in virtual currency-related business activities" and increase what it called "disposal efforts." The bank also said institutions would "cut off virtual cryptocurrency trading hype activities."
Bitcoin, Ether, Ripple and Co.: How well do you know about crypto currencies and blockchains? .
decentralized and independent of state monetary policy: The bitcoin and other virtual currencies have established itself as a means of payment and investment. How much do you know about the emergence of well-known blockchains and current trends of the scene? © Shutterstock Bitcoin, Ripple, Ether and Co.: How well do you know with crypto currencies? Test your knowledge! Currently, the number of different crypt feeds is estimated to over 5,000.