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World #Dogecoin Trending Amid Crypto Crash As Fans Share 'Hodl' Memes

13:06  22 june  2021
13:06  22 june  2021 Source:   newsweek.com

Bitcoin Rises on Elon Musk's Tweets; Housing's Rural Surge Pre-Dates COVID-19

  Bitcoin Rises on Elon Musk's Tweets; Housing's Rural Surge Pre-Dates COVID-19 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.

a dog sitting on a couch: A stock photo shows a Shiba Inu dog—the breed used as a mascot for Dogecoin—lying down. The price of Dogecoin is down sharply recently. © JMDiger/Getty A stock photo shows a Shiba Inu dog—the breed used as a mascot for Dogecoin—lying down. The price of Dogecoin is down sharply recently.

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.

Dogecoin 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 was launched on the Coinbase Pro trading 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.

Man Invests $20 in Obscure Cryptocurrency, Becomes Trillionaire Overnight

  Man Invests $20 in Obscure Cryptocurrency, Becomes Trillionaire Overnight 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 launched in 2013 as a joke.

Fans of the cryptocurrency took to Twitter to 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 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.

Bitcoin was down nearly 20 percent on the week. Ethereum was down over 3 percent on the day and more than 25 percent on the week.

SafeMoon, a popular alternative coin, was down by more than 10 percent on Tuesday despite fans pushing for a sustained price pump 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 for Bitcoin and other virtual currencies.

Crypto Markt Under pressure: Regulatory Angest in China

 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 after China banned financial institutions and 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."

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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.

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