CRYPTOCURRENCIES Bitcoin, Ethereum, Dogecoin, and Shiba Inu are all facing devastating drops in value, in the wake of a market crash.
The price of Bitcoin, the biggest cryptocurrency on the market, is now trading at $50,134.95 after hitting a record high of more than $69,000 in November.
Of 100 cryptocurrencies listed on Coinmarketcap, 97 have seen price falls over the past 24 hours.
However, Polygon’s MATIC token jumped 40 percent, and Metaverse is doing well.
Fears that crypto has reach is peaked continues to mount as monetary support scales back in the US and news of India’s plans to stop private cryptocurrencies.
The crypto market has also been battered by India taking action to ban all private cryptocurrencies – aside from a few exceptions – and launch a central bank-backed official digital currency.
Cryptocurrencies are highly volatile, meaning their values often make large swings with no notice, as the latest plunge shows.
On Friday, the crypto market capitalisation was $3.7trillion, but over $1.5trillion has been wiped leaving capitalisation at a current value of $2.2trillion.
Read our cryptocurrency live blog for the very latest news and updates…
A crypto-trading hamster outperformed market
A hamster in Germany previously traded in cryptocurrencies and consistently outperformed the S&P 500.
The furry animal, called Mr Goxx, was busy working since June, thanks to a specially adapted cage.
He determined which currencies to buy or sell by running on his wheel or walking through one of two tunnels.
Mr Goxx started trading on June 12 this year.
The site states that the page is just for fun and does not offer financial advice.
The amount to be traded is determined when Goxx runs through one of two “decision tunnels”.
Depending on which tunnel he runs through, the amount he will buy or sell the cryptocurrency changes in 20 euro increments.
All of the data is rigged to a computer that makes the transactions in real-time on Goxx’s behalf.
Crypto.com coin price prediction
The Crypto.com Coin cryptocurrency hit a record high on November 15, reaching $0.52 at its peak, according to CoinMarketCap.
In comparison, it was sitting at just $0.05966 on January 1 this year.
The Crypto.com token has increased in value thanks to a number of factors.
For example, it has secured several high-profile sponsorship deals in 2021 including the UFC, Formula One Racing, and Matt Damon’s Water.org.
From December, the Staples Center – home to the Lakers and Clippers – will also be called Crypto.com Arena.
Whether the Crypto.Com Coin continues to soar in value remains to be seen, but plenty of crypto fans have still made predictions.
For example, Wallet Investor expects the token to hit a value of $0.538 in one year and $0.8023 in five years.
Meanwhile, Digital Coin Price has set a 2021 forecast of $0.7036, a 2023 value of $0.9636 and it expects a 2028 price of $2.09.
Who founded crypto.com?
Kris Marszlek has been the Chief Executive of Crypto.com since June 2016 and is based in Hong Kong.
Bobby Bao is a co-founder and managing director of Crypto.com, which was formerly known as Monaco.
Gary Or is another co-founder and is the head of technology at Foris – a universal money app, according to topionetwork.com.
The other co-founder is Rafael Melo, who, according to Topio Network, has 15 years’ experience in finance.
Crypto.com coin, continued
Crypto.com itself is one of the fastest-growing cryptocurrency businesses in the world.
Keegan Francis, crypto editor and expert of Finder, told The Sun the coin has many uses, but most notably is that it can be used to stake crypto on the mobile app in order to get the Crypto.com Visa debit card.
He added: “Staking higher amounts of CRO across the platforms rewards users with more features and rewards.
“Investors need to keep in mind that the token itself is tied directly to the success of the Crypto.com ecosystem.
“That being said, Crypto.com has taken the initiative to decentralize CRO by building it into their own decentralized blockchain called Crypto.org.
“This is a good step for them to take in order to ensure the longevity of their token.
“It creates less dependence on the company itself, and begins to build out an independent community of developers, and market participants.”
What is crypto.com coin?
The Crypto.com Coin is the native token of the Crypto.com and Crypto.Org ecosystems.
Also known as CRO, it launched at the end of 2018.
The Crypto.com chain was created to build a network of crypto projects and to develop merchants’ ability to accept crypto as a form of payment, according to its website.
Businesses can use Crypto.com pay checkout and/or invoice to allow customers to pay for goods and services with crypto using the wallet app.
The firms then receive their payments in CRO, stable coins or in fiat currency, which is government-issued money like dollars or pounds.
Apple plans for crypto
Cook continued by saying that although Apple was looking at cryptocurrency technology, it’s “not something we have immediate plans to do.”
An Apple Pay executive said in 2019 that the company sees “long-term potential” in cryptocurrency.
But it seems like crypto fans shouldn’t get excited, because even if Apple does introduce cryptocurrency products or services in the future, it doesn’t seem like it will happen anytime soon.
Apple CEO Tim Cook owns crypto
Apple CEO Tim Cook recently revealed he owns cryptocurrency.
At the New York Times DealBook conference, Cook was asked if he owns Bitcoin or Ethereum and said, “I do. I think it’s reasonable to own it as part of a diversified portfolio,” according to CNBC.
“I’m not giving anyone investment advice by the way,” he noted.
What are Altcoins?, continued
Simon Peters, crypto-asset analyst at eToro, said: “They build on the success of bitcoin by slightly changing the rules, economics or use cases to appeal to different users.”
“Altcoins vary greatly in their use cases and practical application. They typically have a form of technology they underpin or provide a liquidity solution to a product or service.”
What are Altcoins?
Altcoin stands for alternative coin, a type of virtual currency that uses the so-called blockchain to allow secure transactions.
Altcoin is a category of cryptocurrency rather than a currency itself, and there are more than 900 different altcoins available.
Gyen cryptocurrency price predictions, continued
Wallet Investor expects the price of GYEN to add another zero and fall to $0.00845 in a year’s time.
Meanwhile, Digitalcoin expects GYEN to gain to around $0.022 in 2021.
Furthermore, Goldman Sachs expert Andrew Lokenauth is even more bullish on GYEN.
“From my prior experience, I feel it will be included on other exchanges due to demand,” he told The Sun.
“Also, due to current hype and mentions of GYEN on Reddit and Twitter, this can easily reach 10 cents.”
Gyen price predictions
The price of GYEN has jumped thanks to becoming available to Coinbase pro members.
Where the price will wind up in the future is tough to predict – and it is yet to be included on other major exchanges like Robinhood.
Marie Tatibouet, chief marketing officer of crypto exchange Gate.io, told The Sun that stablecoins aren’t exactly supposed to surge in trading like this.
“It looks like the demand is so high that the peg has failed to hold,” she said.
“A good stablecoin shouldn’t surge or fail under scrutiny.”
Microstrategy spends $414 million on Bitcoin
The business intelligence company led by Michael Saylor revealed in a November 29 Securities and Exchange Commission filing that it bought 7,002 bitcoins between October 1 and November 29.
MicroStrategy reportedly spent $414million on the coins.
The company now has a reported stockpile of 121,044 bitcoin tokens.
Omicron token rises after new variant named
The little-known Omicron token skyrocketed over the weekend, after a new Covid-19 variant was given the same name, before it tumbled as much as 75 percent.
On Friday, the World Health Organization named the new Omicron variant.
Other cryptocurrencies dropped after the announcement, and Bitcoin suffered its worth day in two months on Friday. However, it has since recovered from most of its losses.
What are red flags of scams?
Gizmodo shared that other red flags of the SQUID coin being illegitimate was that the website that the creators launched was filled with spelling and grammatical errors.
The crypto’s telegram channel also did not allow comments from outsiders, and its Twitter account did not allow users to reply to posts, which Gizmodo flagged as suspicious.
Who is behind Algorand?
The Algorand Foundation based in Singapore is behind the project.
Algorand claims that it speeds up transactions and improves efficiency when compared to bitcoin and other blockchains.
BitMart resumes deposits and withdrawals after breach
After BitMart identified a security breach on December 4, the platform announced that it would resume deposits and withdrawals for ETH and similar tokens.
ERC20 deposits have resumed as of December 7 at 10.00pm ET.
ERC20 withdrawals have resumed as of December 7 and 11.00pm ET.
The company said in a statement that based on its initial investigation, “it appears that approximately $200 million in digital assets were removed by a malicious actor who had gained access to critical private keys.”
What is Algorand?
Algorand is a cryptocurrency of the Algorand blockchain, a public decentralized network on which smart contracts can be built.
It was created in 2019 by Silvio Micali, a professor a the prestigious Massachusetts Institute of Technology (MIT).
The computer scientist has also won the Turing Award for his work in the area of cryptography.
An NFT is a non-fungible token.
Non-fungible tokens, in contrast to bitcoin, are each unique and cannot be replaced by something else.
The majority of NFTs exist within the Ethereum blockchain. Ethereum is a cryptocurrency that has the ability to support NFTs.
NFTs can be anything digital, and are commonly being used as a way to buy and sell digital art.
An NFT marketplace is used to list NFTs and ensure they are accessible for trading.
Marketplaces allow users to promote their NFTs, where buyers can browse through and bid on what they would like to purchase.
Gamestop’s NFT marketplace rumors
Within the past month, rumors have been gaining traction on the internet that GameStop is partnering up with Loopring to launch an NFT marketplace.
The price of Loopring has risen over 400 per cent since the initial rumors began to spread.
Typically valued for less than one dollar, Loopring prices are now over $3 a share.
While no official announcement by either of the companies in question has been made in regards to a partnership, social media is full of users waiting for the statement.
Can Shiba Ibu hit $1?
Shiba Inu has soared in value recently, hitting several new all-time highs.
On November 12, 2021, cryptocurrency exchange CoinDCX listed Shiba Inu on its mobile trading app.
Up until then, it was only available on the platform in trade-only mode on CoinDCX Pro.
Shiba Inu being traded on CoinDCX follows the company announcing it is the first cryptocurrency firm in India to reach a valuation of over $1billion, giving it unicorn status.
On October 28, Shiba hit an all-time high of $0.00008845.
Will Shiba Inu’s price rise?
For Shiba in particular, there has been a fair share of volatility this year despite the surge in the past month.
For example, up until October 28, the token hit its last record high of $0.00003641 on May 11.
It’s difficult to predict how Shiba Inu’s price will change in the future, due to a wide number of factors affecting it.
This includes regulatory crackdowns around the world, comments by high-profile individuals such as Musk, and other developments.
Shiba Inu Coin, continued
Whether you’ve already invested or not, keep in mind that making money through cryptocurrencies or other investments is never guaranteed, even with a popular one like Shiba Inu.
Cryptocurrencies are especially volatile, so their values can crash with little to no notice.
What is Shiba Inu Coin?
Shiba Inu is a cryptocurrency token that allows users to hold trillions of them.
The tokens feature the same Shiba Inu dog as Dogecoin, which has risen massively in popularity recently.
What are Shiboshi NFTs?
Shiboshi NFTs are non-fungible tokens representing various “lovable creatures.”
The NFT holders will also be able to name the Shiboshis for an additional $100.
The Shiboshis will come with generic names like 00001.
The post states: “It’s important to name your Shiboshi because names are unique and can only exist once in the Shib Oshiverse.
“With the expansions, we are planning, this could potentially make your Shiboshi more valuable.”