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$6,000 Dip for Bitcoin; The Selloff Has Likely Begun

As of late, bitcoin isn’t doing so hot. The world’s number one cryptocurrency by market cap had recently hit a new all-time high exceeding $40,000 per unit, but now, the currency has fallen by roughly $6,000 and is trading at about $34,000. Bitcoin Is Being Sold Off What could possibly be behind such a recent

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As of late, bitcoin isn’t doing so hot. The world’s number one cryptocurrency by market cap had recently hit a new all-time high exceeding $40,000 per unit, but now, the currency has fallen by roughly $6,000 and is trading at about $34,000.

Bitcoin Is Being Sold Off

What could possibly be behind such a recent downgrade of what has been a largely powerful asset these past several months? Many analysts agree that this is the result of a recent sell-off, and that many bitcoin holders are trading in their units for cold hard cash.

We’ve witnesses instances like this in the past. Bitcoin or some other cryptocurrency does extremely well and as a result, many holders seek to cash in on those gains. This is both a strength and a weakness for the space in question. While those who trade in their assets likely make quite a bit of money, they still run the risk of missing out on further gains given that something could potentially strike an even higher chord.

In the case of bitcoin, many analysts – including Tom Lee of Fundstrat fame – are confident that one bitcoin could find itself trading for more than $100,000 by the end of the year, so to sell at this stage might be a bit premature according to many traders.

In addition, those that decide not to sell off their stashes and “hodl” just a little bit longer, are stuck dealing with the correction that the bitcoin space is likely experiencing. Every time a mass amount of people selloff their BTC stashes or large portions of those stashes, bitcoin suffers and drops in price, and when bitcoin’s price falls, those who still hold bitcoin witness dips in their holdings.

Some industry experts believe this is what occurred this time around. With one unit of bitcoin reaching $40,000 just a few weeks ago, many likely saw an opportunity to trade some of their assets in and rake in some temporary dough, but for the rest of us, we’re likely experiencing the downside of this attitude.

Now, they’re claiming that if bitcoin continues to slip lower, we may witness others beginning to sell their stashes in the hopes that they don’t experience further losses. Craig Erlam – senior market analyst at Oanda Europe – explained in a recent interview:

A break of this may be a cause for concern in the near term, with $33,000 then looking quite vulnerable.

More Dips Equal More Selloffs

However, he did tell his followers that they shouldn’t worry too much just yet. He later stated that $30,000 was the only level “that really mattered.” Granted bitcoin falls below this level, the crypto space may be in a bit of trouble.

It appears the bitcoin dip is taking its toll on other assets as well given that Ethereum has fallen by about eight percent at press time.

Tags: bitcoin, bitcoin price, bitcoin selloff Source: https://www.livebitcoinnews.com/6000-dip-for-bitcoin-the-likely-selloff-has-begun/

Blockchain

Dogecoin becomes the most popular cryptocurrency

TL;DR Breakdown Doge now more popular than altcoin About Doge crypto Meme cryptocurrency, Dogecoin, now ranks as the most popular digital asset even ahead of Bitcoin, the number one cryptocurrency by market capitalization. According to data from crypto tracker ICO Analytics, Dogecoin became the most popular cryptocurrency after it was mentioned last month on Twitter […]

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TL;DR Breakdown

  • Doge now more popular than altcoin
  • About Doge crypto

Meme cryptocurrency, Dogecoin, now ranks as the most popular digital asset even ahead of Bitcoin, the number one cryptocurrency by market capitalization. According to data from crypto tracker ICO Analytics, Dogecoin became the most popular cryptocurrency after it was mentioned last month on Twitter more than any other cryptocurrency.

ICO Analytics notes that Dogecoin commanded 10.4 percent of all crypto-related mentions on the social media platform in February, with Bitcoin recording 10.1 percent of all crypto-related mentions. Dogecoin was mentioned ten times more than Uniswap—an Ethereum-based decentralized exchange that has 17,000 active users.

About Dogecoin cryptocurrency

Dogecoin came into existence in 2013 as a joke featuring a Shiba Inu dog as a mascot. The coin is now valued at over $6.5 billion, with many celebrities, tech experts, and investors having a stake in the meme coin. One of the coin’s biggest fan is the world’s richest man, Elon Musk, the CEO of electric car makers Tesla. The CEO never stopped tweeting about the crypto, even stating that the coin would go to the moon in one such tweet.

While Musk continued talking about the altcoin on Twitter, the crypto continued to gain popularity on TikTok, another social media sparking a Dogecoin’ Challenge’, which trended for several days. The coins’ popularity has led the altcoin price to surge. The crypto went from less than $0.002 in January 2020 to an all-time high of $0.083 last month a 4050% increase.

However, the crypto has also faced a series of criticism, with one single address holding more than 27 percent of the coins’ total supply. It is believed that the coin price is usually artificially pumped. Elon Musk detests the coin for this reason. The monopoly of investors also has slowed down active development for the coin and is one reason investors are afraid of taking on the coin, according to Elon Musk.

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Source: https://www.cryptopolitan.com/dogecoin-now-most-popular-cryptocurrency/

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Dogecoin ($DOGE) Developers Announce Update For Internet’s Favorite Meme Cryptocurrency

Developers for dogecoin, the internet’s favorite meme crypto-asset, have announced a new update to the protocol that will speed up synchronization speeds and mempool caching.

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Developers for dogecoin, the internet’s favorite meme crypto-asset, have announced a new update to the protocol that will speed up synchronization speeds and mempool caching. Checkout PrimeXBT
Source: https://www.cryptoglobe.com/latest/2021/03/dogecoin-doge-developers-announce-update-for-internets-favorite-meme-cryptocurrency/

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UK Budget Avoids Tax Hikes for Bitcoin Gains

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U.K.’s finance minister Rishi Sunak has announced a generous budget to steer the economy through the COVID-19 crisis. The capital gains tax rates were unchanged, easing fears of a tax hike among crypto investors.

UK Budget Delays Tax Hike

Rishi Sunak said that he would do “whatever it takes” to support the economy in the crisis and begin fixing public finance in terms of debt.

The budget deficit, the difference between the government’s earnings and borrowings, for the last year soared above $377 billion (£270 billion). These figures are the highest since world war II. The government’s debt from the central bank has seen an unprecedented increase in money printing. 

After inflation woes, Bitcoin and crypto investors’ concerns revolved around a potential hike in the capital gain tax (CGT) rate. However, the British finance minister has kept the CGT rates—10% for taxable income below $69,874.00 (£50,000) and 20% for higher amounts—and other income tax and VAT rates as it is.  

The corporate tax will be increased from 19% to 25% in 2023.

Sunak announced a freeze in the income tax threshold to current levels for 2021, keeping the personal allowance to $17468.50 (£12,500) this year, and announced an increase of $27,95 (£20) to $17,570 (£12,570) for the next five years.

British citizens looking forward to extending the $24.1 per week Universal Credit for another six months were not disappointed. The government will continue to fund the furlough scheme to support employees and public grants till September.

The finance minister predicts in the UK budget announcement that the nation’s economy would return to pre-crisis levels by mid-2022.

Disclosure: The author held Bitcoin at the time of press. 

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Source: https://cryptobriefing.com/uk-budget-avoids-tax-hikes-bitcoin-gains/

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Kings of Leon are releasing an album as an NFT

Kings of Leon returns after a four-year break with an exclusive album NFT sale.

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