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Bitcoin falls below US$46,000, a record low for the cryptocurrency
The Struggle Against Bitcoin Is Not Over
Bitcoin fell below the US$46,000 mark overnight as the currency battles to maintain its value.
The world's largest cryptocurrency by market capitalisation fell to approximately US$45,600 before rebounding to approximately US$47,000 at 11 a.m. this morning — a tiny dip from its value 24 hours earlier.
The drop below US$46,000 caps a difficult six weeks for Bitcoin, which has seen its value plummet precipitously despite reaching an all-time high on November 11.
Bitcoin's continued decline in value continues to confound some analysts, who had projected the coin would reach US$100,000 by the end of the year.
Even if Bitcoin does rally over the next week or so, it will need to grow enormously in order to achieve a year-end closing price in line with past positive expectations.
Despite Traders' Bets for a Rally, Ethereum Drops
Meanwhile, Ethereum, the second largest cryptocurrency by market cap, fell below US$3,800 before recovering to US$3,938 at 11 a.m.
Numerous traders appear to be betting on an Ethereum rise before the year is through, with Deribit, a cryptocurrency derivatives exchange, reporting on Twitter that one huge fund has spent US$4 million on bullish ETH call options expiring in December with strike prices as high as US$4,400.
Deribit, a cryptocurrency derivatives exchange, accounts for the lion's share of volume and open interest in the Bitcoin and Ethereum option markets.
Ethereum achieving such a surge in the following week or so is another matter entirely.
News About Altcoin
In the last seven days, a gaming altcoin has risen by over 95%.
DeFi Kingdoms (DFK), a gaming altcoin built on the Harmony blockchain, is a new entrant into the GameFi niche — a sub-niche that blends decentralised finance (DeFi) and the metaverse.
The DFK game allows players to purchase non-fungible token (NFT) characters dubbed "Heroes," which they may employ to complete objectives and earn additional tokens or improvements.
The JEWEL token powers the DFK world, since it is used to acquire NFTs.
DeFi Kingdoms' volume has surpassed US$894 million over the last month, making it the sixth-largest blockchain game in the last 30 days.
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By Crypto PiratesThe Struggle Against Bitcoin Is Not Over
Bitcoin fell below the US$46,000 mark overnight as the currency battles to maintain its value.
The world's largest cryptocurrency by market capitalisation fell to approximately US$45,600 before rebounding to approximately US$47,000 at 11 a.m. this morning — a tiny dip from its value 24 hours earlier.
The drop below US$46,000 caps a difficult six weeks for Bitcoin, which has seen its value plummet precipitously despite reaching an all-time high on November 11.
Bitcoin's continued decline in value continues to confound some analysts, who had projected the coin would reach US$100,000 by the end of the year.
Even if Bitcoin does rally over the next week or so, it will need to grow enormously in order to achieve a year-end closing price in line with past positive expectations.
Despite Traders' Bets for a Rally, Ethereum Drops
Meanwhile, Ethereum, the second largest cryptocurrency by market cap, fell below US$3,800 before recovering to US$3,938 at 11 a.m.
Numerous traders appear to be betting on an Ethereum rise before the year is through, with Deribit, a cryptocurrency derivatives exchange, reporting on Twitter that one huge fund has spent US$4 million on bullish ETH call options expiring in December with strike prices as high as US$4,400.
Deribit, a cryptocurrency derivatives exchange, accounts for the lion's share of volume and open interest in the Bitcoin and Ethereum option markets.
Ethereum achieving such a surge in the following week or so is another matter entirely.
News About Altcoin
In the last seven days, a gaming altcoin has risen by over 95%.
DeFi Kingdoms (DFK), a gaming altcoin built on the Harmony blockchain, is a new entrant into the GameFi niche — a sub-niche that blends decentralised finance (DeFi) and the metaverse.
The DFK game allows players to purchase non-fungible token (NFT) characters dubbed "Heroes," which they may employ to complete objectives and earn additional tokens or improvements.
The JEWEL token powers the DFK world, since it is used to acquire NFTs.
DeFi Kingdoms' volume has surpassed US$894 million over the last month, making it the sixth-largest blockchain game in the last 30 days.
Support us!