Bitcoin was trading at $50,828.24, down 0.36%, while rival Ethereum was trading at $4,034.58, down 1.45%, according to data from coinmarketcap.com.
The Christmas rally of cryptocurrencies seems to have stalled at this point, Bitcoin is sticking to the $50,000 mark. The cryptocurrency’s total market cap is down 0.84 percent to $2.39 trillion, data from coinmarketcap.com showed. Trading volume over the past 24 hours is down 15.89 percent to $86.55 billion, suggesting that investors may be implementing a HODL (Hold on for dear life) strategy.
Turkey, facing a severe currency devaluation crisis, banned its citizens from buying and selling cryptocurrencies in April this year; However, Turkish citizens who are now seeing double-digit depreciation in their savings and wealth have turned to buying stablecoins. Currencies like USDT and bitcoins to fight record inflation Reuters reported that Turkey’s cryptocurrency operations have surged to over a million a day, according to blockchain analytics firms Chainalysis and Kaiko.
Despite several attempts by bears to slash the price of the world’s oldest cryptocurrency, Bitcoin, by a wide margin, it has still managed to hold its own but is trading at around $50,000. At 8:37 a.m., it was trading at $50,828.24, down 0.36 percent. Rival Ethereum is trading at $4,034.58 and is down 1.45 percent.
Cardano (ADA) is down 4.19 percent to $1.40. Algorand, known as the Ethereum Killer, rose 7.37 percent to $1.57; Its market capitalization is now $9,958,756,336, but its trading volume is still a whopping 77.07 percent to $555,523,045.
Dogecoin (DOGE) was trading gains of 2.34% at $ 0.1872. Its trade volume, however, increased 31.27% to $ 1,714,559,696 in the past 24 hours. Among the big profits recorded, his rival Shiba Inu (SHIB) fell 6.52%. cent to $ 0.00003687.
ELON is also trading at a loss, down 5.78% to $ 0.000001606; Floki Inu is down 3.42% to $ 0.0001201; Samoyedo Coin (SAMO) is trading at $ 0.04402 with a gain of 2.41%.
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Chinese diversified tech giant Baidu held the country’s first Metaverse conference on the company’s XiRang application. However, Baidu Vice President Ma Jle, who is also responsible for this application, said it could potentially take much longer to develop the world of the metaverse. He was quoted in response to a journalist’s question: Development of the app began last December, but there are still ‘six negative years’ to go to full launch, according to cnbc.com.
Meanwhile, the long-term Bitcoin buyer and CEO of Microstrategy revealed their Bitcoin accumulation level at $900 million and also predicted that the price of Bitcoin could reach $6 million at some point in time in the future, Forbes reported
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