October 3, 2023

Taylor Daily Press

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The Bitcoin Treasure Hunt and the Chinese Panic

The Bitcoin Treasure Hunt and the Chinese Panic

The past week was dominated by a number of cryptocurrency exchanges that closed their doors and In the wake of problems at hardware wallet manufacturer Ledger. Meanwhile, the prices of many cryptocurrencies have continued to decline relatively, and this week was no different. However, there was also a lot of positive cryptocurrency news, you could even call it hype.

One Bitcoin Satoshi is not the other

Bitcoin price has not increased this week. In fact, although the price has not broken the pattern it has been in since March, the price has actually fallen slightly to $27,200 at the time of writing. However, there is still hope. Former institutional investor PlanB believes that Bitcoin (BTC) is in a bull market if the price goes above $29,500. This is a special resistance level formed by on-chain transactions.

Meanwhile, the rest of the market happily continues with strange tactics. As it turns out this week, one satoshi is not the other, and in rare cases it can be more than an entire bitcoin.

So-called “satellite hunters” aim to fish out these rare units of BTC from the purchasable coins. Don’t worry, apart from these private seats, 1 BTC is still worth 1 BTC, even if rare satellites are eliminated.

Ripple to $250?

So the prices of bitcoin and many of the major altcoins did little this week, but the price of XRP It’s actually up 10% this week. This made it one of the few greenbacks. Part of that appears to be because network activity hit a new all-time high this week.

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John Deaton, the famous Ripple rank and file lawyer, believes that fear of missing out (FOMO) will arise if the price breaks the $2 mark. There also seems to be some fumo at the moment, with the price rumored to be as high as $250.

Coinbase Appeal US Government

Meanwhile, Coinbase is still fighting for proper crypto regulation in the US. In an appeal, Brian Armstrong, CEO of the trading platform, writes about how American policymakers are hindering innovation in the United States, and even enabling China. China appears to be increasingly open to cryptocurrency and blockchain.

For example, the memecoin Floki Inu is reported to be gaining popularity in China. This token will be used in the new Valhalla video game. Meanwhile, the US Securities and Exchange Commission is still embroiled in lawsuits against US companies that appear to want to comply.