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Crypto

How SHIB coin went from $17 to a massive $6.5 million

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SHIB coin has become the latest trend and cryptocurrency to take on the digital currency sector

SHIB, commonly referred to as the ‘Dogecoin Killer’, rebounded from a sharp decline alongside the top cryptocurrencies after Tesla CEO Elon Musk revealed “promising” developments on Bitcoin mining, yesterday.

According to reports, a cryptocurrency investor bought almost 200 billion Shiba tokens in October of 2020 for just $17 and as the market went up, he made almost $6.5 million from those very tokens.

Shiba Inu coin has become a trend on social media too, with the so-called ‘Shib Army’ backing the crypto as more investors jump on board. Being the latest to hit markets, it is garnering huge attention and has emerged as favoured choice of investors, especially in wake of a rapid descent in popular cryptocurrencies like Bitcoin and Ethereum.

Popularity in Indian Markets

SHIB coin is also making waves in Indian markets.

The crypto has reached a market capitalisation of more than $13 billion while Dogecoin’s valuation stands at over $61 billion – so it is creeping ever so close.

Reports suggest that many Shib coin holders who invested in Shiba Inu tokens early, are now worth millions on paper.

Since May 2021, Shiba Inu tokens have shot up in value.

According to CoinGecko, the tokens have gone from $0.0000015 to their current value of $0.00003 — a 1,900% rise.

But what about the Ethereum guy?

Ethereum co-founder Vitalik Buterin’s announced he burning 90 percent of his Shiba Inu holdings and donating the rest.

SHIB drops 40%
SHIB coin is names after the Shiba Inu.

SHIB price primed for a breakout

SHIB price has been trading within a descending parallel channel on the 4-hour chart since the middle of May.

SHIB coin has continuously formed lower highs and lower lows, which can be connected with parallel trendlines to show a downward trend.

In most recent times, SHIBA’s price bounced off the channel’s lower trend line, heading north to tag the topside resistance. Despite almost two weeks of consolidation, Shiba Inu has overcome indecision, working in favor of the bulls after gaining over 55% in market value from its bottom.

Virtual Bitcoin cryptocurrency financial market graph

Joining the #ShibArmy

Twitter has become a popular social media channel for Shib investors to embrace the growing trend of their coin.

Known as the ‘Shib Army’, Shib lovers have now formed part of a community – coming together to discuss the latest trends and events surrounding their cryptocurrencies.

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Crypto

Should you be staying away from crypto?

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Major investment banking firm, Goldman Sachs has warned its consumers to stay away from cryptocurrencies as the price of Bitcoin soars above USD$40,000 for the first time in weeks.

In a report released by the Sachs’ Wealth Management Division, the company says digital coins are “not a viable investment”

Goldman Sachs cites high energy consumption associated with mining coins as a reason to avoid the sector.

The report also details the possibility of technological advances which may make blockchain technology redundant and the risk of greater regulatory oversight.

The report says “after analysing various valuation methodologies and applying our multi-factor strategic asset allocation model, we have concluded that cryptocurrencies are not a viable investment for our clients’ diversified portfolios.”

“Musk sends one tweet and moves the dial entirely”

Meanwhile, Market Strategist Daniel Weiner joined Ticker News earlier and spoke about Elon Musk’s latest tweet that sent Bitcoin soaring.

More than four million Australians will invest in Crypto in the next four months.

Looking at the number’s, cryptocurrencies are on the rise.

That’s the consensus of a new survey of 1,027 Australians by global researcher YouGov, published by The AFR.

More than four million Australians are likely to buy crypto currencies like Bitcoin in the next 12 months, according to the published research.

One in five Australians “have owned cryptocurrency at some point”, and some 14 per cent currently holding an exposure in their portfolio.

Where is Crypto sitting in the markets?

Bitcoin tests $40K levels following positive comments from Tesla’s CEO Elon Musk and hedge fund manager Paul Tudor Jones.

The world’s largest cryptocurrency by market capitalisation is up about 20 per cent over the past e seven days.

Meanwhile, the S&P 500 rose 0.2% to a record high as of 4:03 p.m. New York time and the Nasdaq 100 rose 0.9% to a record high.

The Australian sharemarket has shot higher at the open, soaring to a new intraday record high during the opening minutes of trading.

Financials dropped as JPMorgan Chase Chief Executive Officer Jamie Dimon suggested Wall Street’s pandemic-era trading boom could be drawing to a close.

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Crypto

Bitcoin on the rise again

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Bitcoin is recovering after a very bad week

Bitcoin has surged 9.8 percent to over $39,000

The digital currency has once again proved how volatile it is, following another tweet from Elon Musk.

Musk stated that Tesla would restart transactions with the cryptocurrency when mining is done with more clean energy. 

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions,” 

– Musk sais in a tweet.

The crypto, which has been volatile in recent weeks, added $3,490 to its previous close.

The bounce follows El Salvador voting to make Bitcoin legal tender.

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Crypto

China crypto crackdown sees over 1,100 arrested

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Police in China have arrested over 1,100 people on money-laundering charges, claiming they used cryptocurrency to help them evade the law. 

The arrests come as authorities in China step up their crackdown on cryptocurrency trading.

Reports say the money launderers charged their criminal clients a commission of 1.5% to 5% to convert illegal proceeds into virtual currencies via crypto exchanges.

Last month, three industry bodies banned crypto-related financial and payment services, and the State Council vowed to clamp down on Bitcoin mining and trading.

The public security ministry confirmed police had busted more than 170 criminal groups involved in using cryptocurrencies to launder money.

The money launderers charged their criminal clients a commission of 1.5% to 5% to convert illegal proceeds into virtual currencies via crypto exchanges.

China continues crackdowns

China’s State Council ordered a tough crackdown on telco fraud in October 2020.

Executives from two of the largest crypto exchanges that provide services to Chinese investors assisted police with their inquiries.  

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