Synopsis
Fear, uncertainty and doubt took over Indian cryptocurrency investors amid Wednesday s bitcoin price crash even as crypto exchanges, including WazirX and CoinDCX, went into a downtime unable to handle trading volumes.
ETtech
Mumbai: The Indian crypto universe is in a FUD.
Fear, Uncertainty and Doubt (FUD) took over Indian investors in crypto assets on Wednesday as Bitcoin, the world’s most valuable and best-known crypto token, posted its biggest single day fall in nearly a year.
After Tesla Inc.’s founder Elon Musk said last Thursday that the electric car maker
would no longer accept bitcoins as payments, the token fell from its peak of $57,000 last week to about $32,000 at one point on Wednesday before clawing back to around $39,000.
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Tesla Inc. (NASDAQ:TSLA) has decided to accept it as a payment method.
One Record After Another: Bitcoin (BTC) almost reached the $50,000 mark, stopping just one step away from the finish line at $49,716.44. As it’s always the case when it comes to cryptocurrencies, volatility is still very high, but the increase in price – between ups and downs – has been a constant trend since September. After the record high reached at the end of 2017, Bitcoin value collapsed to $4,000. Today, it reached again the highest level, increasingly attracting interest among both private and institutional investors.
When It All Began: It was 2009 when Satoshi Nakamoto created the most famous cryptocurrency in the world. Unlike a fiat currency, it is not distributed by a central bank, but it’s based on a network of PCs that distributes it based on a cryptography mechanism that is used to validate transactions. Another feature is the limited amount: only 21 million Bitcoins are available on
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