Cryptocurrency price LIVE: Bitcoin plummets as gains wiped – Musk’s Dogecoin also drops | City & Business | Finance
Alexandra Clark, Sales Trader at the UK based digital asset broker GlobalBlock, wrote: “Cynthia Lummis has encouraged ‘people to buy and hold’ bitcoin in their portfolios, adding that with Congress flooding the economy with trillions and trillions of dollars, ‘there’s no way’ the value of the US dollar will not be debased.
“As well as promoting bitcoin as a store of value, the senator also defended Bitcoin’s environmental record, inviting miners to the state of Wyoming.
For the first time in weeks, bitcoin managed to gain over the weekend, which corresponds with the largest ever downward adjustment in bitcoin mining difficulty and a spike in daily accumulation by whales.
“Bitcoin mining difficulty fell by a staggering 28 percent this week and whales caused the biggest daily accumulation spike of 2021 with 60,000 BTC being purchased in one day.
He added: “Grayscale has rebalanced its portfolio in a way where Cardano (ADA) is now the company’s third-largest holding.
“As it stands, Bitcoin (BTC) accounts for 67.47% of the fund, Ethereum (ETH) 25.39%, Cardano (ADA) 4.26%, Bitcoin Cash (BCH) 1.03%, Litecoin (LTC) 0.99% and Chainlink (LINK) 0.86%. The firm also revealed it is exploring Solana, Polygon, and a range of DeFi tokens for single asset trust funds.
Algorand also presents exciting opportunities. Since its launch in 2019, it has secured hundreds of millions in funding for its development and has numerous third parties operating within its ecosystem.
“Whilst it is not yet a threat to Ethereum or Cardano, with its smart contract capabilities, solid transaction speeds, and focus on being a bridge between centralized and decentralized systems, it certainly looks promising.