A brief technical and on-chain analysis on XLM price. Here, FXStreet's analysts evaluate where Stellar might go next. More Stellar Lumens News Thoughts on Bitcoin price – Now that we've broken $40,000 LMAX Group Research Desk LMAX Group BTC coils up as hype moves from ETF to Metaverse
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HomeToday's PaperLatest NewsEconomyFinanceCurrent AffairsInternationalManagementStrategistWeekendData StoriesBS ReadsMarketsNewsStocksCommoditiesIPOsMutual FundsMutual Fund ToolsDerivativesBS Fund ManagerCompaniesNewsResultsFinancial X-RayAutoEngineeringFinancialsInfraITOil & GasTelecomServicesAll SectorsOpinionEditorial CommentColumnistsBS SpecialBusiness Law & TaxLunchPollTechNewsReviewsLaunchesSpecialsSpecialsWeekendDigital ConsumerPE/VCBrand WorldSMEStart-upsB2B ConnectSponsored ContentBS SpecialWorld Environment DayPFNewsFeaturesInvestmentsLoans & Credit CardsTaxInsuranceFinancial ToolsPortfolioThe Morning ShowCoronavirusSportsICC T20 WC 2021ICC World Test ChampionshipIPL BS APPS iPad iPhone Android Wap BS PRODUCTS Smart Investor BS Hindi BS Motoring BS Books Today's Paper BS E-Paper Bs Learning Hi, Change Password Subscribe My Page Sign out Change Password Manage My Account My Page Sign out SIGN IN Subscribe ByteDance founder Zhang Yiming steps down as chairman to focus on TikTok Gone in 5 minutes: Investors lose millions in 'Squid Game' cryptocurrency More than 40,000 people still held the token after the crash, according to BscScan, a blockchain search engine and analytics platform John Yoon | NYT Last Updated at November 4, 2021 00:28 IST email this article Message: Recipients' Email: Type address separated by commas Your Email: Enter the characters shown in the image. Send me a copy: The cryptocurrency, called Squid, began trading early last week at a price of just one penny per token Millions of dollars vanished in a matter of minutes after investors piled into a new cryptocurrency inspired by “Squid Game,” the popular Netflix survival series, only to watch its value plunge to nearly zero in a few short hours. The cryptocurrency, called Squid, began trading early last week at a price of just one penny per token. In the following days, it drew attention from a number of mainstream media outlets. By early Monday, it was trading at $38 a token on a cryptocurrency exchange called Pancakeswap. Then Squid went on a roller-coaster ride. In a 10-minute span later on Monday, the token’s value grew from $628.33 to $2,856.65, according to CoinMarketCap, a crypto data tracking website. Then, five minutes later, it traded at $0.0007. More than 40,000 people still held the token after the crash, according to BscScan, a blockchain search engine and analytics platform. One of them was John Lee, 30, of Manila. He said he had spent $1,000 on the Squid tokens, thinking “somewhat instinctively” that the token had been authorised by the Netflix show. Lee said he was surprised when he learned that he was not be able to sell the token immediately. He can sell the tokens now, but he’d be left with “almost nothing,” he said. Sharon Chan, a spokeswoman for Netflix, declined to comment. The reasons behind Squid’s collapse, reported earlier by Gizmodo, weren’t clear. Neither were the identities of its creators. Its website appeared to have been taken offline. An email sent to its developers bounced back. Its social media channels appeared to have been shut down. Its Twitter account was not accepting direct messages or replies. In the aftermath, the crypto currency world is mulling whether Squid was what Molly Jane Zuckerman, head of content at CoinMarketCap, called a “rug pull,” in which a cryptocurrency’s backers effectively leave the market and take their investors’ funds with them. “I’m not seeing the developers coming online and saying, ‘Hold with us, so sorry, we’ll figure this out,’ which is what happens when there’s some sort of non-malicious problem,” she said. Squid’s crash highlights the regulatory gaps over crypto currencies, as government agencies and private firms rush to get a grip on the volatile yet increasingly popular investment.
A billionaire Canadian asset management firm is also set to launch crypto offerings.
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Bitcoin’s dominance rose to a Monday high 44.39% before falling to a Friday low 42.53%. At the time of writing, Bitcoin’s dominance stood at 42.85%.
Cryptocurrency is a good investment if you want to gain direct exposure to the demand for digital currency, while a safer but potentially less lucrative alternative is to buy the stocks of companies with exposure to cryptocurrencies.
Executives at large banks are beginning to hop on the cryptocurrency train as some invest their time in learning about the new payment method.
Benefits of having a well-regulated local crypto industry could also extend beyond the financial sector.
This question does not have a plain vanilla answer in ‘yes’ or ‘no’, as the government and the central bank still look unsure as to how to deal with this new-age phenomenon. In 2018, The Reserve Bank of India (RBI) came out strongly and kind of banned these tokens in India. Then in 2020, the Supreme Court of India reversed the RBI ban. That move was welcomed by the crypto exchanges and investors throughout the country. After this, Indian banks have tried to curtail transactions with crypto-exchanges as, in their view, they are governed by RBI. But later, RBI mentioned that banks cannot quote its 2018 ban to customers as it was overruled by the Supreme Court, paving the way for crypto trading to continue in India.
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Earlier today, Bitcoin (CRYPTO: BTC) flash crashed to $8,000 on Binance U.S., the American trading platform of the world's top crypto exchange Binance.
New Delhi: Major cryptocurrencies tanked on Thursday, barring the new top meme token Shiba Inu which is now the seventh largest cryptocurrency on the basis of market cap.
The firm selected the Polygon blockchain for its low transaction fees and fast transaction time.
Even with its usual ups and downs, Bitcoin has mostly been on the rise following a drop under $30,000 in July.