Baxia Markets
August 31, 2021

Bitcoin Future Uncertain

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The price was around $48,204 per coin, while rivals Ethereum and Dogecoin were trading around $3,203 (-0.21%) and 28 cents (+0.46%) per coin, respectively, according to Coindesk. Hedge fund billionaire John Paulson, who made a fortune in 2008 when he shorted the housing bubble, said in an interview published Sunday that he believes cryptocurrencies will eventually go bust. In other cryptocurrency news, Solana’s SOL token has grown into one of the biggest cryptocurrencies by market value, thanks to growing institutional interest and the boom in non-fungible tokens (NFTs) and decentralized finance (DeFi), Coindesk reported.




Despite Bitcoin’s recent recess, its price is still over 14% higher than 30 days ago. Higher bitcoin prices created a resurrection of old mining rigs. As profitability goes up, many miners with old equipment have returned to the scene. One of the lead articles on top cryptocurrency website Coindesk this morning is an opinion piece warning of "lower systemwide leverage" as cryptocurrency exchanges FTX and Binance restrict traders to 20 times leverage on their trades -- meaning when buying crypto, they must now pay 5% upfront on a purchase, instead of 1% previously.  


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