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Bitcoin Price Crosses $11,000 After the Announcement of Facebook’s Libra

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The king of Cryptocurrencies, Bitcoin, has crossed $11,000 price after the announcement of Facebook about launching a digital currency next year. The Bitcoin is at the highest peak in the last 15 months after the announcement and is expected to lift more by the end of the current financial year.

After the US technology firm, Facebook, released the notice about issuing the cryptocurrency called, Libra, within a week, Bitcoin has risen in value by $2,000. As per cryptocurrency tracker, this uplift in price may radically reshape the financial landscape of governments and central bank. Earlier this year, the cryptocurrency remained below $6000 for much of the time. It lost popularity throughout the year, and many investors lost their interest. The best cryptocurrency portfolio tracker has the market value of all the top cryptocurrencies in the global crypto market.

Bitcoin grabbed the attention of people when its value reached $20,000 in 2017. And after going down last year, currently, it is at the peak level after 15 months. At the start of June, Bitcoin’s value was $8,539.81, and after Facebook’s announcement about Libra, it uplifted to hit $11,116 within a week.

Craig Erlam is a senior market analyst in a financial trading firm Oanda. He said that Bitcoin is slowly reaching its old standard. It has been rising for a few months, and Facebook’s decision about Libra is boosting the Bitcoin price more. And traders are also helping to adopt this cryptocurrency by using the technology. Bitcoin value can triple by the end of this year and can result in increased demand from professional investors.

From television to the internet platform, Jonathan switched his journey in digital media with Bigtime Daily. He served as a journalist for popular news channels and currently contributes his experience for Bigtime Daily by writing about the tech domain.

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Crypto Face Explains “shitcoin”

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Today, progressively more people invest their money into digital assets called shitcoins. The term ‘Shitcoin’ is popularly used to describe crypto tokens that lack value or real world application yet still offer huge growth potential. Shitcoins could be from any sector of crypto from AI projects to meme tokens. 

“Shitcoins” might not be the most enticing term, but within the realm of digital currencies, it denotes lesser-known, frequently overlooked cryptos that could present unexpected investing opportunities.

With meme coins like DOGE, PEPE, and BONK now taking up 10% of the total altcoin marketcap, it’s clear that the rise of the shitcoin is upon us in 2024. As the average person struggles more and more financially, their attitude towards gambling and risk-on investing increases. It’s yet to be seen whether this phenomenon is a byproduct of the world economy reaching its final stages of the “everything bubble” or if it is here to stay. 

The rise of shitcoin investing is not only proof of trying economic times but the start of a new conversation about “what is money?”. The world of finance was traditionally a white collar industry for seasoned market professionals, but if our leaders continue to treat the financial system as one big joke, it is no surprise that market participants respond in kind. 

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