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Cryptocurrency is not a legal tender and is subject to market risks. There may be no regulatory recourse for any loss from such transactions. The upcoming testimony of US Fed Chair Jerome Powell is of significant interest to investors, as any indication of a more aggressive stance on interest rates could increase market volatility, particularly in the Crypto space.”ĭisclaimer: Crypto products and NFTs are unregulated and can be highly risky. WazirX Vice President Rajagopal Menon said, “Bitcoin and Ether have opened the business day with little movement, but the market sentiment remains bearish, with many investors anticipating further declines. Ethereum, the second-largest cryptocurrency, has also experienced limited trading activity around the $1,500 mark, indicating hesitation among buyers and sellers.” BTC has faced challenges in regaining the $22,800 level, and if the bears successfully bring the price below its current point, the next support level would be $21,480. This week will feature the release of nonfarm payroll data and speeches by US Federal Reserve Chair Jerome Powell, making it a crucial time for the market. Mudrex co-founder and CEO Edul Patel told ABP Live, “On Monday, both Bitcoin and Ethereum remained relatively stable as investors gear up for an important week of economic events in the US. Top crypto gainers today (March 7)Īs per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:Ģ4-hour gain: 5.28 percent Top crypto losers today (March 7)Īs per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:Ģ4-hour loss: 1.24 percent What crypto exchanges are saying about the current market scenario As per WazirX, SOL price in India stood at Rs 1,900. Solana price stood at $20.79, marking a 24-hour dip of 0.67 percent. As per WazirX, Ripple price stood at Rs 31.94. XRP price stood at $0.3697, seeing a 24-hour gain of 0.60 percent. At the time of writing, it was trading at $87.88. Litecoin saw a 24-hour dip of 1.38 percent. As per WazirX, Dogecoin price in India stood at Rs 6.71. Because of its historically low cost per coin, DOGE is commonly spent by users on social platforms, like Reddit, Twitter, Facebook, and others, to reward, or “tip,” creators for posting content.DOGE registered a 24-hour gain of 1.72 percent, as per CoinMarketCap data, currently priced at $0.07552. DOGE may be used for payments and purchases, but it’s not an effective store of value chiefly because there is no cap on the number of coins that may be created by mining. In exchange for supporting the blockchain, miners earn DOGE which they can then hold or sell on the open market.
In 2014 due to network security issues, Dogecoin agreed to merge mine its network with Litecoin (LTC).ĭOGE in practice The Dogecoin blockchain uses a proof of work consensus mechanism, where miners use computers to solve complex mathematical equations in order to process transactions and record them on the blockchain. But unlike other coins, Dogecoin does not have a cap on the total number of coins that can be mined- making it an inflationary rather than deflationary coin. Like other cryptocurrencies, Dogecoin is mined by the decentralized network of computers that runs the currency. Despite its origins as a “joke,” Dogecoin’s scrypt technology (a hashing function that uses SHA-256 but includes much higher memory requirements for proof-of-work) and an unlimited supply of coins set it apart as a faster, more adaptable, and consumer-friendly version of Bitcoin.
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A brief history Founded in 2013 by software engineers Billy Markus and Jackson Palmer, Dogecoin was created as a marketing experiment based on the popular "Doge" Internet meme and as a lighthearted alternative to traditional cryptocurrencies.
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