Bitcoin rose to $64k earlier today as the index posted a two-week high of around $64.2k. The largest cryptocurrency by market capitalization is on the move after a sizable gain earlier today as it looks to target the record price level of $67k. Similarly, Ethereum also posted a notable price increase to record a new all time high of $4.5k. Other altcoins also posted some mixed gains. More on that later on.
In other news, the Squid-game inspired cryptocurrency has seen its downfall as the index has dropped from as high as $2.8k to zero in a matter of days. The digital currency was launched by a fan and quickly, the SQUID token rose strongly but crashed spectacularly. More on that later on.
The mayor of Miami is all set to accept his entire salary in Bitcoin according to a latest Twitter post. The politician is the first in the country to completely move to a crypto payment mode. This is a new trend emerging across the Atlantic in which people are preferring to get paid in Bitcoin instead of fiat especially with the rampant inflation going on. NFL quarterback Aaron Rodgers has also announced that he would be accepting part of his multi million dollar salary in Bitcoin as well. This is a sign of a growing acceptance of the digital currency as payment and thus, mass adoption.
Bitcoin Rises to $64k
Bitcoin made a move earlier today and posted a two-week high of around $64.2k in the process. The cryptocurrency is trying to gain some momentum to try and tackle the looming $67k resistance in the near future.
The last 24 hours started with the cryptocurrency at around $60.9k. The digital asset fluctuated around this valuation for the next many hours till it started to appreciate at 10 AM in the morning. First, it went above $63k and stayed there. After that, it experienced a rise to $64k at 4:30 PM in the evening and is now trading slightly below it. At press time, Bitcoin is valued at around $63.6k and still showing a resilient bullish outlook.
Going forward, Bitcoin is currently trading right around the previous all time high set back in April earlier this year. However, this time it is different as the index is looking all set to continue its big gains and is consistently knocking on the doors of higher levels. But, the cryptocurrency needs to make a move fast enough, otherwise it will lose some momentum during the fresh early days of the Moonvember month.
The total market capitalization of Bitcoin was around $1.2 trillion at press time and its share of the proceedings was 44%.
Altcoins Post Mixed Gains as Ethereum Reaches Record Highs
Other cryptocurrencies aka altcoins posted some mixed gains earlier today overall as Ethereum continued its steady growth to post a new record price of $4.5k. The second largest digital currency network witnessed the first consecutive week of deflationary mechanism at work. However, Ethereum needs to respond fast too and get above $5k fast enough. Other gainers of today include Solana (SOL, 5%), Ripple (XRP, 5%), Polkadot (DOT, 4%), Terra (LUNA, 5%) and Litecoin (LTC, 5.5%).
Overall, the trend was quite slightly positive for altcoins but no big outright gains were witnessed.
In Other News…..
Squid Game Token Scams Traders of Millions
Squid Game token which was pointed out by us a scam has seen its value plummet to absolute zero. The digital currency inspired by the hit South Korean TV show rose a mammoth 75,000% in a matter of a few weeks but the fall was even more abrupt than its rise after it was exposed that it was just a scam token. But, why did investors trust it enough to put millions of dollars overall into it?
While the ultimate blame lies on the trader himself, research further shows that the coverage of the token in media outlets has been misleading and sometimes dowwnright promoting fraudulent behaviour. A report from CNBC shows that the media network posted the outrageous and easily debunked claims of SQUID token creators directly without fact checking any of them. There were claims like that the token was a brand of the Netflix show and it had connections with the TV’s producers. Other media outlets also reported similar misleading titles and news bits. However, coin reporters always reported its activities are similar to a scam and CoinGecko also refuted its creators’ claim that they had a partnership with the website.
While the traders do hold most of the blame, it is astonishing to see the kind of poor reporting from these outlets that are influencing people to shill money on outright scams like the Squid token. Just like back in May when they manipulated the crypto market through FUD, instances like these do show that these channels are guilty of promoting nonsense, either through sheer ignorance or collusion. This is why investors should be very careful where and how they get investment advice and a TV show seems to be a bad place to get that these days.