The report noted that the news of SpaceX, led by Elon Musk, writing off a portion of its Bitcoin holdings in the previous quarter, played an added role in fueling the correction within the cryptocurrency markets in August.
The introduction of the Enhanced Dai Savings Rate has managed to partially counteract the decline in the token's market value that had been observed.
The crypto markets experienced a significant decline on late Thursday, with Bitcoin (BTC) plummeting to as low as $25,000 on the Binance cryptocurrency exchange.
The price of Bitcoin has fallen by 0.41% in the past 7 days. The price declined by 1.84% in the last 24 hours. In just the past hour, the price shrunk by 0.61%. The current price is $26,663.27 per BTC. Bitcoin is 61.24% below the all time high of $68,789.63. The current circulating supply is 19,380,075 BTC.
The current price is $26,663.27 per BTC. Bitcoin is 61.24% below the all time high of $68,789.63. The current circulating supply is 19,380,075 BTC. This content is for informational purposes only. The world’s first cryptocurrency, Bitcoin is stored and exchanged securely on the internet through a digital ledger known as a blockchain.
"We think intrinsically bitcoin is worth about $40,000," Scaramucci told Bloomberg this week, implying a 50% increase to the current bitcoin price of around $26,000 per bitcoin and potentially adding some $200 billion to bitcoin's $500 billion market capitalization.
Throughout much of its history, speculative interest has been the primary driver of Bitcoin's value. Bitcoin has exhibited the characteristics of a bubble with drastic price run-ups and a craze of media attention. This is likely to decline as Bitcoin continues to see greater mainstream adoption, but the future is uncertain.
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