Meme-based virtual currency dogecoin soared on Wednesday to an all-time high, extending its 2021 rally to become the fourth biggest digital coin.
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Cryptocurrency ether rose to a fresh record peak on Tuesday before dropping sharply as some investors pulled profits from a white-hot market bulging with questionable new entrants.
Ether broke past $3 000 on Monday to set a new record high in a dazzling rally that has outshone the bigger bitcoin.
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Ether pulled back sharply from a record high and bitcoin also fell on Friday amid speculation that US President Joe Biden’s plan to raise capital gains taxes will curb investment in digital assets.
Fans are driving dogecoin higher to mark an auspicious day, even while other cryptocurrencies continue to struggle.
Bitcoin, the world’s biggest cryptocurrency, fell as much as 14% to $51 541 on Sunday, reversing most of the big gains it made over the past week.
British finance minister Rishi Sunak told the Bank of England on Monday to look at the case for a new “britcoin”, or central bank-backed digital currency.
Turkey’s central bank has banned the use of cryptocurrencies and crypto assets to purchase goods and services, citing “irreparable” possible damages and significant risks in such transactions.
Coinbase Global was valued at $86-billion at the end of its Nasdaq debut on Wednesday, in a choppy day of trading when its valuation went as high as $112-billion.