On the 8th of September, the Royal Family announced that Queen Elizabeth II’s doctors were concerned for Her Majesty’s health and recommended she remain under medical supervision. The news of her hospitalization sent the stock market into a frenzy and caused the British Pound to plummet.
However, this was nothing compared to the reaction that followed when the Queen’s death was announced. Her demise not only caused a stir in the financial world but also in the cryptocurrency market. We will take a look at how the Queen’s death affected Bitcoin and other cryptocurrencies.
Bitcoin price hits $20,000: what does this mean for cryptocurrencies?
Bitcoin prices surged over the weekend after the news of Queen Elizabeth II’s demise. The cryptocurrency went up by 8% the following day, while most other asset classes, including stocks and commodities, followed the same path. Bitcoin enthusiasts haven’t had a great year. However, “the melt-up” comes as investors reaffirm their faith in the digital asset class amid increased volatility in traditional markets.
While it remains to be seen how long the Queen’s demise will continue to support Bitcoin prices, the underlying fundamentals of the asset class appear to be strong. With demand for Bitcoin continuing to increase and supplies remaining relatively constrained, prices will likely continue to increase over the coming months.
Cryptocurrency prices have risen since the Queen’s passing, with most of the Top 20 coins trading positively. According to data, prices have increased by 5-9%, while the charts show even more impressive gains across different exchanges.
These increases come after relatively stable prices and suggest that the market is again beginning to heat up. While it remains to be seen whether this trend will continue, it is nonetheless encouraging for those waiting for a rebound in the crypto markets.
The price of Ethereum has been on the rise lately due to its incoming upgrade, which will make it more user-friendly and scalable. As a result, ETH traded a local high of ~ $1,750; this represents a 6% increase from yesterday’s closing prices when compared over 24 hours – not surprising considering all that excitement surrounding a couple of simple words: “The Merge.”
It seems everyone wants in right away because there are only about two weeks left until The Merge rolls out, where we’ll finally be able to see how well these new features work together while also getting an idea of what kind of future may await us after they’re fully implemented into ETH.
Queen Elizabeth II tokens trading online
Queen Elizabeth II tokens have been trading online at high prices since the queen’s demise was announced. The news of her death has shocked many, and people are eager to get their hands on anything related to the Queen.
The cessation of Queen Elizabeth II has given rise to a breed of cryptocurrency: the meme coin. So far, over 40 different Queen-themed coins have been launched on Ethereum, with more popping up daily. Whether the “Queen Elizabeth Inu” or the “QueenDoge”, these coins are all based on the same premise: to exploit the news for financial gain.
On the surface, these coins may seem like harmless fun. However, many of them are nothing more than empty promises and pyramid schemes. For example, the “QueenDoge” claims to be a “deflationary” currency that will increase in value as more people buy it. But in reality, there is no way to guarantee that the token’s value will go up, and no one knows what will happen to the money people invest.
Queen Elizabeth II NFTs flood the internet
Since the announcement of Queen Elizabeth II’s demise, a flood of NFTs in her honor has appeared online. Many of the Queen Elizabeth II NFTs that have appeared since her cessation feature iconic images of her, such as her sitting on the throne or waving to crowds. Others depict more personal moments, such as meeting with world leaders or spending time with her family. While some people may see these NFTs as a tasteless way to profit off the Queen’s demise, others view them as a fitting tribute to her long and remarkable life. Whichever side you fall on, there’s no denying that the market for Queen Elizabeth II NFTs is moving.
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