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Safemoon crypto is not a coin, but a token. It has seen major price rises movements over just a few months in 2021. The price surged by tens of thousands of percent in April and May, then lost most of those gains by August. Such volatility is far from unusual in the crypto space.
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Cryptocurrency exchanges play a valuable role in creating liquid markets for popular cryptocurrencies and setting their value relative to traditional currencies. You can even trade cryptocurrency derivatives on certain crypto exchanges or track broad-based cryptocurrency portfolios in crypto indexes.
Coinbase, which went public last week via direct listing, shaved about 10% off its share price this week, but was largely unaffected Friday in intraday trading.
Shortly after achieving these astronomical new heights, Bitcoin’s price fell back toward $62,700 before recovering slightly to around $64,500, while most altcoins endured near double-digit losses.
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Thus, Binance.US will not initially support its projects such as BitTorrent (47th by market capitalization), Fetch.AI (207), Celer (180) and Matic Network (127), despite having these raise capital on the Binance Launchpad platform.
The world’s largest crypto exchange is going legit. Binance, which processes more than $1 billion on a daily basis and for so long has embodied crypto’s Wild West culture, announced that it will launch a U.S.-based service — but, in the meantime, it is implementing restrictions for U.S. passport holders worldwide and those based in the country.
Binance launched the U.S. arm in 2019. But the company’s main exchange, initially based in China, blocked Americans in an effort to stay on the right side of regulators.
According to a tweet from the official SafeMoon Twitter account, the problems affected all three wallet products. Namely, the website buy and swap function, the Android wallet, and its iOS counterpart.
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Given the hype and ironic humor around its release, the currency attracted a cult following among cryptocurrency enthusiasts. Undaunted, West’s legal team filed suit, compelling the creators to sell their holdings and shut down Coinye’s website.
China’s crackdown has delivered a windfall to international groups that mint digital tokens
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“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off,” Binance.US said in the statement. “We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.”