Safemoon launched on Binance Smart Chain (BSC) on March 8, which saw a 200-time increase within less than a month. That is to say, if someone invested 10,000 of the native token RMB 10,000 on March 3, they will have 2,000,000 RMB in April. Although Safemoon’s price has fallen to $0.000003, the investors may still be exposed to high rewards if they buy Safemoon now.
A further blow was dealt when China ordered Bitcoin mining in its Sichuan province to shut down completely and furthermore told banks to stop supporting crypto transactions, in a latest wave of restrictions on cryptos.
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A cryptocurrency’s blockchain is the master public ledger that records and stores all prior transactions and activity, validating ownership of all units of the currency at any given point in time.
So what happened? And is there any hope for a recovery? To answer both, you have to look at quite a few factors.
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Like traditional currencies, cryptocurrencies express value in units — for instance, you can say “I have 2.5 Bitcoin,” just as you’d say, “I have $2.50.”
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Bitcoin (BTC) crashed to just $8,100 on Oct. 21 — but only if you were trading on Binance’s dedicated United States exchange, Binance.US.
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Now the country’s central bank, People’s Bank of China, has effectively banned digital coins after announcing all transactions of cryptocurrencies are illegal.
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New to crypto? Our Binance.US app’s design keeps it simple and enables access advanced trading features, all in one place.