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Bitcoin wasn’t the only cryptocurrency to feel the effects of Tesla’s decision. (Pic: Shutterstock)
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When that’s the case and demand increases, the price of that underlying asset goes up. Roughly speaking, this is the simplest way to address how the prices of cryptos fluctuate.
A NEWLY launched cryptocurrency DogeZilla has exploded out of the gate – and some are wondering if this will be the next meme coin of preference.
Sign up for a brand new CoinMarketCap account, and save your portfolio and watchlist; or choose to go incognito without logging in at any time, saving your data locally. Pick your default cryptocurrencies and fiat currencies, and have them shown and populated throughout your app experience. Use night mode or day mode, depending on your mood and time of day.
‘Wolf of Wall Street’ Jordan Belfort is urging people to pump his Twitter followers and Dogecoin
An Instagram ad by the influencer was criticised in a speech by FCA chairman Charles Randell.
In conclusion, our Safemoon forecast has covered what this token is and how it functions. As you can imagine, Safemoon’s small size combined with the media attention it has received has meant that many retail investors believe it could reach dizzying heights. Although this could be true, the fact that Safemoon doesn’t have any real-world uses as of yet could be an issue; however, if this changes, we could see some significant moves in the months and years ahead.
The hyper deflation payment network token has caused ripples in the crypto world and continues doing well on top of all this.
JPMorgan CEO Jamie Dimon, for instance, made multiple comments throughout the year expressing his general antipathy for cryptocurrency. Dimon’s thoughts could most easily be summed with this quote: “I don’t really give a shit about bitcoin.” Warren Buffett also didn’t have kind words–calling it “probably rat poison squared”–which almost certainly sent a clear message to curious investors.
And while the cryptocurrency has since dipped slightly on Tuesday afternoon, it is still up by a whopping 350% on Bitcoin’s price at 7 November 2020 after nearing the new $70,000 threshold.
As its name suggests, you can use cryptocurrency to make purchases. But your purchasing power is limited; crypto isn’t yet widely accepted among retailers and other businesses.
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PRETTY PENNY Lincoln Penny is the second most valuable ever with two zinc-plated planchets
The first thing to note is that Safemoon is not currently listed on any major cryptocurrency exchanges such as Binance or Coinbase. Due to this, the amount of liquidity is relatively low, meaning that technical analysis isn’t as accurate as digital coins with high liquidity. The low liquidity of Safemoon means that large buy orders tend to boost price significantly – which, in turn, leads more people to buy into the ‘hype’.
View: A digital rupee and cryptocurrencies can (and should) co-existAnirudh Rastogi & Amol Kulkarni