NextAdvisor Investing Cryptocurrency Bitcoin Hit Another New All-Time High Wednesday. Why Crypto Investors Should Ignore the Ups and Downs Advertiser Disclosure Bitcoin Hit Another New All-Time High Wednesday. Why Crypto Investors Should Ignore the Ups and Downs Bitcoin set a new all-time high recently. For crypto investors, experts say it’s just more volatility to tune out.
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Safemoon is one such smart contract-based token. It does not have its own blockchain; its supply is managed by a smart contract on Binance’s in-house blockchain.
“Don’t check on it. That’s the best thing you can do. If you let your emotions get too much into it then you might sell at the wrong time, make the wrong decision,” says Yang.
That 90-day period ends September 12, so that’s effectively the deadline for Binance to launch its new U.S. exchange if it is to avoid impacting its American user base.
Additionally, there are no standards to protect your business because authorities like the Financial Conduct Authority (FCA) do not regulate the cryptocurrency market. It could lose value and become useless if firms or consumers switch to a different cryptocurrency or stop utilizing digital currencies altogether.
Bitcoin is increasingly viewed as a legitimate means of exchange. Many well-known companies accept Bitcoin payments, although most partner with an exchange to convert Bitcoin into U.S. dollars before receiving their funds.
The week has been much more successful for some of SAFEMOON’s fellow DeFi tokens. Kava.io (KAVA) hit an all-time high on August 22, and data indicated that it has made a couple of further attempts to reach those heights since. In addition, Terra (LUNA) also achieved its latest all-time high, hitting $36.61 in the morning of August 29. This milestone is the result of an impressive total growth of nearly 30%. It also brings the token closer to a spot in the top 10 most valuable cryptocurrencies by market capitalization. LUNA is currently ranked 11th.
Ether and bitcoin rallied on Tuesday to record highs off the back of a weaker dollar, taproot upgrade and positive investor sentiment.
But some say the BITO ETF is not enough, because while the fund is linked to Bitcoin, it does not actually hold the crypto directly. The fund instead holds Bitcoin futures contracts. While Bitcoin futures follow the general trends of the actual crypto, experts say it may not track the price of Bitcoin directly. For now, investors must continue waiting for an ETF that holds Bitcoin directly.
Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC's Cathie Wood.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
On the other hand, cryptocurrencies come with a host of risks and drawbacks, such as illiquidity and value volatility, that don’t affect many fiat currencies.
Indeed, following its nearly $20,000 peak, bitcoin in early 2018 dropped to around $10,000 and hovered there for a while.
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Disclosure: At the time of writing, the author of this feature owned BTC and ETH.