Cryptocurrency prices today: Bitcoin gains 7%; Ethereum, Dogecoin & XRP rise up to 9.7% The price of Bitcoin rose 7.34% to $66,119 on Coinmarketcap. Market cap of the cryptocurrency reached $1,252.44 billion. Currently, the global crypto market cap stands at $2.87 trillion, an increase of 4.70%.
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It was a wild ride for SafeMoon, with its prices exploding in the first few weeks before crashing down.
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SafeMoon had a very promising launch and maxed out at an impressive market price of $0.00001375. Many tokens and coins have price spikes soon after launch as this is the time when interest is at its peak for new potential investments. Investors were hoping that the market price would settle somewhere around this level and continue to rise at a more sustainable rate. Unfortunately, this was not the case, SafeMoon witnessed its market price continuously drop until it was priced around $0.000003458.
When the spectre of restrictive regulation hovers over the cryptocurrency markets, steep drops invariably occur. If it happens to concern China or the US, brace yourself if you’re an investor—the market never stops trading, and what took months to build can crumble to nothing in an afternoon.
Binance currently lists 150 coins and tokens. Binance.US has said it is considering 30 assets to list initially. In a blog post last week, Coley acknowledged that "the ease of issuing blockchain tokens and the perceived lack of regulation could make these tokens targets for abuse," and that the company recognizes it has legal and moral obligations to protect its users.
Safemoon offers a unique way of investing in cryptocurrency, as people who hold Safemoon and then sell it are subject to a 10% fee. This fee is halved, with 5% of it being given back to other Safemoon holders – the developers call this ‘reflection’. The additional 5% is split again, with 2.5% being used within the liquidity pools on exchanges such Pancake Swap, with the other portion being converted into BNB.
But while it’s based on sound, democratic principles, cryptocurrency remains a technological and practical work in progress. For the foreseeable future, nation-states’ near-monopoly on currency production and monetary policy appears secure.
This lack of regulation means its transaction costs are less - making it an attractive tool or investment for people to move digital money around the world.
Some are curious if this meme coin will ever truly see a full Shiba and Dogecoin-like impact, although it’s already off to an impressive start.
The flag-wavers point to these and other concerns to warn that SafeMoon may not, in fact, be safe.
“Regulation is probably one of the biggest overhangs in the crypto industry globally,” says Jeffrey Wang, head of the Americas at Amber Group, a Canada-based crypto finance firm. “We would very much welcome clear regulation.”
— Elizabeth Goodman is joining Husch Blackwell Strategies to launch its Phoenix office as a principal. She previously was a partner at Christian Goodman PLC.
The crypto prices today are trading in the red as Bitcoin, as well as the altcoins, have retreated after a strong week of rallies to new all-time highs.
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