While supported in the United States, this is not entirely accurate, despite what the name suggests. Unfortunately, while most users in the U.S. can use this platform, it is not available in all states. Currently, the platform is only available in 43 of the 50 U.S. states. This is far from perfect, and the company has said that it plans to launch in all states by the end of the year. Whether this will happen remains to be seen.
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Some experts say this is high risk as SafeMoon’s success relies heavily on more and more people buying the currency to keep the price up.
Mistakes like this happen throughout finance when, for instance, traders mess up details of their intended trades, entering the wrong price or order size. An erroneously large trade, as one example, can overwhelm an exchange's order book, leading to a quick and massive decline. The entire U.S. stock market famously flash crashed back in May 2010, though equities have mostly avoided trouble since that era.
Cryptocurrencies’ finite supply makes them inherently deflationary, more akin to gold and other precious metals — of which there are finite supplies — than fiat currencies that central banks can, in theory, produce unlimited supplies of.
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The exchange is cutting off Chinese users and will lose a third of revenues from next year, co-founder tells FT News
Yet tales of meme-coin holders becoming millionaires have attracted new waves of retail investors to crypto — along with a growing number of nefarious players. In May, the Federal Trade Commission tallied a record number of crypto investment scams, with Americans’ losses totalling around US$80 million since October.
Another property of Safemoon which has attracted wide criticism is the ownership pattern of the current supply of the token. A large proportion of Safemoon’s total liquidity is owned by members of the founding team. Although these funds are in a so-called lock-up, such concentration of ownership is often a cause for serious concern in the crypto space. In part, this concern is because of the influence that major holders—called whales—have over price movements when they sell.
But it wasn’t just outside pessimism that led to the slump, but infighting as well. Blockchains are decentralized, and democratic systems require buy-in from participants in order to keep the engines running. When there’s a schism that can’t be decided by the majority, all hell breaks loose.
When the hard fork arrived–and participants had to choose which path to take–the entire cryptocurrency market dropped. This is very likely what caused bitcoin to drop from the $6,000 range to around the $3,000-$4,000 range. Which brings us to today, with the cryptocurrency bottoming out at less than 80% of what it was a year ago.
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.
Loopring263 (-11.33%) The Graph89.07 (-9.49%) Internet Computer3,882 (-9.45%) Theta Network594 (-8.96%)
Bitcoin’s surge to $69,000 took bears by surprise and cemented bulls expected $400 million profit at Friday’s $1.2 billion options expiry.
Can Bitcoin and altcoins sustain their bullish momentum or will profit-booking drag prices lower? Let’s study the charts of the top 10 cryptocurrencies to find out.
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This saw Bitcoin prices tumble to below $30,000 in a dramatic plummet from its soaring success.