Plenty of altcoins have also taken a beating. Dogecoin erased the breakneck gains of the week and then some, nearly halving its price after a meteoric climb last weekend. XRP is down 35% week-over-week, Stellar is down 30% and Polkadot is down 25% since last week.
The same goes for the Safemoon exchange compared to the competing exchanges. The number of products that the Safemoon ecosystem will host is less than that of competing parts. In the long run, less revenue will be generated on the Safemoon network, which means the rewards for token staking will be lower compared to platforms like Bitrise.
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One investor who wasn’t deterred was Barstool Sports Inc. founder Dave Portnoy. In May, he announced to his 2.6 million followers on Twitter that he’d bought $40,000 worth, despite saying that SafeMoon could be a Ponzi scheme, a scam in which early investors’ returns are paid with funds coming from later buyers that collapses when new deposits dry up or too many people try to cash out.
Brian Brooks, incoming CEO of crypto exchange Binance.US, tells CNN's Julia Chatterley that "at a certain point, finance will have migrated out of the analog age and into the digital age." He weighs in on Dogecoin, Coinbase, and regulation.
Ken Griffin thinks bitcoin will be replaced by ethereum and says the Reddit-fueled conspiracy theories about his involvement in the GameStop saga are like a bad SNL joke
The decision by Tesla, and announced by Musk, was seen by some as a slight on the credibility of cryptos to become a viable method of payment against physical currencies.
While no official announcement by either of the companies in question has been made in regards to a partnership, social media is full of users waiting for the statement.
“You can’t ever determine how long or how far up a speculative investment can go, and you tend to be very shocked at how much it falls,” she said.
Reported Volume calculates volume from all exchanges with market pairs, but due to factors such as wash trading, it is considered an unreliable metric.
Business SpotlightHong Kong's 29-year-old crypto billionaire: FTX's Sam Bankman-Fried
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How does this latest crash compare to previous ones, or even to regular stock market drops — and what does it mean for investors?
Each addition is known as a block. Blocks consist of all transactions executed since the last new copy of the blockchain was created.
Funding: This work was supported by the Engineering and Physical Sciences Research Council (EPSRC). The funding was received by Ross Phillips (RP) via the DTC in Financial Computing & Analytics; reference number: EP/L015129/1; http://gow.epsrc.ac.uk/NGBOViewGrant.aspx?GrantRef=EP/L015129/1. The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript.
Facebook’s closely guarded Libra project could be the first true cryptocurrency alternative to fiat currencies, although its growing pains suggest that true parity remains well in the future.
Even though the current downside move is sure to shock some investors, slight corrections after reaching new all-time highs are a customary practice for Bitcoin.
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