What is SafeMoon? The new cryptocurrency and how it compares to DogeCoin and Bitcoin
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Speculation is a prominent influence on cryptocurrency prices. As seen with the collapse of Bitcoin’s price in 2018, following a bull run from around $1,000 to just shy of $20,000 in 2017, experienced and inexperienced traders alike can go long for too long – expecting the price to keep rising and fearing missing out on the party.
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
We’re certainly in a much different place now than we were 12 months ago. What was a hot commodity has turned into a hot potato nobody wants to touch. Still, this almost certainly won’t be the end for bitcoin, or cryptocurrencies as a whole. Despite the realization that it was a bubble, even the toughest critics see some sort of a future.
Because most cryptocurrencies aren’t regulated by national governments, they’re considered alternative currencies — mediums of financial exchange that exist outside the bounds of state monetary policy.
Traders can choose strategies such as day trading, where positions are opened and closed within a day for quick profits, or go for a scalping strategy, taking small profits from a large number of trades. Other strategies include trend trading, swing trading, and position trading.
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Among those who called it, hedge fund manager Mark Dow wrote almost exactly a year ago about his decision to short bitcoin after future trading on it first began:
Wavelet coherence plots between (a) Bitcoin and Litecoin prices; (b) Bitcoin and Monero prices; (c) Bitcoin and Ethereum.
More rich young investors are opting to go without a traditional financial adviser. Instead, they are betting they can get good-enough investment options from do-it-yourself digital platforms that are cheap and easy to use. Many also want to invest in riskier assets, like cryptocurrencies and tech startups.
It follows recent crashes brought on by Tesla making a u-turn on accepting Bitcoin as payment for its products and China clamping down on initial coin offerings, block exchanges and warned against speculative trading.
How a Canadian nursing student launched Ass Finance and built a community of 100,000+ token holders
— Michelle Anderson is now head of marketing and development at ROKK Solutions. She’d been a senior adviser for the public affairs firm since April 2020.
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We’ve seen Bitcoin hit multiple new all-time high prices, regulatory talks with potential to have big impact on the industry, and more institutional buy-in from major companies. All the while, people’s interest in crypto has skyrocketed this year: it’s a hot topic not only among investors but in popular culture too, thanks to everyone from long-standing investors like Elon Musk to that kid from your high school on Facebook.