Billionaire Elon Musk has also already gotten involved with DogeZilla by posting a tweet.
Under the new law, El Salvador will “promote necessary training and mechanisms so that the population can access [Bitcoin] transactions.”
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Headed by Canadian Changpeng Zhao, Binance offers a wide range of services globally, from crypto spot and derivatives trading to tokenised versions of stocks, as well as its own cryptocurrency, Binance Coin.
A look at recent charts shows that Safemoon has been on a downtrend since early November. Safemoon has also not been doing very well since its last all-time high around April 21, 2021. Despite rising in mid-May, the next time Safemoon saw bullish growth was at the end of October.
The first thing to note is that Safemoon is not currently listed on any major cryptocurrency exchanges such as Binance or Coinbase. Due to this, the amount of liquidity is relatively low, meaning that technical analysis isn’t as accurate as digital coins with high liquidity. The low liquidity of Safemoon means that large buy orders tend to boost price significantly – which, in turn, leads more people to buy into the ‘hype’.
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.
With a year-long spike in the community, Safemoon could trade up to $0.0000089 at the end of next year and peak near an impressive price point for 2022.
However, investing in a crypto ETF, like BITO, still carries the same risk as any crypto investment. It’s still a speculative and volatile investment. If you’re not willing to lose the money you put into crypto by purchasing on an exchange, then you shouldn’t put it in a crypto fund either. Carefully consider if you’re willing to take on the risk of having cryptocurrency in your portfolio at all.
At the end of 2017 and beginning of 2018, more people–especially those in the mainstream finance world–were paying attention to bitcoin and cryptocurrency trading. And in early January 2018, the Japanese exchange Coincheck disclosed a hack worth a whopping $534 million. This happened right around the time that bitcoin slipped from its peak value, and it certainly seemed to accelerate its drop.
The inability to get SEC approval really held back bitcoin and cryptocurrencies in general. It sent the message, says Innes, “that there wasn’t underlying support from Wall Street.” Meanwhile, the price dropped from around $10,000 to $6,000.
“I know these things are super volatile, like some days they can go down 80%,” Humphrey Yang, the personal finance expert behind Humphrey Talks, previously told NextAdvisor. “But if you believe in the long-term potential of [Bitcoin], just don’t check on it. That’s the best thing you can do.”
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“We’ve seen a tremendous amount of inflow of attention, and that’s going to continue to drive the growth of the industry for a while now,” says Abner.
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.
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People considering investing in Bitcoin or shares and stocks have also been warned over "risky" tips being shared on TikTok.