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So what happened? And is there any hope for a recovery? To answer both, you have to look at quite a few factors.
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Bitcoin is increasingly viewed as a legitimate means of exchange. Many well-known companies accept Bitcoin payments, although most partner with an exchange to convert Bitcoin into U.S. dollars before receiving their funds.
Among the crypto coins likely to upset Safemoon is the Bitrise coin, which is the fastest growing crypto as of writing. The coin was launched at the end of July. Shiba Inu is another coin that has been doing very well since it was launched in August. However, experts have put Safemoon against Bitrise, which is now being taunted as the next 'Safemoon.'
The much-awaited Bitrise dApp wallets have also been released and have been central in driving the coin's value, especially when the Beta 2 version was released. Bitrise wallet is available on Google Play Store for Android phones and currently waiting for listing on Apple App for iOS phones. The wallet combines an intuitive interface with powerful functionality.
Cardano (ADA) broke and closed above the downtrend line on Nov. 9, indicating that the selling pressure is decreasing. The bears are currently attempting to pull the price back below the breakout level.
Bitcoin and Ethereum are in retreat following a flash crash. Binance U.S. was hit with a bug Thursday, resulting in a flash crash that saw Bitcoin’s price plummet by around 90%. Ethereum also dipped 50% on the exchange.
Safemoon has a few unique features that have attracted both praise and criticism. For example, the Safemoon smart contract charges a 10% exit fee for holders who choose to sell. Half of this fee is ‘burned’, while the other is redistributed to remaining token holders, theoretically increasing the value of their holdings over time.
Beyond the clampdown by some governments, what bitcoin really needed to achieve sustained success was overall mainstream acceptance. While some financial institutions announced projects exploring blockchain-based solutions, many others balked.
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At Cointelegraph, we are chronicling the ongoing story of cryptocurrency and the rise of a borderless, permissionless financial system. How will industry stakeholders work to make crypto a mainstay in people’s lives? How will crypto investments change the paradigm of the current financial system? And will incumbent and legacy systems accept or fight this change?
Users can create scenes, graphics, challenges as well as trade digital assets including LAND, estates, and avatar apparel.
For upcoming projects, DogeZilla is planning to launch an NFTs Invasion Series in early 2022.
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Asset manager’s planned launch will significantly undercut ProShares’ BITO and Valkyrie’s BTF