There can be plenty of new cryptocurrency that can pop up and become popular all of a sudden which can confuse investors and those interested in cryptocurrency. One of the newest cryptocurrency that has come to the scene is SafeMoon which has seen a massive increase in interest lately.
“This is because if the bill passes, exchanges will have to issue 1099-B tax forms with cost basis information to investors,” Shehan Chandrasekera, CPA, head of tax strategy at CoinTracker.io, a crypto tax software company, recently told NextAdvisor. “This will significantly reduce the crypto tax filing burden.”
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Despite its success, SafeMoon still remains to be an undervalued crypto among the investors’ community. The coin is still in its initial days as it was launched in March, 2021. Early investors would be rewarded in the long run when the token finds it way into top trading platforms.
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The global cryptocurrency market cap has grown by 2.63 percent over the previous day to $2.94 trillion, data from coinmarketcap.com shows.
The country will be the first to recognise the crypto-currency as legal tender from September 7.
After all, gold is often touted as the ultimate inflation hedge, yet it’s still subject to wild volatility — more so than many developed countries’ fiat currencies.
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IG offers trading on nine of the most valuable cryptocurrencies: bitcoin, bitcoin cash, bitcoin gold, ether, ripple, litecoin, EOS, stellar (XLM) and NEO.
Polkadot has increased more than 9 percent in the last week. It is trading at $52.87.
Musk’s influence cannot be underestimated as, even though the likes of PayPal, Mastercard and Facebook have backed cryptos, the Tesla announcement still rocked the market.
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.'
SafeMoon’s upcoming upgrade, V2, is expected to enhance the token’s security, quality and accessibility. The SafeMoon community widely anticipates the launch of the V2 upgrade, and investors expect SafeMoon to recover from the recent drop in price.
“Expect very high volatility in crypto over the next few months,” he tweeted on Oct. 21.
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