Even with its usual ups and downs, Bitcoin has mostly been on the rise following a drop under $30,000 in July.
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 US$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.
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Squid's developers have made off with an estimated $3.38m (£2.48m), according to technology website Gizmodo.
But what is SafeMoon and why has it garnered such an interest? And is it something you should look out for?
A self-contained metaverse featuring everything from 2D images to 3D experiences. Unlock the secrets of cryptocurrency and FinTech with these massively discounted training classes Programmer pleads guilty to advising North Korea on evading sanctions via cryptocurrency
Other criticism of the founding team has come on the back of several promised developments of a Safemoon ‘ecosystem’ (including a bespoke wallet application) that have thus far fallen short of expectations.
Musk’s decision signifies a sharp u-turn for Tesla who only started accepting Bitcoin as payment for its services in February 2021.
Being a crypto investor, it’s important to know the liquidity and pricing for each market. Track over 16,000+ crypto markets from CoinMarketCap, and find exchange rankings, volumes and charts. Get details for each exchange’s active markets and fee structures.
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Now that Bitcoin has reached the channel’s lower trendline, an upswing toward its middle or upper trendline could be underway. These crucial areas of resistance sit at $66,000 and $70,000 respectively.
Insurance and risk management for digital assets will increase investor confidence, said OneDegree.
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You may not own cryptocurrency or nonfungible tokens. You may not have a big Instagram following or run an online business. But if you do almost anything online, you probably have digital assets — electronic records that you own, control or license.
Competing interests: The authors have declared that no competing interests exist.