Yet tales of meme-coin holders becoming millionaires have attracted new waves of retail investors to crypto -- along with a growing number of nefarious players. In May, the Federal Trade Commission tallied a record number of crypto investment scams, with Americans’ losses totaling around $80 million since October.
While its price swiftly dropped to below $65,000 after hitting the new all-time high Wednesday, Bitcoin’s latest new record is an impressive feat considering just a year ago the currency hovered around $15,000 per coin. Ethereum — the next most popular crypto — has seen a recent surge as well, and on Wednesday notched another new all-time high of its own above $4,800.
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That lack of widespread adoption, plus crypto’s volatility, limits its use as a currency, says Roger Aliaga-Díaz, principal and senior economist with Vanguard Investment Strategy Group.
Palantir's (NYSE: PLTR) stock price tumbled 9% on Tuesday after the data-mining firm posted its third-quarter earnings. The pullback was a bit surprising since its growth rates looked healthy and it offered rosy guidance for the full year.
Bitcoin rose as much as 5.6% on Monday to $66,414, nearing its previous record of about $67,000. Ether advanced as much as 3% to a new high of $4,768.
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The price of Loopring has risen over 400 per cent since the initial rumors began to spread.
The Bitrise coin has been a very aggressive coin in the crypto market in the last few months. Since the coin hit the market in July, the value growth has been impressive. The first investors who bought the token are now sitting at thousands and millions of dollars in profit.
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Some speculated the Chinese giant had missed its loan payments, however, Bloomberg reported it paid delayed interest on at least two loans to avoid a default.
SafeMoon’s Facebook page states: “Remember, getting to the moon takes time and the longer you hold the more tokens you pick up.”
Altcoins are alternative versions of Bitcoins, but with minor changes. They are often a result of a Bitcoin fork. There are many different types of altcoins.
As of 8am ET on Thursday morning, it was slightly up in early trading. Bitcoin, however, was down under $65,000 at 8am ET, according to CoinBase.
According to Karony, SafeMoon could soon be listed on top cryptocurrency exchanges, increasing the accessibility of the token.
These platforms allow holders to exchange their cryptocurrency holdings for major fiat currencies like the U.S. dollar and euro, and for other cryptocurrencies, including less-popular currencies.
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Investors that may have once dismissed it, ought now to consider taking part in it