Safemoon crypto recently began to spike in price after the developers announced a new cryptocurrency wallet. The Safemoon digital currency wallet is coming soon and the project has been heavily advertising it. With this extra string in its bow, many are rushing to invest in the native Safemoon altcoin.
SHIBA Inu coin was up in the early hours of Thursday as Bitcoin fell after fears of a "crash".
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There is no publicly available information about what percentage of assets held by the exchange are kept in secure, offline cold storage vs. online hot wallets, or if there is an insurance policy that protects investors. You must have a Binance.US account to send queries to the help desk, so we were unable to get more information that way.
Mainstream companies across industries have taken interest — and in some cases themselves invested in — cryptocurrency and blockchain in 2021. AMC, for example, recently announced it will be able to accept Bitcoin payments by the end of this year. Fintech companies like PayPal and Square are also betting on crypto by allowing users to buy on their platforms. Tesla continues to go back and forth on its acceptance of Bitcoin payments, though the company holds billions in crypto assets. Experts predict more and more of this buy-in.
In fairness, this is not due to any failing from Binance.US specifically, but rather, is due to the regulatory hurdles it must contend with. That being said, Binance.US currently has 53 cryptocurrencies (including stablecoins) available for trading.
According to a tweet from the official SafeMoon Twitter account, the problems affected all three wallet products. Namely, the website buy and swap function, the Android wallet, and its iOS counterpart.
CYNTHIA LUMMIS: My son-in-law has a shirt that says friends don't let friends sell bitcoin. And that is my investment strategy for bitcoin.
It was a wild ride for SafeMoon, with its prices exploding in the first few weeks before crashing down.
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Senior fellow at the Peterson Institute for International Economics. Adjunct professor at Georgetown University.
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