One of the fastest-growing pension markets in the world could be about to dive into crypto.
Crypto companies such as miners Marathon Digital Holdings Inc. and Riot Blockchain Inc. each rallied more than 10% Monday. Coinbase Global Inc., the largest U.S. exchange, gained as much as 3.6%, a day before reporting third-quarter results.
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Wallets used by cryptocurrency exchanges are somewhat vulnerable to hacking. For instance, Japan-based Bitcoin exchange Mt. Gox shut down and declared bankruptcy a few years back after hackers systematically relieved it of more than $450 million in Bitcoin exchanged over its servers.
New short-term investors who are selling their holdings in reaction to the drop may be influencing the continued dip in Bitcoin’s value, according to a recent report from Glassnode Insights, a blockchain analysis firm.
The flag-wavers point to these and other concerns to warn that SafeMoon may not, in fact, be safe.
Litecoin zoomed 18.71% to $246.43 and Uniswap was trading 3.31% higher at $26.65.
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US-based digital payments major Visa, and Metaverse - a new generation online virtual reality space have come together in buying their first crypto asset.
When the coin gets accepted the way Dogecoin and Shiba Inu have, SafeMoon’s price could propel to new highs. It’s only a matter of time for that to happen and won’t take too long to get there.
Bitcoin set another new all-time high Wednesday afternoon over $68,000. And then it promptly dropped down to below $65,000, where it remains Thursday morning.
A break and close above the channel will indicate strength and the pair may rally to $300 and then to $321. Conversely, if bears sink the price below the channel and the $216 support, the decline could extend to the 50-day SMA ($179).
When Bitcoin’s price exploded in late 2017, so did the interest of the general public in cryptocurrencies. Internet searches for Bitcoin, cryptocurrencies, and crypto prices skyrocketed. Many people weren’t able to resist the fear of missing out on the massive gains the early adopters were experiencing as crypto prices rose quickly. When the inevitable correction came and crypto prices fell, those who bought towards the end of the bull run immediately saw the value of their holdings halved. Despair and anguish followed, but the enthusiasm of the crypto community hasn’t faltered.
Corbet, S., B. Lucey, and L. Yarovaya (2018), “Datestamping the Bitcoin and Ethereum bubbles”, Finance Research Letters 26, 81–88.
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Here are some cryptocurrencies that may be unworthy of a slot in your investment portfolio:
Karony likens SafeMoon’s holder payments to the beginnings of businesses like Amazon.com Inc., where “earlier investors receive higher returns and growth because the initial risk they took was higher than those who joined later.”
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