“It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”
But before you look further make sure you’re aware of the risks when it comes to cryptocurrencies in general.
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"With more participants in Bitcoin, there is perhaps less volatility, which is in turn attracting more institutional investors and further promoting the stability of the popular cryptocurrency.”
A further blow was dealt when China ordered Bitcoin mining in its Sichuan province to shut down completely and furthermore told banks to stop supporting crypto transactions, in a latest wave of restrictions on cryptos.
The first thing to note is that Safemoon is not currently listed on any major cryptocurrency exchanges such as Binance or Coinbase. Due to this, the amount of liquidity is relatively low, meaning that technical analysis isn’t as accurate as digital coins with high liquidity. The low liquidity of Safemoon means that large buy orders tend to boost price significantly – which, in turn, leads more people to buy into the ‘hype’.
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Cryptocurrency prices today: Bitcoin rises over 4%; Ethereum, Dogecoin & Litecoin gain up to 18.7% The price of Bitcoin rose 4.63% to $68,351 on Coinmarketcap. Market cap of the cryptocurrency reached $1,288.07 billion. Currently, the global crypto market cap stands at $2.94 trillion, an increase of 3.21%. Other cryptocurrencies were also trading in the green. BusinessToday.In Nov 09, 2021, Updated Nov 09, 2021, 10:09 AM IST
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Cryptocurrencies do not exist as a stack of notes or coins. Instead, they live only on the internet. Consider them virtual tokens, the value of which is decided by market forces created by those seeking to purchase or sell them.
Chief among them was PayPal, which made Tesla founder and noted cryptocurrency advocate Elon Musk’s first fortune and proved to be a harbinger of today’s mobile payment technologies that have exploded in popularity over the past 10 years.
His appointment with Binance was seen as a sign that Binance was seeking an image of greater transparency through hiring well-regarded regulators to senior roles.