Just as the desirability of its products impacts a company’s share price, the crypto monetary system impacts the cost of crypto trading. The value of a cryptocurrency is primarily affected by its supply, the market’s demand for it, availability, and competing cryptocurrencies.
Even after falling back from its latest all-time high price, Bitcoin’s current price still represents a big upswing from the low $40,000 range seen in September.
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Even though many coins are on an uptrend, Bitrise is worth considering as thousands of Shiba Inu and Safemoon holders have joined since its release.
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Discrepancy in price of token on spot and futures markets opens opportunities for arbitrageurs
SHIBA INU (SHIB) rose above the downtrend line on Nov. 9 but the bulls could not sustain the higher levels. This shows that every rise is being sold by the bears.
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Another property of Safemoon which has attracted wide criticism is the ownership pattern of the current supply of the token. A large proportion of Safemoon’s total liquidity is owned by members of the founding team. Although these funds are in a so-called lock-up, such concentration of ownership is often a cause for serious concern in the crypto space. In part, this concern is because of the influence that major holders—called whales—have over price movements when they sell.
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Some investors have predicted even bigger gains for Bitcoin, despite continued criticism of the cryptocurrency by JPMorgan Chase (JPM)CEO Jamie Dimon, who has called the coin "worthless."
New York, New York--(Newsfile Corp. - November 5, 2021) - The bullish performance of Bitrise coin has shocked many, especially the pessimist who never gave the coin a chance. The coin continues to attract thousands of members every day, with its popularity making it a trend on major platforms. Today, Safemoon community members are joining Bitrise coin, something that was unthinkable in July and thereabout.
Last but not least, Galaxy Digital Holdings Ltd (OTC: BRPHF) CEO Mike Novogratz also recently said he expects Bitcoin and the crypto market as a whole to pull off another "parabolic move."
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In the meantime, the Indian government is considering a middle path on cryptocurrencies, as it finalises legislation on the virtual asset to be introduced in the upcoming winter session of Parliament. The hard-line stance for an outright ban of cryptos is not being found feasible in view of large investments in such instruments by Indians, and these unregulated virtual currencies are also unlikely to be allowed as a legal tender.