In early November, FTM formed an inverse head and shoulder pattern, eventually breaking the neckline with a steep rise close to $3.2. However, it is now recovering from the steep drop it experienced overnight along with the market. On its way down, it broke through several local support levels.
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But while it’s based on sound, democratic principles, cryptocurrency remains a technological and practical work in progress. For the foreseeable future, nation-states’ near-monopoly on currency production and monetary policy appears secure.
Earlier today, Bitcoin (CRYPTO: BTC) flash crashed to $8,000 on Binance U.S., the American trading platform of the world's top crypto exchange Binance.
Bitcoin is inarguably the most famous cryptocurrency to date. Designed by an anonymous individual under the pseudonym ‘Satoshi Nakamoto’ in 2008, it is the biggest by some distance in terms of market capitalization.* It can be used as a medium of exchange, with companies in sectors ranging from travel to gift cards to jewellers having accepted Bitcoin as payment through anonymous transactions.
More popular cryptocurrencies, such as Bitcoin and Ripple, trade on special secondary exchanges similar to forex exchanges for fiat currencies. (The now-defunct Mt. Gox is one example of an exchange.)
As we don’t know exactly how to classify them, it’s difficult to attribute a direct causality to a specific factor and a crypto’s rise or dive in value.
Meanwhile, Ethereum also hit a record — rising to $4,837.59, according to CoinMarketCap.
There is a lot of volatility in the cryptocurrency space due to the industry’s newness. Investors are seeking to experiment with their money to generate riches quickly and figure out how cryptocurrency prices vary and whether they can affect them.
Bitcoin is inarguably the most famous cryptocurrency to date. Designed by an anonymous individual under the pseudonym ‘Satoshi Nakamoto’ in 2008, it is the biggest by some distance in terms of market capitalization.* It can be used as a medium of exchange, with companies in sectors ranging from travel to gift cards to jewellers having accepted Bitcoin as payment through anonymous transactions.
SafeMoon doesn't tout itself as a cryptocurrency but instead as a DeFi token, a decentralised finance token. DeFi’s aim is to bring about disruption to the financial world and enable people to lend in peer-to-peer networks without needing a physical bank.
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Binance represents the collection of a huge number of customers all over the world. Naturally, this means that the Binance international exchange has a very large liquidity pool. As the world leader in centralized exchanges, Binance also has a world-leading liquidity pool. In May of 2021, the crypto exchange recorded a spot trading volume of $1.5 trillion.
Yet some crypto watchers have raised red flags over SafeMoon’s unusual structure. It charges a 10% fee to buy tokens and another 10% to sell -- almost unheard of in the digital currency world. Half of these fees are paid to owners as an incentive to keep holding and the other half goes into a liquidity pool controlled by the developers. SafeMoon calls itself a DeFi token, or one that uses decentralized finance to govern functions through software, but it has a chief executive officer and chief operating officer. Critics also worry about the discretionary nature of the “manual” coin burns used to adjust its circulation.
Among those who called it, hedge fund manager Mark Dow wrote almost exactly a year ago about his decision to short bitcoin after future trading on it first began:
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Other criticism of the founding team has come on the back of several promised developments of a Safemoon ‘ecosystem’ (including a bespoke wallet application) that have thus far fallen short of expectations.