Crypto coins use the process of mining and the resulting blockchain as a physical measure of the currency. This is similar to how Reserve Banks used to have gold reserves that backed their fiat currencies.
But even this kind of pullback could not kill the inherent uptrend and in one of our previous reports, we mentioned that a breakout above $62,500 was required for BTC to resume strength.
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Some cryptocurrencies, like Bitcoin, have a finite number of coins that help to generate demand and reinforce their perceived worth. For example, the maximum supply of Bitcoin is capped at 21 million, as determined by the Bitcoin's creator(s).
The cryptocurrency paradigm was heralded by the launch of Bitcoin (BTC) in 2008, inspiring a new technological and social movement. The goal of cryptocurrencies is to provide a medium for global, peer-to-peer transaction settlement that preserves privacy and financial security.
Cryptocurrency firms aren't regulated, which means that you won't have any protection if things go wrong.
With its bullish structure now invalidated, those looking for long positions will need to eye support levels at $2.44 and $2.2. Should the crypto market remain bearish (with BTC having a probability of revisiting $60-62K), these levels are likely to come into play.
Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service
With a year-long spike in the community, Safemoon could trade up to $0.0000089 at the end of next year and peak near an impressive price point for 2022.
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The former head of the Office of the Comptroller of Currency (OCC), Brian Brooks, resigned as CEO of Binance.US last week, The Wall Street Journal reported Friday, citing a post from him on the social media platform Twitter. Brooks had only recently joined the company in the role on May 1.
The SafeMoon wallet, which is live on iOS has seen over 600,000 downloads. And the SafeMoon holders count has surpassed the 2,850,000 milestones. Meanwhile, the SafeMoon Exchange aims to bring tokenomics to all of the cryptos on its platform, which is in the pipeline. The makers refer to it as “Cryptonomics”. SafeMoon ranks among the top De-Fi projects by social activity as of 04th November 2021.
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The breach occurred on November 3 when an “unauthorized third party” gained access to information from a number of users.
GARY GENSLER: This asset class is rife with fraud, scams and abuses in certain applications. There's a great deal of hype and spin about how crypto assets work.
As acting Comptroller of the Currency, he presided over the leading regulator for national banks in the U.S. In that role, he pushed out a number of new authorizations for the integration of cryptocurrency in the banking system, including several fintech charters for banking firms.
Research shows the US taking the top spot for global mining following a crackdown in China.
You can also buy Safemoon from a centralized exchange like BitLink that lists Safemoon for sale.