It came after the electric car company bought $1.5b (£1.06b) of Bitcoin shares, which in turn sent the market price of both the crypto and Tesla soaring.
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Fig 7. Visualisation of the average wavelet coherence values for bubble (solid) and non-bubble (dashed) regimes decomposed by period band.
There can be plenty of new cryptocurrency that can pop up and become popular all of a sudden which can confuse investors and those interested in cryptocurrency. One of the newest cryptocurrency that has come to the scene is SafeMoon which has seen a massive increase in interest lately.
Before interacting with any given asset, it may be important to look up the asset’s type and function depending on your goals. Not all digital assets were created for investment purposes.
Cryptocurrencies can be highly sensitive to news announcements. The type of news that can affect the price ranges from the CEO of JPMorgan Chase calling Bitcoin a ‘fraud’ to details of networks being hacked. Also, economic and political events affecting fiat currencies can lead traders to lose faith in these more traditional trades and turn to cryptocurrencies, pushing up the price.
To investors hunting for the next Dogecoin, the more than 19,000 per cent price gain that cryptocurrency SafeMoon posted in its early weeks was like catnip. Though the price of the four-month-old token has dropped since then, more than 2.4 million investors have bought it, according to its developers.
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"It is one of many schemes by which naïve retail investors are drawn in and exploited by malevolent crypto promoters," Cornell University economist Eswar Prasad told the BBC.
The global cryptocurrency market cap has grown by 2.63 percent over the previous day to $2.94 trillion, data from coinmarketcap.com shows.
“Even with how nascent this industry is, the serious Decentraland players have managed to create a significant income from buying and selling Nft items,” Patrick Moore, founder and creator of Bitcoin and cryptocurrency information website CryptoWhat, told The Sun.
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There have been previous reports that Binance.US keeps users’ USD in FDIC-insured accounts, but posts on the Binance.US site containing that information have since been deleted. While it doesn’t guarantee the same in case of a Binance.US hack, the international version of the exchange, Binance, covered all consumer losses after a $40 million hack in 2019.
But before you look further make sure you’re aware of the risks when it comes to cryptocurrencies in general.