Difficulties impacted all three SafeMoon wallet products - its Android and iOS versions, and the website's buy and swap function.
These platforms allow holders to exchange their cryptocurrency holdings for major fiat currencies like the U.S. dollar and euro, and for other cryptocurrencies, including less-popular currencies.
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Musk’s decision signifies a sharp u-turn for Tesla who only started accepting Bitcoin as payment for its services in February 2021.
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.
The cryptocurrency market is a vast and sometimes confusing place with different coins to choose from.
This list by no means final, as Binance.US designates it as “Phase 1” digital asset offering, promising to support a wider range of cryptos down the line. The platform hopes to garner broader support in the US by enabling trading USD for popular cryptocurrencies.
Billed as the main rival to Bitcoin, Ethereum’s rise has been nothing short of spectacular. You’ll find all the Ethereum news and guides you’ll ever need right here…
SafeMoon stands from "Safely to the Moon", a phrase that was adopted by Redditors about DogeCoin which refers to the price flying upwards "as high as the Moon".
When Ethereum and Bitcoin crashed, these “discount plays” tanked. Now, as the mainstream plays begin to build momentum, these cryptos are struggling to get off the ground and make space for their own identities.
Shortly after achieving these astronomical new heights, Bitcoin’s price fell back toward $62,700 before recovering slightly to around $64,500, while most altcoins endured near double-digit losses.
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Bitcoin wasn’t the only cryptocurrency to feel the effects of Tesla’s decision. (Pic: Shutterstock)
Cryptocurrencies and decentralised finance tokens are also highly volatile, so your cash can go down as well as up in the blink of an eye.
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.
Experts warn that these can sometimes be a sign of a scam and make it a very high risk investment.
Bhambhwani, S., S. Delikouras, and G. M. Korniotis (2019). “Do fundamentals drive cryptocurrency prices?”, Working paper .
As this platform does business as a separate entity from Binance, the users’ digital assets will be stored in Binance.US wallets only.