The global cryptocurrency market cap has grown by 2.63 percent over the previous day to $2.94 trillion, data from coinmarketcap.com shows.
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Trading fees are extremely important when evaluating where to trade. While some exchanges like Coinbase (Coinbase Pro is much cheaper) and Gemini are known for being rather expensive, Binance is known for offering some of the lowest cryptocurrency trading fees in the world. Once again, U.S. citizens are probably wondering whether Binance.US can match Binance in this category.
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The token is listed on over 12 crypto exchanges and posted a 3% drop in price over the past 24 hours.
Another institutional hit for bitcoin–which probably had the most sustained effect–was the SEC’s refusal to approve a bitcoin exchange-traded fund (ETF). This would be a path for more mainstream people in finance to dabble with blockchain; it would allow investors to dip their toes in bitcoin without owning the actual asset. Not only that, but it would make bitcoin available on the most prominent financial markets. The U.S. Securities and Exchange Commission (SEC), however, has yet to allow such a fund to exist–mostly because it is unable to monitor crypto-transactions in order to avoid market manipulation.
The hype surrounding popular memecoin Dogecoin had appeared to diminish recently as new altcoins took centre stage.
Dogecoin, founded in 2012 as a joke, has drawn widespread attention from high-profile personalities such as billionaire entrepreneur Elon Musk and rapper Snoop Dogg.
On Tuesday 9 November, Bitcoin’s price was trading up by roughly 11.5% on the last week after soaring to a new record price of over $68,000 on Tuesday morning.
With its hourly RSI nearly bottoming out at around 30, there is a case for optimism. However, to resume bullish movement, FTM will need to hold $2.5 and the nearest resistance at $2.72, based on a 50% fibonacci retracement. It will then need to claim the $2.87 level in the short term. Should it succeed, the key daily level of $3.18 is attainable.
Though both assets posted a quick recovery, the event has made a significant impact on the market. Bitcoin retraced by 7.4% a few hours after making a new all-time high at $67,000.
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These are just two of the crypto coins challenging the dominance of Safemoon, and some like Bitrise are putting up a very tough competition to Safemoon based on the products offered, among many other features. From the powerful wallet to the exchanges, among many other products, the coin is one of toughest Safemoon competitors.
Bitcoin and some other cryptocurrencies’ values have skyrocketed in recent years. Bitcoin’s price has more than doubled in 2021, and Ethereum has more than quadrupled in value this year.
Numerous promises were made by the Safemoon team, which haven’t been delivered on. Although the price decreases could be a variety of things, it’s likely a slow burn of investors selling their holdings and depressing the price.