"Nowadays new coins can be listed on decentralised exchanges on the first day they are created, without any regulation or due diligence," said Jinnan Ouyang from Singapore-based crypto company Openmining.
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The supply of a cryptocurrency depends on how many new coins are being mined and how many current owners want to sell their coins.
So what happened? And is there any hope for a recovery? To answer both, you have to look at quite a few factors.
Anyway, SafeMoon has been under the eyes of skepticism. Professionals say that it is an unpredictable business to put money into SafeMoon as it isn’t directed by using any particular means. It has been compared with a Ponzi Scheme as most liquidity is claimed by the group. SafeMoon has excused these cynics and has declared its precise path for the coming years. The group intends to coordinate SafeMoon with African Markets, investigate different trades like Binance, and even begin its own trade.
The CEO of the electric vehicle pioneer detailed his sales to the Securities and Exchange Commission. He exercised 2.2 million options, sold some to pay income tax, and then sold 3.6 million more shares.
Musk has been a long-time advocate of cryptocurrencies and the Tesla decision was felt across the market, with other digital tokens going down in price.
Gensler recently went so far as to say investors are “likely to get hurt” if stricter regulation is not introduced. Plus, the IRS has an obvious interest in making sure investors know how to report virtual currency when they file their taxes.
Investing is always a risk but investing in cryptocurrency is an even higher risk as they are VERY volatile.
Cryptocurrency markets are decentralised, which means they are not issued or backed by a central authority such as a government. Instead, they run across a network of computers. However, cryptocurrencies can be bought and sold via exchanges and stored in ‘wallets’ .
Ultimately, many experts believe regulation is a good thing for the industry. “Sensible regulation is a win for everyone,” says Ben Weiss, CEO and cofounder of CoinFlip, a cryptocurrency buying platform and crypto ATM network. “It gives people more confidence in crypto, but I think it’s something we have to take our time on and we have to get it right.”
Bitcoin (BTC) plummeted 2.18% to $66k at the time of writing. Bitcoin’s dominance is currently 43.35%, a decrease of 0.34% over the day.
Ultimately, Brooks served as the comptroller less than a year, from May 2020 to January 2021. At the OCC, Brooks established a reputation as a crypto-currency-friendly regulator, earning the nickname "CryptoComptroller."
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Often, they coordinate with these outlets and have a few moles in the forums whose sole purpose is to get people excited about their projects so more start buying their coins, causing the price to rise.
Crypto exchange urges investors to take ‘long-term’ view while results suggest feverish dealings have cooled