The 2-year-old exchange, already the largest in the world by volume, revealed in June that it would stop serving U.S. customers on September 12 as it plans to formally enter the American market with a regulated fiat-to-crypto exchange.
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Yes, cryptocurrencies are a medium of exchange, which can be used to make payments for online purchases. There are hundreds of online shops and retailers that accept Bitcoin and other cryptocurrencies. However, there is a catch. Both the buyer and seller should agree to accept the particular cryptocurrency for the deal. There are various search engines to find the goods and services that can be purchased using cryptocurrencies.
It’s impossible to determine at this point whether SafeMoon is a riskier investment than any of the other 4,000 or so active cryptocurrencies. Crypto skeptics like Megan Horneman, direct of portfolio strategy at Verdence Capital Advisors, warns investors to steer away from all digital coins, since they have no underlying assets and are threatened by regulatory oversight.
Cardano (ADA) broke and closed above the downtrend line on Nov. 9, indicating that the selling pressure is decreasing. The bears are currently attempting to pull the price back below the breakout level.
As explained in its roadmap, the SafeMoon team hope to begin a "community listing donation raise for several exchanges" in Q3 2021. As of July 21, this has not yet started.
"Nevertheless, with central banks likely to begin raising rates and tapering its stimulus package, investors are looking for a store of value that is perhaps less susceptible to these changes.
A look at the recent charts shows that Safemoon has been on a downward trend since the start of November. Safemoon has also not been doing very well since its last all-time high around 21st April 2021. Despite a surge in mid-May, the next time Safemoon experienced bullish growth was the end of October.
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"Some of the NFT collections had bounced by 50-60% in the past few days, which indicates a possible reversal in the coming weeks," he added.
With cryptocurrencies often moving in tandem with Bitcoin, Ethereum was trading up nearly 11% on the last seven days after hitting a new record high of almost $5,000 on Tuesday morning.
A cryptocurrency’s blockchain is the master public ledger that records and stores all prior transactions and activity, validating ownership of all units of the currency at any given point in time.
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