But whether that growth is sustainable, and what it means long-term, is still in question. “This crypto, blockchain technology, the public interest in it right now is being driven by a kind of speculative fever,” says Dr. Richard Smith, executive director of the Foundation for the Study of Cycles, a nonprofit organization dedicated to studying recurring patterns throughout economies and cultures.
Several factors explain why Binance.US launched a separate platform. Changes in regulations and Binance’s own rules reaction to external changes stand out as a large driver.
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Regulation across borders has to keep up with the rapidly advancing pace of cryptocurrency development. Due to the decentralized nature of cryptocurrencies, this is a complex matter, with international disagreement ranging from the legitimacy of currency status, or even whether they should be made illegal.
The SafeMoon Protocol is a community driven, fair launched DeFi Token. Three simple functions occur during each trade: Reflection, LP Acquisition, & Burn.
Currently, the price of Safemoon is hovering around the $0.0000014 level. This is around 90% down from the heights the coin reached in April 2021.
Meanwhile, Ethereum also hit a record — rising to $4,837.59, according to CoinMarketCap.
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So far, the main thing that has driven Safemoon has been the hype generated by celebrity backing. Celebrities such as Jake Paul, Afrojack, and Keemstar have also promoted the coin this year, leading to significant price increases.
“I know these things are super volatile, like some days they can go down 80%,” Humphrey Yang, the personal finance expert behind Humphrey Talks, previously told NextAdvisor. “But if you believe in the long-term potential of [Bitcoin], just don’t check on it. That’s the best thing you can do.”
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The former head of the Office of the Comptroller of Currency (OCC), Brian Brooks, resigned as CEO of Binance.US last week, The Wall Street Journal reported Friday, citing a post from him on the social media platform Twitter. Brooks had only recently joined the company in the role on May 1.
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.
The teenager set up a fake gift voucher website and bought a haul of Bitcoins which soared in value.
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Cryptocurrency prices continued to tumble Friday with Bitcoin leading the charge, with prices for the internet currency dipping below $50,000 for the first time since early March.
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