But while it’s based on sound, democratic principles, cryptocurrency remains a technological and practical work in progress. For the foreseeable future, nation-states’ near-monopoly on currency production and monetary policy appears secure.
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CFDs trading are derivatives, which enable you to speculate on cryptocurrency price movements without taking ownership of the underlying coins. You can go long (‘buy’) if you think a cryptocurrency will rise in value, or short (‘sell’) if you think it will fall.
In the past 24 hours, the cryptocurrency has surged 93%. It's currently trading at less than $0.000000000001, according to CoinMarketCap.
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SafeMoon captured attention from the get-go. Its name evokes a prudent form of the “to the moon” mantra embraced by crypto crowds looking for prices to burst straight up.
While the recent price history suggests that a meaningful rebound is imminent, it is crucial to pay attention to Bitcoin’s interaction with the 50 four-hour moving average at $62,000. Any increase in selling pressure that leads to a break of the support level could invalidate the optimistic outlook.
Bitcoin wasn’t the only cryptocurrency to feel the effects of Tesla’s decision. (Pic: Shutterstock)
Overall, we’d urge you to do your own research if you were to invest in Safemoon. Common investment advice states that the cryptocurrencies which perform the best over the longer term are those with real-world utility, which Safemoon doesn’t seem to have at present. Although the developers may improve the protocol and create some valuable use cases, there is still the chance that this coin could be a ‘memecoin’.
Elon Musk changes his Twitter name to 'Lorde Edge' - and some users see it as a nod to dogecoin
What is SafeMoon? The new cryptocurrency and how it compares to DogeCoin and Bitcoin
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Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut 8" or the "Company"), one of North America's largest, innovation-focused digital assets mining pioneers, supporting open and decentralized systems since 2018, is pleased to announce its financial results for the quarter ending September 30, 2021 ("Q3-2021"). All dollar figures are in Canadian Dollars ("CAD"), unless otherwise stated.
The bullish rise and increased confidence in Bitcoin will likely see it remain at prices fluctuating between $60,000 and $70,000 but with increased resistance as it looks toward a $100,000 price prediction in 2022.
Bitcoin was trading 1.5% lower Thursday morning. The price was around $59,000 per coin.
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.