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"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 flag-wavers point to these and other concerns to warn that SafeMoon may not, in fact, be safe.
Despite the flurry of activity and popularity around emerging alt and meme coins like Shiba Inu coin, market analysts have said that fears over rising inflation are seeing traders shore up support in Bitcoin and major cryptocurrencies.
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“It was almost like you just gave a 21-year-old a million dollars,” Harrison said. “I get it — they were excited to be so popular.”
Like most things with cryptocurrency, regulation comes with hurdles. “There are different agencies that may or may not have jurisdiction to oversee everything,” says Wang. “And it differs state by state.”
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Several other regulators, including from Hong Kong, Germany, Japan, Italy, and Thailand, followed with various warnings, with the Netherlands the latest to do so this week. Hong Kong initially raised the alarm over crypto derivatives related to listed stocks which Binance stopped offering last month. In late July, Binance said it would cease to offer all derivative products in Germany, Italy and the Netherlands. Does Twitter’s new crypto leader signal end to Dorsey’s Bitcoin maximalism? Stablecoin issuer Circle launches venture fund, invests in JPYC Ripple launches new crypto solution Liquidity Hub, beyond XRP Ex SEC Chair Jay Clayton to advise crypto custody firm Fireblocks
Markets data delayed by at least 15 minutes. © THE FINANCIAL TIMES LTD 2021. FT and ‘Financial Times’ are trademarks of The Financial Times Ltd.
But it wasn’t just outside pessimism that led to the slump, but infighting as well. Blockchains are decentralized, and democratic systems require buy-in from participants in order to keep the engines running. When there’s a schism that can’t be decided by the majority, all hell breaks loose.
Safemoon is a token on the Binance Smart Chain rather than a coin on its own blockchain. This fact makes purchasing Safemoon very easy. You can swap other tokens for Safemoon on a decentralized exchange (DEX) like PancakeSwap on the BSC.
New Delhi: Major cryptocurrencies witnessed a fall on Thursday amid global inflation concerns, which made other currencies and gold attractive. Barring Solana, all other nine out of the top 10 cryptocurrencies were trading lower at 9.30 hours IST. Cardano, Dogecoin and Polkadot shed up to 5 per cent each.
Ethereum has increased by 1.8 percent to $4,806. Like Bitcoin, over the last week, Ethereum too has surged more than 10 percent.
For upcoming projects, DogeZilla is planning to launch an NFTs Invasion Series in early 2022.
Any claims that a particular cryptocurrency confers total anonymity or immunity from legal accountability are worthy of deep skepticism, as are claims that individual cryptocurrencies represent foolproof investment opportunities or inflation hedges.