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That’s the same crowd that has pumped up the prices this year for other crypto like Shiba Inu and Dogecoin.
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While Bitcoin tumbled, Ethereum was heavily rejected on Oct. 21 as it approached its mid-May all-time high at $4,380.
Unlike traditional payment processors, such as PayPal and credit cards, most cryptocurrencies have no built-in refund or chargeback functions, although some newer cryptocurrencies have rudimentary refund features.
DeFi stands for decentralised finance token. They are very complex but essentially aim to disrupt the finance world to enable people to follow and lend in peer-to-peer networks, without needing a bank.
Among the crypto coins likely to upset Safemoon is the Bitrise coin, which is the fastest growing crypto as of writing. The coin was launched at the end of July. Shiba Inu is another coin that has been doing very well since it was launched in August. However, experts have put Safemoon against Bitrise, which is now being taunted as the next 'Safemoon.'
Nelson primarily invests in low cost index funds because “I can see history on that,” she says. The newness of cryptocurrency and lack of trackable data make her wary of these crazy swings.
WARREN DAVIDSON: The industry is basically pleading, give us some regulatory clarity.
On Tuesday 9 November, Bitcoin’s price was trading up by roughly 11.5% on the last week after soaring to a new record price of over $68,000 on Tuesday morning.
Additionally, because there is no physical product or centralized organizing body, it is hard to point to anything and say “see, that good thing happened, crypto values will increase now”. So how does cryptocurrency gain value?
Importantly, cryptocurrencies can be exchanged for fiat currencies in special online markets, meaning each has a variable exchange rate with major world currencies, such as the U.S. dollar, British pound, European euro, and Japanese yen.
And while Karony said he wasn’t sure what to make of Portnoy’s tweet, he was appreciative. “It’s cool to see big names talking about SafeMoon because it means more people are hearing about SafeMoon,” he said.
When some of the most respected people on Wall Street make comments like that, it “takes a huge element of mainstream out of the market,” says Innes. Essentially, these heavy hitters were telling their minions that bitcoin wasn’t worth their time.
Regulation in any financial arena can be a complex minefield, and cryptocurrency is no exception. Allow Coin Rivet to steer you through the murky waters of what it all means. It’s the role of the regulators to create the rules and guidelines – but it’s our job to make sense of it for you…
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