Atlanta, US, Sept. 22, 2021 (GLOBE NEWSWIRE) -- The crypto world is changing every day. We have seen many successful new cryptocurrencies exploding like DOGECOIN & SAFEMOON. The growth of the crypto market is providing ordinary investors with exponential returns and more unique opportunities to grow their wealth. SAFEMOON, which initiated with an initial supply of 777 trillion, and has a shallow market cap, is one of the most successful stories in the crypto world. An initial investment of $1,000 in SafeMoon would now have been worth around $3.5 million.
In early 2009, Nakamoto released Bitcoin to the public, and a group of enthusiastic supporters began exchanging and mining the currency.
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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.
Its competitors, Dogecoin and Shiba Inu faced several lows for months and years straight but are at a different position now. SafeMoon could walk the same path as its competitors and would find a ‘breakout’ all of a sudden.
The majority of the crypto currency market saw prices crash once more on the morning of 22 June following China’s clampdown on digital currencies.
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(Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
Cryptocurrency — also known as crypto — is a digital currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions, as well as to control the creation of new units of a particular digital currency.
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Cryptocurrencies are seen as an alternative to traditional banking methods, cheaper to move money around due to not being regulated by the government or its banks.
The cryptocurrency market is a vast and sometimes confusing place with different coins to choose from.
Britain's financial watchdog has barred Binance from carrying out regulated activities in the country. Japan's regulator has said Binance was operating there illegally and Germany's watchdog has warned it risked fines for offering tokens connected to stocks.
"After hitting fresh milestones and hitting new ATH’s backed on the US CPI Inflation figures for October, traders began to book profits," it added. "Such corrections do not seem to be a major cause of concern just yet."