With cryptocurrencies often moving in tandem with Bitcoin, Ethereum was trading up nearly 11% on the last seven days after hitting a new record high of almost $5,000 on Tuesday morning.
It is also important to mention that Bitrise is one of the coins that Safemoon lost whales to some time ago. This is just one sign that Safemoon is in deep trouble.
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There's already a meme coin named after Elon Musk's new Twitter handle - and it jumped 825% in its 1st day of trading
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The CFPB names more specific risks that consumers should be prepared for, including volatile exchange rates, potential high fees on exchange platforms, and fraud risk. If your funds are lost or stolen, they can be especially difficult to recover, thanks to the decentralized nature of blockchain and lack of any governmental oversight.
The recent trading frenzy over a digital token called Shiba Inu — commonly billed as a “meme” or joke coin — has vaulted the canine-themed cryptocurrency into the top ten most valuable digital assets by market value, hitting $40 billion and surpassing its cousin and apparent inspiration, Dogecoin.
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Although cryptocurrencies like Bitcoin are virtual currencies, they are treated as an asset for capital gains tax purposes, and “ordinary” investors who purchase Bitcoin as an investment will experience a capital gain or loss when they exchange it for traditional currency, products, or services.
It hasn't yet been recognised by the major cryptocurrency sites such as Coinbase but why did it get so popular?
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Cryptocurrencies are wholly digital, so there’s no physical coin or bill connected to the crypto you own. Instead, owners hold cryptocurrency in a digital wallet, and buy or sell through an online exchange. Your wallet may be online (some popular exchanges like Coinbase offer an in-app wallet) or stored offline on a hardware device similar to a USB drive.
Marketplaces allow users to promote their NFTs, where buyers can browse through and bid on what they would like to purchase.
A feature of the Ethereum network is that it enables its users to create decentralised apps, known as ’dapps’, and smart contracts.
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How tech beyond Wall Street's control pushed big money to embrace once-fringe crowds, from crypto to meme stocks
The market for cryptocurrencies has roughly quadrupled from its 2020 year-end value [File: Paul Yeung/Bloomberg]