Six out of the top-10 cryptocurrencies were trading higher at 9.30 hours IST. Binance Coin and Solana witnessed profit booking whereas XRP gained 9 per cent.
A number of figures have significantly impacted the cryptocurrency industry throughout its time. Satoshi Nakamoto kickstarted the sector with the creation of Bitcoin (BTC). Known for building Ethereum (ETH), Vitalik Buterin has also notably impacted the cryptocurrency movement. With Ethereum came a whole world of extra tokens built on its network called ERC-20 tokens.
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In early November, FTM formed an inverse head and shoulder pattern, eventually breaking the neckline with a steep rise close to $3.2. However, it is now recovering from the steep drop it experienced overnight along with the market. On its way down, it broke through several local support levels.
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.
The billionaire founder of Citadel also expressed bewilderment with Elon Musk's decision to ask Twitter if he should sell 10% of his Tesla stake.
Regulatory announcements can also affect the price of cryptocurrency in already volatile markets. Market volatility is why investing experts recommend keeping any cryptocurrency investments to less than 5% of your total portfolio and never invest anything you’re not OK with losing.
Safemoon is one such smart contract-based token. It does not have its own blockchain; its supply is managed by a smart contract on Binance’s in-house blockchain.
Its Facebook page states: "Remember, getting to the moon takes time and the longer you hold the more tokens you pick up."
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A layer-one smart contract platform, Fantom, is another take on smart blockchain commonly represented by Ethereum, Solana and the likes. However, its compatibility with the ERC20 standard ensures that users can purchase an Ethereum-compatible FTM token, which can be converted to a native FTM compatible token once they initiate a transfer to their wallet.
Among those who called it, hedge fund manager Mark Dow wrote almost exactly a year ago about his decision to short bitcoin after future trading on it first began:
A petition to 'Get Safemoon Listed On Coinbase' has currently gained 4,646 signatures.
A strong rebound off the 20-day EMA will suggest that sentiment remains positive and traders are buying on dips. The bulls will have to push the price above $55.09 to signal the resumption of the uptrend. The next target objective on the upside is $63.08.
As recently as May 2021, Binance was under investigation by the U.S. government for tax fraud and money laundering, according to reporting by Bloomberg.
Lustig, H. N. and S. G. Van Nieuwerburgh (2005), “Housing collateral, consumption insurance, and risk premia: An empirical perspective”, Journal of Finance 60 (3), 1167–1219.
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Numerous promises were made by the Safemoon team, which haven’t been delivered on. Although the price decreases could be a variety of things, it’s likely a slow burn of investors selling their holdings and depressing the price.