SAN SALVADOR, El Salvador (AP) — El Salvador’s bitcoin-pushing president apparently changed his Twitter profile description to “dictator” Monday, in what might be an ironic comment on last week’s protests against him.
The tecg titan said it wanted to create a separate, private currency system to allow users to make cross-border payments more easily.
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You may be wondering what to make of cryptocurrency and whether it has a place in your portfolio. But if you’re not familiar with digital currencies or blockchain technology, even the basic concept can be overwhelming.
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Safemoon cryptocurrency is currently trending as it shoots up in value. For that reason, traders are looking to invest in Safemoon crypto tokens with the hope of seeing a profitable return. So, here’s the lowdown on the Safemoon crypto token price, how and where to buy it, plus the ticker symbol.
The nation’s president Nayib Bukele passed a bill in June that stated that from September 7, Bitcoin can be used in any transaction and all businesses must accept the e-currency as payment.
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Following the Chinese state’s move, countries like South Korea also pledged to tackle the rise in money laundering taking place via cryptocurrency, while the Metropolitan Police announced that it had successfully closed in on a huge UK cryptocurrency money-laundering operation.
Another institutional hit for bitcoin–which probably had the most sustained effect–was the SEC’s refusal to approve a bitcoin exchange-traded fund (ETF). This would be a path for more mainstream people in finance to dabble with blockchain; it would allow investors to dip their toes in bitcoin without owning the actual asset. Not only that, but it would make bitcoin available on the most prominent financial markets. The U.S. Securities and Exchange Commission (SEC), however, has yet to allow such a fund to exist–mostly because it is unable to monitor crypto-transactions in order to avoid market manipulation.
CFDs are leveraged products, which means you can open a position for a just a fraction of the full value of the trade. Although leveraged products can magnify your profits, they can also magnify losses if the market moves against you.
Despite the new record high, Bitcoin is still a highly volatile and speculative investment. In fact, the last time the crypto saw a record high in mid-April, it abruptly lost over half of its value and plunged to around $30,000 by mid-July.
Fig 1. Price series for each cryptocurrency considered (each cryptocurrency priced in USD).