SafeMoon is a newly added cryptocurrency that has seen a rise in its rates since its launch in March 2021.
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BTC Price Action: According to CoinMarketCap data, Bitcoin is trading at $63,559.44 as of Thursday afternoon after seeing its price fall by about 4.74% over the last 24 hours.
Prices above are subject to our website terms and conditions. Prices are indicative only.
Charlie Barton, an investment specialist at comparison site Finder, warned in mid-May: “The performance of Polygon has been extremely strong recently, achieving 10,000% growth in the last year.”
A cryptocurrency’s blockchain is the master public ledger that records and stores all prior transactions and activity, validating ownership of all units of the currency at any given point in time.
The longer term relationship varies over time. After exhibiting strong positive correlation in 2013 (where prices rose), and 2014 (where prices fell for a sustained interval), the longer term relationship between Bitcoin and Litecoin starts to break down around the middle of 2015. It can be seen in the accompanying price plot that at this point the Bitcoin price starts to gradually recover, whereas the Litecoin price does not.
The above prices are as of 01.09 pm IST on November 9 (Data courtesy: coinmarketcap.com).
Currently, the global crypto market cap stands at $2.87 trillion, an increase of 4.70%. Other cryptocurrencies were also trading in the green.
Long-term holders, who have held their Bitcoin for more than 12 months, are reluctant to spend their coins, according to Glassnode’s “The Week On-Chain” report. Another positive is that investors continue to withdraw coins from centralized exchanges whose share of supply has dropped to a new record low at 12.9%.
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However, cryptocurrency experts had warned of several tell-tale signs that it was likely to be a scam.
Jack Purdy, a senior research analyst at crypto analysis firm Messari Inc., said that while he didn’t know how risky SafeMoon might be, its website makes it clear that it’s designed to get investors to buy and hold to “earn passive rewards through static reflection as they watch their balance of SafeMoon grow indefinitely.”
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Before interacting with any given asset, it may be important to look up the asset’s type and function depending on your goals. Not all digital assets were created for investment purposes.
While Bitcoin tumbled, Ethereum was heavily rejected on Oct. 21 as it approached its mid-May all-time high at $4,380.