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.
The former US banking regulator and crypto enthusiast is resigning at a time when regulators in Hong Kong, Britain, Germany, Japan, Italy and Thailand have cracked down on Binance due to worries over investor protection. Watchdogs globally also fret that the boom in cryptocurrencies is aiding money laundering and increasing systemic risks.
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Early adopters enjoy another five-figure payday as the Ethereum Name Service protocol airdrops its new governance token to domain holders.
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Still, an increasing number of big, powerful players are validating crypto’s potential.
Since then “the group has had a decidedly low profile. It has an active online fundraising page, but its website is offline. A Facebook page is ‘liked’ by only nine people. Its Twitter account has zero followers and only one tweet from April, soliciting input for a survey on veterans’ concerns. A search of media databases shows no instance of the group being mentioned in news stories.”
Worldcoin project reveals its ‘orb’ scanner as it aims to distribute cryptocurrency to 1bn people
Currently, the price of Safemoon is hovering around the $0.0000014 level. This is around 90% down from the heights the coin reached in April 2021.
The same goes for the Safemoon exchange compared to the exchanges from the competition. The number of products that the Safemoon ecosystem will host is smaller than competing coins. In the long run, less revenue will be generated on the Safemoon network, and this means the rewards from token staking will be less compared to platforms like Bitrise.
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A digital token inspired by the popular South Korean Netflix series Squid Game has lost almost all of its value as it was revealed to be an apparent scam.
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Recent proposed legislation could make it easier for the IRS to find cases of tax evasion when it comes to crypto, though investors should already keep records of any capital gains or losses on their crypto assets. But the new rules may also make it easier for investors to properly report crypto transactions.
Bitcoin took another step closer to mainstream investing Tuesday with the launch of a new security on Wall Street tied to futures of the cryptocurrency. To mark the occasion, ProShares, leader in exchange-traded funds, a type of investment linked to an index, rang the opening bell of the New York Stock Exchange on Tuesday.
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So what happened? And is there any hope for a recovery? To answer both, you have to look at quite a few factors.
A break and close above the channel will indicate strength and the pair may rally to $300 and then to $321. Conversely, if bears sink the price below the channel and the $216 support, the decline could extend to the 50-day SMA ($179).