Bitcoin wasn’t the only cryptocurrency to feel the effects of Tesla’s decision. (Pic: Shutterstock)
Despite having no top celebrity, actors, musicians, and entrepreneurs backing it, SafeMoon has still managed to gain the limelight. Its investors are mostly common folks spread across the world who want a better life for themselves and their families.
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How does cryptocurrency gain value? Like any market, the value of cryptocurrencies fluctuates based on the market’s perception of its value at any given time. These fluctuations may be rooted in some of the supply and demand factors mentioned above or can happen as a result of hidden market factors. Buy low, sell high – using the classic investment strategy, users can increase the value of crypto by buying and holding coins. The buying increases demand and hence crypto value increases.Mining – the act of mining Bitcoins or altcoins can be profitable. It also impacts the supply of cryptocurrencies.Increasing utility – as more institutions invest in crypto and accept it as a form of payment, its utility increases. As a user, you can contribute to this process. This will increase the value of cryptocurrencies over the long term. Media coverage – crypto prices fluctuate according to media coverage. Users can impact this through their social media accounts. Conclusion
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Another property of Safemoon which has attracted wide criticism is the ownership pattern of the current supply of the token. A large proportion of Safemoon’s total liquidity is owned by members of the founding team. Although these funds are in a so-called lock-up, such concentration of ownership is often a cause for serious concern in the crypto space. In part, this concern is because of the influence that major holders—called whales—have over price movements when they sell.
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If the price turns down from the resistance line of the channel, the pair could drop to the support line. This is an important level to keep an eye on because a break below it will suggest a possible change in the short-term trend.
The digital currency made its big Wall Street debut in December 2017, when the major futures exchanges rolled out Bitcoin futures. The attention drove Bitcoin to roughly $19,300, a then-unheard of price for the currency.
The cryptocurrency investment giant has also seen “massive” options volume as gold takes a fresh beating and institutions seek Bitcoin exposure.
Some teams have no issue with leveraging the power of social media by paying influencers to promote their coins. With a few heavy hitters on your side, you can spread rumours nearly instantly. If people are talking about your project, you win.
We recommend using eToro as you don’t have to pay any commissions whatsoever. This is in contrast to other platforms, which might charge a percentage of your position size as their fee. In addition, eToro charge no deposit fees, monthly account fees, or any other hidden fees.
Binance, the original platform, despite its many outages in recent months, stands out from its U.S. counterpart. The range of cryptocurrencies, features, and ease of use far out does Binance.US. Many hope that the number of faults and outages will reduce going forward.
FACEBOOK WHISTLEBLOWER GOES PUBLIC: “The former Facebook Inc. employee who gathered documents that formed the foundation of The Wall Street Journal’s Facebook Files series said she acted to help prompt change at the social-media giant, not to stir anger toward it,” the Journal’s Jeff Horwitz wrote in a profile of Frances Haugen, a former product manager hired to help protect against election interference on the platform. She “said she had grown frustrated by what she saw as the company’s lack of openness about its platforms’ potential for harm and unwillingness to address its flaws. She is scheduled to testify before Congress on Tuesday. She has also sought federal whistleblower protection with the Securities and Exchange Commission.”
On the other hand, Binance.US only has U.S. customers. The size of its liquidity pool is limited to the number of U.S.-based traders. However, operating in one of the largest crypto markets in the world, Binance.US still has a large enough liquidity pool to satisfy the needs of any small-scale trader. In April 2021, the trading volume on Binance.US was more than $28 billion. Binance.US has a much smaller liquidity pool than Binance, but it is enough for all but the very largest traders.
Roblox's (NYSE: RBLX) stock skyrocketed 42% to an all-time high on Nov. 9 after the gaming platform company posted its third-quarter report. Roblox's revenue jumped 102% year-over-year to $509 million, which missed analysts' estimates by $127 million.
This cryptocurrency is also available and is traded on Coinbase – one of the world’s largest crypto exchange platforms. This accessibility is another reason why it’s an appealing investment option.