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The decentralized finance (DeFi) protocol released its highly anticipated wallet at 17:00 CET on August 28. However, less than 30 minutes after, Safemoon’s CEO John Karony posted a tweet revealing that they had encountered “technical difficulties.”
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Wavelet coherence plots between (a) Bitcoin and Litecoin prices; (b) Bitcoin and Monero prices; (c) Bitcoin and Ethereum.
Users can buy SafeMoon by setting up a crypto wallet on the Binance Chain Network and add Binance (BNB) coins to your account.
“Every single day, the concept that it could be worth something, it could be a store of value is being continually approved by more large, powerful entities,” Johnson says, pointing to established financial institutions holding digital currencies and large corporations adding them to their corporate balance sheets. “The idea that it’s actually worth something is continuing to grow as adoption and acceptance continues to grow as well.”
Take Bitcoin for example, if you want to get Bitcoin on Binance.US, here’s how you would do it to make sure you only pay that 0.1% fee, and not the 0.5% fee:
With its bullish structure now invalidated, those looking for long positions will need to eye support levels at $2.44 and $2.2. Should the crypto market remain bearish (with BTC having a probability of revisiting $60-62K), these levels are likely to come into play.
Early cryptocurrency proponents shared the goal of applying cutting-edge mathematical and computer science principles to solve what they perceived as practical and political shortcomings of “traditional” fiat currencies.
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Safemoon offers a unique way of investing in cryptocurrency, as people who hold Safemoon and then sell it are subject to a 10% fee. This fee is halved, with 5% of it being given back to other Safemoon holders – the developers call this ‘reflection’. The additional 5% is split again, with 2.5% being used within the liquidity pools on exchanges such Pancake Swap, with the other portion being converted into BNB.
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Bitcoin wasn’t the only cryptocurrency to feel the effects of Tesla’s decision. (Pic: Shutterstock)
Its market cap and individual unit value consistently dwarf (by a factor of 10 or more) that of the next most popular cryptocurrency. Bitcoin has a programmed supply limit of 21 million Bitcoin.
“Don’t check on it. That’s the best thing you can do. If you let your emotions get too much into it then you might sell at the wrong time, make the wrong decision,” says Yang.
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Fig 3 shows an example wavelet coherence scalogram (the wavelet coherence scalogram for Bitcoin and Litecoin which will be analysed later). All following scalograms use the cross wavelet and wavelet coherence software provided by A. Grinsted [21].