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Ahead of the SafeMoon wallet release, its eponymous native token’s price was on a steady upward crawl. Beginning the week at $0.00000184, it made its way up to $0.00000365 by August 28. However, this proved a brief moment in the sun for SAFEMOON as two hours after the wallet’s intended release, the price crashed back down to $0.00000292. From this figure, the token’s value has continued to tumble. At time of press, SAFEMOON was down 22.2%, with a value at that time of $0.00000281.
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In June, the Chinese Government cracked down on considerable crypto mining operations taking place in the Sichuan province and demanded that Chinese banks and payment channels stop supporting decentralised and anonymous crypto transactions.
An early-morning error led to the value of Bitcoin dropping nearly 87 percent on Binance's crypto exchange.
Although you can create another private key and start accumulating cryptocurrency again, you can’t recover the holdings protected by your old, lost key.
While this is a critical security feature that reduces theft and unauthorized use, it’s also draconian. Losing your private key is the digital asset equivalent of throwing a wad of cash into a trash incinerator.
The global crypto market cap fell more than 2 per cent to $2.82 trillion mark compared to the last day. However, the total crypto market volume jumped over 31 per cent to $176.91 billion.
In October 2020, Brits were banned from buying some cryptocurrencies after a rise in the number of people making bad investments and losing money.
Bitcoin’s price has taken a wild ride so far in 2021, and in November set another new all-time high price when it went over $68,000. This latest record high follows previous high points over $60,000 in April and October, as well as a summer drop to less than $30,000 in July. This volatility is a big part of why experts recommend keeping your crypto investments to less than 5% of your portfolio to begin with.
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When the hard fork arrived–and participants had to choose which path to take–the entire cryptocurrency market dropped. This is very likely what caused bitcoin to drop from the $6,000 range to around the $3,000-$4,000 range. Which brings us to today, with the cryptocurrency bottoming out at less than 80% of what it was a year ago.
Bitcoin (BTC) plummeted 2.18% to $66k at the time of writing. Bitcoin’s dominance is currently 43.35%, a decrease of 0.34% over the day.
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“Even with how nascent this industry is, the serious Decentraland players have managed to create a significant income from buying and selling Nft items,” Patrick Moore, founder and creator of Bitcoin and cryptocurrency information website CryptoWhat, told The Sun.
SafeMoon may have some investors concerned that it will not return to its prior glory. Despite a very promising starting performance, SafeMoon has settled far below the hopes of the investors that held onto the token.
At the time of writing, Bitcoin’s value was fluctuating at around $67,921.67, or £50,107 according to Coinbase.