Bitcoin and Ethereum are in retreat following a flash crash. Binance U.S. was hit with a bug Thursday, resulting in a flash crash that saw Bitcoin’s price plummet by around 90%. Ethereum also dipped 50% on the exchange.
Here is Bitcoin’s price today, why Bitcoin is up and the latest crypto news and prices for Ethereum, Shiba Inu coin, Dogecoin, XRP and more.
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Then 5% goes to buying back and burning tokens to reduce circulation and increase demand for the token. The buyback and burning process is automated. With every transaction, 5% of the 12% fee goes to the Buyback smart contract, which automatically buys tokens from the liquidity pool and burns them. Therefore, Safemoon members would also want to invest in a coin whose supply is diminishing hence a consistent increase in the price of the coin.
Generally, this means miners receive fewer new units per new block as time goes on. Eventually, miners will only receive transaction fees for their work, although this has yet to happen in practice and may not for some time.
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He added: "You’re simply reliant on someone further down the line being willing to pay more than you did to turn a profit, which is a risky bet indeed."
SafeMoon today trades around 0.0000027 a coin with a market capitalization of about $1.6 billion, sharply lower than its high of almost $6 billion in mid-May, according to CoinMarketCap.
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Despite this incident, crypto industry experts keep speculating about where Bitcoin's price is headed next with some suggesting it will soon hit $80,000. This past Friday, Bloomberg reported Bitcoin was headed for $80,000 to $85,000, while a crypto data expert said resistance at $60,000 would have provided the last buying opportunity before the coin would head for new all-time highs.
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Mr Karkhalev added: "The growth in the capitalisation of the Bitcoin crypto market has also aided confidence.
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Ethereum gained 1.66% to $4,808 and Dogecoin was trading 4.08% higher at $0.2837. Digital token Stellar climbed 3.56% to $0.3817 and XRP rose 0.01% to $1.27.
Unlike other cryptocurrencies, SafeMoon claims it will reward people who buy its token and hold on to it rather than trade - for which there are penalties in place.
Telos is hedging against a possible ‘prolonged bear market’ with fresh investment from its first-ever marquee investors
“Altcoin” refers to any blockchain-based cryptocurrency that isn’t Bitcoin. The term “altcoin” was coined as a shorthand for “alternative to Bitcoin,” and the vast majority of altcoins were created to improve Bitcoin somehow. Namecoin, Peercoin, Litecoin (LTC), Ethereum and USD Coin (USDC) are examples of altcoins.