Bitcoin price hits new record high - why is Bitcoin up today? Cryptocurrency prices of Bitcoin, ETH and Shiba Inu (Image credit: Getty Images/Canva Pro)
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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It came after the electric car company bought $1.5b (£1.06b) of Bitcoin shares, which in turn sent the market price of both the crypto and Tesla soaring.
Miami Mayor Francis Suarez, who just secured a second term this week, said he will accept his entire salary in bitcoin. Biden admin regulating stablecoins pushes back against financial 'freedom': Ex-Interior Department attorney
The overall market cap of cryptocurrencies hit $3.3 trillion on Monday, according to CoinGecko pricing.
SafeMoon listed three reasons why the V2 upgrade is expected to boost the demand for the token in a recent tweet:
Crypto coins use the process of mining and the resulting blockchain as a physical measure of the currency. This is similar to how Reserve Banks used to have gold reserves that backed their fiat currencies.
SafeMoon is one among the handful of cryptocurrencies that made it to the top 100 crypto-list on its own. SafeMoon did not have the backing of top trading platforms and managed to gain investors’ attention by its projects alone.
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.
Yahoo Finance Live's Brian Sozzi, Julie Hyman, and Emily McCormick discuss the stock rebound for Tesla after founder Elon Musk sells $5 billion of his shares following a Twitter poll, while EV newcomer Rivian tops expectations in his IPO debut.
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After a year of gains and record highs, crypto currencies are enduring a turbulent time with unpredictable price changes.
SafeMoon stands from "Safely to the Moon", a phrase that was adopted by Redditors about DogeCoin which refers to the price flying upwards "as high as the Moon".
Our Safemoon price prediction for 2022 sees the coin reach a valuation of $0.0000060, which is around the same as it was in late May 2021.