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And that, we regret to inform you, has led to some rather silly thinking (highly unusual in the crypto community, we know), specifically of the chart-crime variety:
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There is a lot of volatility in the cryptocurrency space due to the industry’s newness. Investors are seeking to experiment with their money to generate riches quickly and figure out how cryptocurrency prices vary and whether they can affect them.
Cryptocurrency exchanges are vulnerable to cyber attacks that might result in your investment being lost forever — scams are always a possibility with cryptocurrency. Scammers frequently use social media platforms such as Instagram, Facebook and Twitter to dupe consumers into making these investments. If you believe you've been targeted, you should contact national reporting centers like Action Fraud in the United Kingdom or the Federal Trade Commission (FTC) in the United States as soon as possible.
According to a tweet from the official SafeMoon Twitter account, the problems affected all three wallet products. Namely, the website buy and swap function, the Android wallet, and its iOS counterpart.
The SQUID token skyrocketed to a high of $2,861.80 before plunging to zero around 5:40 a.m. Monday. The meme coin's market capitalization hit an estimated $2.2 million, according to CoinMarketCap.
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The Fibonacci retracement indicator, measured from the Oct. 17 swing low at $3,640 to the Oct. 21 swing high at $4,375, suggests that Ethereum is sitting on stable support. The combination of the 50% Fibonacci retracement level with the 50 four-hour moving average at $3,922 is the most significant interest area underneath ETH.
Bitcoin wasn’t the only cryptocurrency to feel the initial effects, with most of the top 10 all experiencing dips in value.
In early November, FTM formed an inverse head and shoulder pattern, eventually breaking the neckline with a steep rise close to $3.2. However, it is now recovering from the steep drop it experienced overnight along with the market. On its way down, it broke through several local support levels.
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Last Tuesday, Squid was trading at just 1 cent. In less than a week its price had jumped to over $2,856.
Bitcoin’s surge continued overnight on Monday as the cryptocurrency soared to $68,568.85 in value in the early hours of Tuesday morning, according to Coinbase.
By late 2010, the first of what would eventually be dozens of similar cryptocurrencies — including popular alternatives like Litecoin — began appearing. The first public Bitcoin exchanges appeared around this time as well.
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