Although “smart contracts” represent an important move toward addressing the lack of chargebacks and refunds in cryptocurrencies, it remains to be seen whether they’re enough to solve the problem completely. Still, they’re at least partly responsible for Ethereum’s success.
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The sudden spike in selling pressure pushed the flagship cryptocurrency to a low of $62,050, easing nearly 5,000 points in market value. Although prices have bounced back above $63,000 in the last few hours, it remains to be seen whether BTC can hold above support.
It is unclear what impact these investigations may have had on Brooks’ decision to resign.
Another factor that crypto experts have mentioned regarding the competitiveness of the Safemoon coin is the speed of product release. Since the launch of the Safemoon token, only the Safemoon has been released. All other Safemoon products are in the development phase. This is not the case with the Safemoon coin contest, like Bitrise, which in short released several products, including a great dApp wallet.
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Users are being warned after a security breach at Robinhood has leaked sensitive information.
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)
One finding based on the CivicScience study showed that around 11% said they or someone they know have resigned from their jobs due to crypto trading.
Unlike the money you save in a bank insured by the Federal Deposit Insurance Corporation (FDIC), “If a virtual currency company fails – and many have – the government will not cover the loss,” the Consumer Financial Protection Bureau warned in a 2014 notice about cryptocurrency (its most recent guidance).
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However, after three months in the role, Brooks resigned amid an alleged battle over independence from Binance CEO Changpeng Zhao. Brooks himself did not give his reason for leaving.
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US cryptocurrency exchange Coinbase Global Inc on Tuesday reported a nearly 30% fall in third-quarter trading volumes on a sequential basis, hit by lower volatility and declining prices of Bitcoin and other cryptocurrencies.
All the signs, however, were there. Like previous bubbles, people were basing their belief in the cryptocurrency on their emotions, not any intrinsic value. Then there was the FOMO element, which only compounded things. Essentially, bitcoin became an international fever. Random companies were “pivoting to blockchain” for no apparent reason other than that it seemed like a way to create buzz. But when the bubble bursts, FOMO turns into fear of losing, which makes for an especially rapid plunge.