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Not a huge amount is known about SafeMoon meaning the risk to your investment may be even higher.
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The price of Bitcoin rapidly plunged about 87% on Binance's U.S. exchange Thursday morning, sinking to as low as $8,200 from around $65,000. The price did nothing like that on other venues, and on Binance the level almost immediately snapped back to where it had been.
Yet the impact on the environment of Bitcoin mining - a complicated process of minting new digital tokens - has seen Tesla withdraw this option for customers.
The launch of the SafeMoon (SAFEMOON) wallet ran into unexpected technical issues, shortly following its release.
The nation’s president Nayib Bukele passed a bill in June that stated that from September 7, Bitcoin can be used in any transaction and all businesses must accept the e-currency as payment.
Russia's Federal law agency grants powers to employees to access information from crypto organizations
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Under Brooks’ leadership, the OCC began allowing banks to provide cryptocurrency custody services and store cryptographic keys in July 2020. And this January, the OCC first permitted banks to use stablecoins for payments.
OMAHA, Neb. (AP) — Nebraska banks that want to cash in on the cryptocurrency tech craze could start offering services to customers who own Bitcoin and other digital assets under a bill backed by Monday state lawmakers...
Following these, cryptocurrencies’ market capitalisation have surged over USD 3 trillion, Reuters reported CoinGecko. On the CoinMarketCap platform, cryptocurrency market capitalisation was slightly below USD 3 trillion, the Reuters report.
In the U.S., Binance has been the subject of an investigation by the Commodity Futures Trading Commission, which is probing whether the platform allowed users to trade derivatives, Bloomberg reported in March, citing sources familiar with the matter. The CFTC investigation is directed at Binance, even though Americans must use Binance.US instead. And in May, the Department of Justice and Internal Revenue Service commenced money laundering investigations related to the company.
Become a better bitcoin or ether trader with the free, interactive courses on IG Academy.
Worth noting: Once upon a time, cryptocurrency mining was a potentially lucrative side business for those with the resources to invest in power- and hardware-intensive mining operations.
It’s impossible to determine at this point whether SafeMoon is a riskier investment than any of the other 4,000 or so active cryptocurrencies. Crypto skeptics like Megan Horneman, direct of portfolio strategy at Verdence Capital Advisors, warns investors to steer away from all digital coins, since they have no underlying assets and are threatened by regulatory oversight.