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The debacle was tinged with irony, coming just as Binance CEO Changpeng Zhao, also known as CZ, warned about incoming volatility.
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Yet some crypto watchers have raised red flags over SafeMoon’s unusual structure. It charges a 10 per cent fee to buy tokens and another 10 per cent to sell — almost unheard of in the digital currency world. Half of these fees are paid to owners as an incentive to keep holding and the other half goes into a liquidity pool controlled by the developers. SafeMoon calls itself a DeFi token, or one that uses decentralized finance to govern functions through software, but it has a chief executive officer and chief operating officer. Critics also worry about the discretionary nature of the “manual” coin burns used to adjust its circulation. After 19,000% early gain, crypto SafeMoon’s rules to tamp down selling raise red flags Back to video
It is the latest cryptocurrency to have seen a spike in interest since the turn of the year, following on from the success of Dogecoin, Bitcoin and Ripple XRP in recent weeks.
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The risks of loss from investing in CFDs can be substantial and the value of your investments may fluctuate. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how this product works, and whether you can afford to take the high risk of losing your money.
Safemoon crypto is not a coin, but a token. It has seen major price rises movements over just a few months in 2021. The price surged by tens of thousands of percent in April and May, then lost most of those gains by August. Such volatility is far from unusual in the crypto space.
NKN58.86 (17.40%) OmiseGO1,519 (16.92%) AdEx66.12 (4.81%) DigiByte5.04 (3.97%)
The market has been quite bullish on Bitcoin. Despite more than 13,000 cryptocurrencies listed on CoinMarketCap, Bitcoin remains the dominant digital currency.
Since its inception, Binance has quickly become the largest cryptocurrency exchange in the world. Binance is primarily known for its low fees and large amounts of liquidity. The exchange currently offers more than 500 cryptocurrencies and over 1,200 trading pairs. This certainly makes it an attractive place to trade as crypto investors can have their pick of almost any digital asset they wish to trade.
In the last 24 hours, Bitcoin has gained around 3 percent and is trading above $67,000. The crypto has added over 10 percent in the past week.
The market for cryptocurrencies has roughly quadrupled from its 2020 year-end value [File: Paul Yeung/Bloomberg]
Additionally, cryptocurrencies are frequently used to facilitate gray and black market transactions, so many countries view them with distrust or outright animosity.
QUIZ: Do you everything that brands are doing to drive awareness about cryptocurrencies?
Coinbase's NFT platform should be like Instagram and may eventually overtake cryptocurrency trading, CEO says
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Keep your investments small, and never put crypto investments above any other financial goals like saving for retirement and paying off high interest debt.