Consumers could easily assume the advertising of unregulated cryptos has cleared tough hurdles More Cryptocurrencies
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"It is one of many schemes by which naïve retail investors are drawn in and exploited by malevolent crypto promoters," Cornell University economist Eswar Prasad told the BBC.
EL ZONTE, El Salvador (AP) — After El Salvador’s congress made the bitcoin legal tender this week, eyes turned to this rural fishing village on the Pacific coast. Known to surfers for its pounding waves, El Zonte has had the cryptocurrency in its economy for the past year.
But even this kind of pullback could not kill the inherent uptrend and in one of our previous reports, we mentioned that a breakout above $62,500 was required for BTC to resume strength.
"Nevertheless, with central banks likely to begin raising rates and tapering its stimulus package, investors are looking for a store of value that is perhaps less susceptible to these changes.
Laith Khalaf, financial analyst at investment platform AJ Bell, previously told The Sun that although long-term investment is encouraged, SafeMoon "doesn't sound too different from a pyramid selling scheme".
But, why do individuals mine cryptocurrency? The most obvious answer is that some people seek a second source of income and others want more financial freedom without the interference of governments or banks. For instance, crypto miners verify the legitimacy of transactions in exchange for Bitcoin as a reward for their efforts.
PancakeSwap is Binance's Decentralized Exchange (DEX) and the largest Automated Market Maker (AMM) around.
The billionaire founder of Citadel also expressed bewilderment with Elon Musk's decision to ask Twitter if he should sell 10% of his Tesla stake.
But what is SafeMoon and why has it garnered such an interest? And is it something you should look out for?
Briefly, Infinity (AXS) is among the Play-to-Earn games on top of the Ethereum blockchain. Within the Axie Infinity protocol, AXS functions primarily as the main governance token and the native coin responsible for all the to-and-fro of transactions.
The first thing to note is that Safemoon is not currently listed on any major cryptocurrency exchanges such as Binance or Coinbase. Due to this, the amount of liquidity is relatively low, meaning that technical analysis isn’t as accurate as digital coins with high liquidity. The low liquidity of Safemoon means that large buy orders tend to boost price significantly – which, in turn, leads more people to buy into the ‘hype’.
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Business News › Markets › Cryptocurrency › Top cryptocurrency prices today: Cardano, Polkadot, Dogecoin shed up to 5%
“Good thing Americans are forced on to these dogshit exchanges where they can get completely scammed on unreasonably thin books. This type of shit just shouldn’t be happening. It’s not fair that some get stopped out and some stay in, some get fills and some don’t.”BTC/USD 1-hour candle chart (Binance). Source: TradingView
Yet in some ways, the crypto crowd were not wrong. In the almost 18 months since Covid-19 was declared a pandemic, the price of bitcoin has risen by about 525 per cent, from just under $8,000 to a three-month high just above $50,000 on Monday. XRP has climbed by a similar amount to trade around the $1.25 mark.