Though both assets posted a quick recovery, the event has made a significant impact on the market. Bitcoin retraced by 7.4% a few hours after making a new all-time high at $67,000.
(Bloomberg) -- Crypto exchange Binance.US, whose chief executive officer recently resigned, just appointed a new president.
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Fig 6. Wavelet coherence between Ethereum new authors and price decomposed for different period bands (with GSADF test bubble overlay).
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“You can’t ever determine how long or how far up a speculative investment can go, and you tend to be very shocked at how much it falls,” she said.
Safemoon investing will be made much more accessible if this happens, leading to more accurate price data. Time will tell whether this happens, but keep an eye out in the months ahead.
Binance and Coinbase listings remain a coveted goal for new cryptocurrencies such as SafeMoon. However, it can take some time to achieve this. For example, Coinbase only listed Shiba Inu Coin in mid-June.
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After the flash crash, Bitcoin's level on Binance U.S. "almost immediately snapped back to where it had been," according to a Bloomberg report.
Liquidity measures how easy (or difficult) it is to swap one asset for another. Traders want to be able to convert one asset for another asset while having a minimal impact on the price. The more illiquid an asset is, the harder it will be to trade it without causing a major price change. Therefore, liquidity is an extremely important factor to consider before deciding where to trade.
Time will tell whether this is the case, but right now, the Safemoon price is trading pretty close to where it was in April 2021, right before the massive price increase. Since the all-time high of $0.00001094 back in May, the Safemoon price live dropped over 87%. Furthermore, the trading volume is extremely low, with CoinGecko reporting that just over $3.5 million worth of Safemoon was traded in the last 24 hours.
"In fact, open pump and dump schemes are rampant in the crypto world, with investors often jumping in with eyes wide open, perhaps hoping that they can ride the wave and dump their holdings for a quick profit before prices collapse," he said.
Last year, a California man pleaded guilty to a mining fraud of at least US$722 million through the BitClub Network. In February, a New York man pleaded guilty to running a Ponzi-like hedge crypto fund that stole about $90 million from more than 100 investors.