Billionaire Elon Musk hasn’t gotten involved yet like he has with Dogecoin and Shiba, but that’s always a possibility.
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That seems to be the overall message from most. Even Innes, who has been critical of bitcoin and crypto-trading for quite a while, admits that this doesn’t mean the blockchain is bunk. He, in fact, sees things looking up. “If this base can hold,” he says, “[the price will] start drifting up.” But not because of fervor or blind faith that bitcoin is the future, but due to advances on the technology side.
But one of these sessions caused SafeMoon’s price to plummet by more than 50 per cent.
On the contrary, if the price rebounds off the breakout level, it will suggest that bulls are buying on dips. The pair could then rally to the overhead resistance at $2.47. This is an important resistance for the bears to defend because if it cracks, the pair could rise to $2.80.
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“It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”
How does this latest crash compare to previous ones, or even to regular stock market drops — and what does it mean for investors?
If current trends continue, observers predict that the last Bitcoin unit will be mined sometime in the mid-22nd century, for instance — not exactly around the corner.
4 November 2021$CAKE #SAFEMOON $CATE $NFTB $SLIM $FEG $YOOSHI $BSCX $LINK $FTM pic.twitter.com/6BCyllEQ3F
Meanwhile, apart from regulatory attention, Binance is likely to get sued over a platform outage during a price crash on May 19. A Swiss crypto fund is financing litigation and a UK academic has made various allegations based on her research.
Bitcoin and some other cryptocurrencies’ values have skyrocketed in recent years. Bitcoin’s price has more than doubled in 2021, and Ethereum has more than quadrupled in value this year.
What makes the fee structure so complicated is Binance’s focus on different fees for different levels of users. While, theoretically, this is similar in both the main platform and Binance.US, the American platform has fewer of these levels. For some, this may seem simple and clear; but it could also mean that using Binance.US is more costly than its main counterpart.
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“I like the word ‘moon,’ because that’s where I want it to go,” Portnoy said in his purchase announcement.